Life of Jamaica will be launching an individual retirement plan, Wednesday Business has learned, but the company refused to comment saying regulatory approval was pending.

The Financial Services Commission (FSC) is in the process of reviewing applications from funds managers to operate pension schemes.

It is understood that three applications for retirement schemes are in the batch, notwithstanding legislative delays to put laws in place to govern their operation.

The Life of Jamaica product, Wednesday Business understands, involves a dormant scheme that was formerly offered by Island Life, whose business was merged with Life of Jamaica's a few years ago.

It is unclear whether that is sufficient to land LOJ the stamp of approval it is said to be seeking from the Brian Wynter-led FSC, which does not comment on individual matters.

Yesterday, FSC spokeswoman Nadene Newsome said only that the agency had reviewed just over half of the 93 applications before it.

Only three, she said, were for retirement schemes; the others were for supperannuation funds.

Of the total applications, 48 have been processed, with two approved.

Exisiting pension funds have been given the go-ahead in the interim to remain operational until the FSC pronounces on their licence.

The FSC has said that the delay in approvals relates to the time taken to do due diligence checks.

The second phase of the pension-reform process, which involves the regulation of approved retirement schemes, was delayed for a year to allow for feedback from the pensions industry.

A discussion paper was drafted by the FSC on September 7, 2006.

sabrina.gordon@gleanerjm.com