Opposition Party meets with NIS officials to discuss pension reform

By Admin. Updated 5:55 a.m., Thursday, May 23, 2024, Atlantic Standard Time (GMT-4).

Members of the Opposition New Democratic Party (NDP) met with Executives of the National Insurance Services – NIS to discuss among other things, the report of the 12th Actuarial Review of the National Insurance Fund.

In a May 23 press release, the NDP said the meeting was held on Tuesday, May 21 at the NIS building in Kingstown.

Present were Leader of the Opposition and President of the New Democratic Party (NDP) – Honourable Dr. Godwin Friday, other Members of Parliament and the NDP, and senior executives of the National Insurance Services (NIS).

“Following introductory remarks by Chairman of the NIS, Mr. Lennox Bowman, who welcomed Dr. Friday and his team, Executive Director, Mr. Stewart Haynes, presented an overview of the 12th Actuarial Review and responded to questions and comments from various members of the team,” the press release stated.

“Issues raised by the team included: the impact of the increase in the pensionable age to 65 years; innovative programs that the NIS might introduce to promote employment in SVG; broadening the base of contributors; the failure to implement the recommendation of the previous actuarial review to diversify the composition of the investment committee; and investments made by the NIS such as ownership of the former Ju-c Building in Kingstown and of lands in Bequia,” the NDP stated in the press release.

“Further, Dr. Friday emphatically restated the NDP’s commitment to the success of the NIS, noting that it must always be affordable and provide adequate benefits to pensioners,” the press release stated.

“He also advocated that the pensionable age should not exceed sixty-five (65) years and that the interests of pensioners should always come first in the management of the service,” the press release added.

They agreed to have further meetings.