Taiwan’s Public Service Pension Fund (PSPF) has hired the local asset management unit of Japan’s Nomura Group as investment consultant for the member choice platform of its newly introduced defined-contribution pension plan.
Nomura Asset Management Taiwan will provide advice on performance measurement and portfolio allocation strategies for the platform, which is expected to become operational in January 2025, a PSPF spokesperson tells Asia Asset Management.
The appointment is for a five-year term starting January 2024 and comes four months after the pension fund published the request for proposal.
PSPF introduced the defined-contribution plan in July. All employees hired since will be enrolled into the plan, which will be overseen by the newly established Bureau of Public Service Pension Fund. PSPF has already hired CTBC Bank as custodian to provide administration services.
PSPF, a retirement scheme for civil servants, teachers and military, personnel, had NT$784.2 billion (US$24.95 billion) of assets under management as of October 2023.