[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-109333-en":3,"doc-seo-109333-105":31,"detail-sidebar-cat-0-en-105":92},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},109333,4810365810221,"Aurora","https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d",8,"Research & Report","Eswatini - Financial Sector Assessment Program Technical Note - Retirement Funds and Long-Term Finance","Technical Note analyzes Eswatini’s long-term finance sector under the World Bank Financial Sector Assessment Program mission in October 2024, covering retirement funds, insurance, and investment funds. It explains how these institutions safeguard substantial savings while highlighting sustainability and expansion challenges. The note assesses prudential supervision arrangements and identifies gaps in FSRA oversight due to bundled supervision across diverse entities. Recommendations focus on specialized sub-units, stronger risk-based supervision, safeguarding retirement benefits, expanding coverage, and strengthening insurance and investment funds.","February 2025  \nPublic Disc losure Authorized  \nPub lic Disc losure Authorized  \nTHE WORLD BANK GROUP  \nKINGDOM OF ESWATINI  \nFINANCIAL SECTOR ASSESSMENT PROGRAM  \nTECHNICAL NOTE  \nRETIREMENT FUNDS AND LONG-TERM FINANCE  \nPrepared By  \nFinance, Competitiveness, and Innovation Global Practice, WBG  \nThis Technical Note was prepared in the context of a World Bank Financial Sector Assessment Program (FSAP) mission in Eswatini during October, 2024 led by Oliver Masetti and Ajai Nair, World Bank, andoverseen by the Finance, Competitiveness, and Innovation Global Practice, World Bank Group. The note contains the technical analysis and detailed information underpinning the FSAP assessment’s findings and recommendations. Further information on the FSAP program can be found at [www.worldbank.org/fsap](www.worldbank.org/fsap).  \nCONTENTS  \nAbbreviations and acronyms............................................................................................................................................... 3  \nExecutive Summary ................................................................................................................................................................. 4  \nSummary of recommendations .................................................................................................................................... 8  \nA. Overview of the Long-Term Finance sector in Eswatini ................................................................................. 9  \nRetirement fund sector ............................................................................................................................................... 9  \nInsurance ........................................................................................................................................................................ 14  \nInvestment managers ................................................................................................................................................ 15  \nB. Regulation and supervision ..................................................................................................................................... 16  \nC. Long Term Finance Sector Assessment and Recommendations ..............................................................20  \nAddressing distortions to the long-term health of the retirement fund sector .................................20  \nEnsuring longer-term preservation of retirement fund benefits and expanding coverage to underserved groups...................................................................................................................................................30  \nStrengthening Insurance and Investment Funds ............................................................................................34  \n ABBREVIATIONS AND ACRONYMS  \nALM  \nCIS  \nDB  \nDC  \nECIS  \nENPF  \nEPF  \nESRIC  \nFSRA  \nIA  \nIAIS  \nIOPS  \nMoF  \nMoLSS  \nPE  \nPSPF  \nRF  \nRSSB  \nRSSC  \nZAR  \nAsset and Liability Modeling Collective Investment Schemes Defined Benefit  \nDefined Contribution  \nExtension of Coverage to the Informal Sector (Zambia) Eswatini National Provident Fund  \nEmployee Provident Fund (Malaysia) Eswatini Royal Insurance Corporation Financial Services Regulatory Authority Investment Advisers  \nInternational Association of Insurance Supervisors International Organization of Pension Supervisors Ministry of Finance  \nMinistry of Labor and Social Security  \nPublic Enterprise Unit (SOE monitoring entity)  \nPublic Service Pensions Fund Retirement Fund  \nRwanda Social Security Board Royal Eswatini Sugar Corporation  \nSouth African Rand  \n EXECUTIVE SUMMARY 1  \nEswatini's long-term finance sector, encompassing retirement funds, insurance, and investment funds, plays a crucial role in the country's financial landscape. The sector safeguards significant savings, representing over two-thirds of the assets of the financial system (quite unusual in emerging markets general","cbCaic6ZOTlUNu5n","https://ap.wps.com/l/cbCaic6ZOTlUNu5n","pdf",880602,3,1,37,"English","en",105,"# Abbreviations and acronyms\n# Executive Summary\n## Summary of recommendations\n# A. Overview of the Long-Term Finance sector in Eswatini\n## Retirement fund sector\n## Insurance\n## Investment managers\n# B. Regulation and supervision\n# C. Long Term Finance Sector Assessment and Recommendations\n## Addressing distortions to the long-term health of the retirement fund sector\n## Ensuring longer-term preservation of retirement fund benefits and expanding coverage to underserved groups\n## Strengthening Insurance and Investment Funds","[{\"question\":\"What long-term finance areas does the technical note cover for Eswatini?\",\"answer\":\"It covers retirement funds, insurance, and investment funds as key components of Eswatini’s long-term finance sector.\"},{\"question\":\"Why does the note recommend strengthening prudential supervision by FSRA?\",\"answer\":\"It explains that the FSRA’s bundled supervision structure limits prioritization and specialization, resulting in limited oversight and mostly offsite monitoring of indicators.\"},{\"question\":\"What are the main recommendations to improve retirement fund sustainability and coverage?\",\"answer\":\"The note recommends addressing distortions to retirement funds’ long-term health, preserving retirement fund benefits over the long term, and expanding coverage to underserved groups.\"}]","Eswatini - Financial Sector Assessment Program Technical Note - Retirement Funds and Long-Term Finance | PDF",1784478726,93,{"code":4,"msg":32,"data":33},"ok",{"site_id":25,"language":24,"slug":34,"title":13,"keywords":35,"description":14,"schema_data":36,"social_meta":87,"head_meta":89,"extra_data":91,"updated_unix":29},"eswatini-financial-sector-assessment-program-technical-note-retirement-funds-and-long-term-finance","",{"@graph":37,"@context":86},[38,54,69],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,49,51],{"item":42,"name":43,"@type":44,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":46,"name":47,"@type":44,"position":48},"https://docshare.wps.com/document/","Document",2,{"item":50,"name":12,"@type":44,"position":20},"https://docshare.wps.com/document/research-report/",{"item":52,"name":13,"@type":44,"position":53},"https://docshare.wps.com/document/eswatini-financial-sector-assessment-program-technical-note-retirement-funds-and-long-term-finance/109333/",4,{"url":52,"name":13,"@type":55,"author":56,"headline":13,"publisher":58,"fileFormat":61,"inLanguage":24,"description":14,"dateModified":62,"datePublished":63,"encodingFormat":61,"isAccessibleForFree":64,"interactionStatistic":65},"DigitalDocument",{"name":9,"@type":57},"Person",{"url":42,"name":59,"@type":60},"DocShare","Organization","application/pdf","2026-07-30","2026-07-19",true,{"@type":66,"interactionType":67,"userInteractionCount":20},"InteractionCounter",{"@type":68},"ViewAction",{"@type":70,"mainEntity":71},"FAQPage",[72,78,82],{"name":73,"@type":74,"acceptedAnswer":75},"What long-term finance areas does the technical note cover for Eswatini?","Question",{"text":76,"@type":77},"It covers retirement funds, insurance, and investment funds as key components of Eswatini’s long-term finance sector.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"Why does the note recommend strengthening prudential supervision by FSRA?",{"text":81,"@type":77},"It explains that the FSRA’s bundled supervision structure limits prioritization and specialization, resulting in limited oversight and mostly offsite monitoring of indicators.",{"name":83,"@type":74,"acceptedAnswer":84},"What are the main recommendations to improve retirement fund sustainability and coverage?",{"text":85,"@type":77},"The note recommends addressing distortions to retirement funds’ long-term health, preserving retirement fund benefits over the long term, and expanding coverage to underserved groups.","https://schema.org",{"og:url":52,"og:type":88,"og:title":13,"og:site_name":59,"og:description":14},"article",{"robots":90,"canonical":52},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":93},[94,98,102,106,111,116,121,124,129,132,136],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":95,"show_sort_weight":96,"slug":97},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":99,"show_sort_weight":100,"slug":101},"Literature",80,"literature",{"id":53,"doc_module":4,"doc_module_name":47,"category_name":103,"show_sort_weight":104,"slug":105},"Exam",70,"exam",{"id":107,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},5,"Comic",60,"comic",{"id":112,"doc_module":4,"doc_module_name":47,"category_name":113,"show_sort_weight":114,"slug":115},6,"Technology",50,"technology",{"id":117,"doc_module":4,"doc_module_name":47,"category_name":118,"show_sort_weight":119,"slug":120},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":122,"slug":123},30,"research-report",{"id":125,"doc_module":4,"doc_module_name":47,"category_name":126,"show_sort_weight":127,"slug":128},9,"Religion & Spirituality",20,"religion-spirituality",{"id":127,"doc_module":4,"doc_module_name":47,"category_name":130,"show_sort_weight":127,"slug":131},"World Cup","world-cup",{"id":133,"doc_module":4,"doc_module_name":47,"category_name":134,"show_sort_weight":133,"slug":135},10,"Lifestyle","lifestyle",{"id":137,"doc_module":4,"doc_module_name":47,"category_name":138,"show_sort_weight":107,"slug":139},19,"General","general"]