NIS Director emphasizes the pressing need for pension reform

By Admin. Updated 9:44 a.m., Saturday, February 17th, 2024, Atlantic Standard Time (GMT-4)

Director of the National Insurance Services (NIS), Mr. Stewart Haynes, has emphasized the
pressing need for pension reform in St Vincent and the Grenadines (SVG).

According to a press release, February 16th, The NIS director outlined the three fundamental objectives of Social Security reform: ensuring the adequacy of the pension fund, maintaining the affordability of contributions, and ensuring financial sustainability.

He discussed the three levers available for achieving these objectives which were program design, administration, and portfolio management.

Mr. Haynes said, the urgency for pension reform was further illuminated through insights from
actuarial valuations conducted every three years. These valuations, he noted, performed by independent professionals, consistently indicate the need for timely reforms to ensure the sustainability of the pension plan.

Mr. Haynes also detailed the historical evolution of pension programs, starting from the
establishment of the National Provident Fund (NPF) in 1970 to the subsequent introduction of
the National Insurance Services (NIS) in 1987, the press release stated.

Mr. Haynes emphasized the importance of the dialogue, considering it a vital avenue for engaging with the public on crucial matters, the press release concluded.