PPA, GOSI to start asset transfer soon, no impact on business: official

Logos of Public Pension Agency and General Organization for Social Insurance

The Public Pension Agency (PPA) will start transferring all assets to the General Organization for Social Insurance (GOSI) in the coming period through a certain mechanism that will not affect doing business, Al Eqtisadiah reported, citing Nader A. AlWahibi, Assistant Governor for Insurance Affairs at GOSI.

An asset transfer process will primarily focus on the easier, ready-for-merger business activities, which will not affect the client services, AlWahibi said, adding that both entities will then move to other business portfolios.

No timeframe was determined; however, having a timeline will give more clarity, he further added.

The Saudi Cabinet approved on June 15, to merge PPA into GOSI, Argaam reported.