By Val Matthias. Updated 7:43 a.m., Monday, January 26, 2026, Atlantic Standard Time (GMT-4).
Chief Executive Officer of the National Insurance Services (NIS), Stewart Haynes, has reaffirmed the institution’s financial stability, pointing to a diversified investment portfolio and recent reforms that have turned losses into surpluses.
Speaking on WEFM’s Issue at Hand program, Haynes disclosed that the NIS portfolio is now distributed with 44% invested internationally, 42% locally, and 14% regionally,while only 8% is exposed to central government bonds and loans. He stressed that this balance reduces risk, strengthens resilience, and ensures pensions remain secure for contributors and retirees.
“The monies belong to the people. We are just stewards, fiduciaries acting in their best interest. Every dollar is audited and managed according to international standards,” Haynes said, underscoring the transparency and accountability measures in place.
Haynes reminded listeners that just three years ago, the NIS was in a precarious position, recording net losses of approximately $20 million in 2022 and 2023. However, reforms including gradual increases in contribution rates, a phased rise in retirement age from 60 to 65, and stronger investment management have reversed the trend.
By 2024, the NIS reported a $14 million surplus, which nearly doubled in 2025. Investment income alone reached $32 million, with international equities yielding returns of up to 25%.
The CEO emphasized that the NIS has consistently received clean audits over its 39 years of operation, with actuarial reviews conducted every three years. In addition, the World Bank recently peer-reviewed the NIS’s actuarial valuation, confirming its sound governance and administration. Haynes dismissed public concerns that government could freely access NIS funds, clarifying that strict governance structures prevent such interference.
Despite the improved financial outlook, Haynes warned that demographic shifts remain the biggest long-term risk. In 2002, there were 10 contributors for every pensioner; by 2022, that ratio had fallen to 4. Projections suggest it could decline to 2 by 2079, compounded by outward migration and declining fertility rates.
Life expectancy has also increased, with men now expected to receive pensions for 12–13 years after retirement at 65, and women for 13–14 years. This longevity, while positive, adds pressure to the system’s sustainability.
Haynes assured pensioners that the system is now on firmer footing, with reforms extending the fund’s lifespan beyond the previously projected 2034 cutoff. Pension payments, frozen since 2014, are expected to rise again in 2026.
“We are better governed, more resilient, more transparent, and positioned to protect you today and tomorrow and for your children and grandchildren,” Haynes said.
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