est. 2007

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Minister Sinckler’s Memo

Submitted by Porridgeboy On a point of observation I could not help but notice the look on the face of the Finance Minister Mr .Chris Sinckler in a recent clip from the luncheon meeting held by the Barbados Chamber of Commerce and Industry, which was held at the Barbados Hilton on the 25 January 2012…

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Submitted by Porridgeboy
Photo Credit: Barbados Today

On a point of observation I could not help but notice the look on the face of the Finance Minister Mr .Chris Sinckler in a recent clip from the luncheon meeting held by the Barbados Chamber of Commerce and Industry, which was held at the Barbados Hilton on the 25 January 2012 and aired on the CBC news the same night, and a pictured of the Minister in the Barbados Today News, page 41 25 January 2012 [see embedded image].

In my opinion it was a face of distraught, a look of someone lost in the forum which he was in at the time. Is this because for the first time in the last three years of the Democratic Labour Party’s governance of this country, the Prime Minister has taken the lead in his [Sinckler] Ministry by delivering his first address to the Member of Chamber? Is it a face of worry wondering what next, would it be the Estimates and then the Budget that he will deliver?

Well Minister Sinckler, maybe the PM has just decided to start dealing with the eleven  MPs who allegedly sough an audience with him to discuss his leadership style,  or is it that he has the feeling of his Ministers falling short of the mark lately?

First he had to find ways to get the teachers back to school at Alexandra School, which the Minister of Education could not do even after giving him all the support needed including providing him with a super pack to get the job done.

In addition the PM had to contend with you, Mr Minister, having the Prime Ministers of St. Vincent and  Dominica denouncing any discussion with you or with any agency of your  Ministry in-accordance with  investments of their NIS funds in the Four Seasons Hotel Resort Project, and you Sir trying to clarify your position by stating you were speaking on the subject under correction as indicated in the Nation News Paper dated Friday  January 20th 2012. This occurred in your address to the Barbados Association of Insurance and Financial Advisors, at the Lloyd Erskine Sandiford Centre as indicated in the Nation paper dated 11th January 2012.

Judging from the level of public outcry this did not sit well with educated Barbadian. In other words it was a poor excuse and you were surely misleading the country. But that’s not all Mr. Minister, after saying to this country in a recent debate that it was the bright young economist minds in your Ministry that put together the Medium Term Economic Program that this country is been run under, the IMF in the Barbados Today back page 19th January 2012 under the caption IMF Shots says that it is their prescription been followed by the Barbados government.

Tell us Mr. Minister why are you misleading this country? Guess the PM has had enough of it.  Do you think you can get away with this Mr. Minister? BUT WE GOT YA.

48 responses to “Minister Sinckler’s Memo”

  1. Quick Draw Avatar
    Quick Draw

    This article is interesting, revealing, and mostly factual. Is the PM subtly dealing with the Eager 11.

  2. John Avatar
    John

  3. balance Avatar
    balance

    unfortunately the prime minister is between a rock and a hard place and is unable to do anything having been dealt a bad hand from the outset.remember mr thompson’s deathbed pivotal repositioning of mr sinckler to the acknowledged highest position in the cabinet of barbados.

  4. enuff Avatar
    enuff

    PM Stuart knows a lot about circuses, because his government is the biggest circus in Barbados.

  5. David Avatar
    David

    It is obvious Prime Minister Stuart has used his AX intervention as the catalyst for changing his public persona. It is what many have been shouting for including the Eager 11.

  6. Micah Avatar
    Micah

    It did appear that the Prime Minister was indicating that he wished to get closer to the business community during this year, which is what I would expect the Minister of Finance would be doing, but at the moment they are not the same person. So the PM is crossing into Education issues and into Finance matters. He is certainly getting more involved in things of late.

  7. John Avatar
    John

    The PM is leading.

    The flock needs to follow and get over being politicians and political self interest.

    Be adults for a change.

  8. David Avatar
    David

    There is a saying to whom much is given much is expected.

    PM Stuart handsoff style provided the opportunity for ministers et al responsible for delivering government’s policy to do so. Instead they preferred to become immersed in Brutus like activity. Now they have lost the opportunity as Stuart is now forced to invoke a more hands on approach. Interesting observation is that with Stuart’s new persona so too kellman has become more aggressive in the public space. Let us recall that Kellman and Estwick were the ‘3’ who stood together for along time against the return of the late Thompson. It makes the below the radar approach of David Estwick in recent times all the more interesting. Now is the time for Estwick and the old stalwarts to flank Stuart if they want to make a serious push for another term. At this point BU suspects the BLP has their nose in front.

    In the meantime one can see the BLP’s machinery oiling up on social media for sure and in contrast the DLP has been in retreat.

  9. John Avatar
    John

    David

    Both parties will crash and burn with us if they (and we) don’t find a way of putting Barbados above politics in the ensuing months.

    There is no fatted calf, it has been butchered long ago and what’s left of the carcass is being picked clean by the vultures.

    Somehow we need to pick ourselves back up and build something for the future, much like what is happening at Alexandra …. with a minimum of political interference because that’s what got us into the situation in the first place.

  10. Prodigal Son Avatar
    Prodigal Son

    People, do not be fooled. There is much more to this Alexander “settlement” than meets the eye. Have you noticed how close to the PM and the DLP Hal Gollop is these days? He had a run in with Jeff Broomes years ago (legal case) and was out to get him as well. There is more to this “settlement” than meets the eye. Who knows, knowing how Hal Gollop operates, this seems to me like his doing, not Fumble. Has Fumble really made a decision since he became PM???

  11. David Avatar
    David

    @Prodigal Son

    Yes he has, he spoke at the BCCI luncheon for the first time …lol.

  12. Prodigal Son Avatar
    Prodigal Son

    What has become of the PM’s promise in November/December when the story of the plot surfaced to name a GG “shortly”? See what I said, Fumble does not make decisions!!

  13. old onion bags Avatar
    old onion bags

    If I were PM I would ride this tide straight into elections now his ratings are highest.Those that fail to follow do so at their own peril.(lost seats).

  14. old onion bags Avatar
    old onion bags

    Addenda: also crush the revolt of the Eager 11 by getting rid of the head of the snake and put Gollop in that position. Put Stetson as Minister of Education while you are at it.The rest of mice would scatter.But you must do something (with dispatch)..the public waiting.
    Things looking better already.

  15. the IMF Avatar
    the IMF

    the IMF is here..did i not say that months ago.. WE are HERE!!

  16. old onion bags Avatar
    old onion bags

    @ john
    From what planet you now descend boy?…No fatted calf…its a fat COW by now.
    All those monies collected…No prison aint built…No Kensingston…where all this money that collected?????? ..thru increase Vat, increase licenses, thru abolished Entern.travellin allowances,income taxes, increased professional fees and licenses,increases in gasolinedeisel each month ..increase bottle gas dispensing fees on drugs increases in bus fares land Taxes, vehicle registration…do you want me to continue….NEVER BEFORE HAS THERE BEEN SO MANY TAXATION INCREASES than as with this administration.

    And you say no fatted calf?????

    Has anything been built ? yes… a school Blackman Gollop

  17. HAMILTON HILL Avatar
    HAMILTON HILL

    @ John… So true and right on point is your post of 11.57am. Once we were made to understand the fact that Minister Estwick brought the best known and most successful “middle man” politics in Barbados has ever known back into play,glaringly evident were the ties that bind.As hard as it maybe, accept we must the obvious that stares us in our faces.Both parties are willing to take us for a ride.They are joined at the hip.If ever there was a need for an alternative the time is now, for the ties that bind the few,continue to strangle the majority.After all that was said and done Hallam,Hendy and the Henchmen are very much alive and Barbados still takes hit after hit, after hit.How much longer can we absorb this shit?

  18. Observing Avatar
    Observing

    @DAvid
    “Stuart is now forced to invoke a more hands on approach.”

    Is it forced or is it very calculated and purposeful taking into account dwindling time?

    Imagine that in one week we had – address at St. Lucy Church, address on Alexandra issue, East Coast “comments”, BCCI luncheon (on same day as Owen Arthur’s), the DLP Errol Barrow lecture, comments on Liat negotiations, and tomorrow opening the boardwalk in the name of Richie Haynes

    This is more targeted public speaking in one week than maybe the past 2 years combined.

  19. John Avatar
    John

    Mr. Jones has been a busy boy too!!

  20. enuff Avatar
    enuff

    whistles sweetly

  21. Random Thoughts Avatar
    Random Thoughts

    Quoting David the blogmaster “In addition the PM had to contend with you, Mr Minister, having the Prime Ministers of St. Vincent and Dominica denouncing any discussion with you or with any agency of your Ministry in-accordance with investments of their NIS funds in the Four Seasons Hotel Resort Project”

    We the electorate can’t wait to deal with the Minister.

  22. Prodigal Son Avatar
    Prodigal Son

    But how could Fumble tell the DLP faithful that Errol Barrow had no charisma??? Is Fumble for real??

  23. The Scout Avatar
    The Scout

    Mr Stuart has just awaken from his slumber and realise there is a general elections in another few months. Now he is trying to elevate himself by degrading his colleauges, this is room for a serious divide. He is behaving like a coward who is afraid to face a problem headon but would make some sly comments to feel out the waters. That AX matter is nothing he can boost about, that is going to backfire in his face and his backing is limited. Mr stuart needs to sit and communicate with his cabinet and senior party members soon or the DLP will lose the next general elections badly.

  24. Str8 Up Avatar
    Str8 Up

    Does anyone know when the next Cadres poll will be done?

  25. Str8 Up Avatar
    Str8 Up

    I think DLP will win 17-13 in the next election. Has Peter Wickham been fired from the Nation newspaper, we want a poll please. Let the public see what the DLP faces.

  26. old onion bags Avatar
    old onion bags

    @Str8 Up

    I going DO only one thing about your comment DLP go win…what>>>>>HAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA HAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA…
    need I do more lol,lol

    Oh boy ..you sooooooooo funny Haaaaaaaaaaa Haaaaaaaaaaa

  27. David (not BU) Avatar
    David (not BU)

    on the day the DLP had whatever they had on the East Coast, Minister Sinckler had his party on the beach. i don’t know how that miss a lot of people but i think that is very telling.

    i personally believe that Chris Sinckler will do every thing in his power for the DLP to lose the next election. that gives him time to regroup, plan and come again. remember the planning for the 2008 election started when the late PM gave up the leadership roll of the DLP and if what we are seeing is anything to go by, the same planner are planning the next move.

    it is safe to me, to say that DLP will lose the next election. no amount of work can be done to change what people are saying and feeling. while it is welcoming to see the PM playing more of a roll, like what he does or say or not, its to late.

  28. David Avatar
    David

    @str8 Up

    The poll has to be commissioned by someone. When Harold Hoyte was at the Nation there appeared to be some arrangement, we will have to wait to see if a similar arrangement continues under Kaymar. What we know however is that the DLP from all reports did one albeit not across all constituencies and this is the poll which led to the disquiet amongst the Eager 11.

  29. Brudah-Bim Avatar
    Brudah-Bim

    ***URGENT*** Please hear me out brothers and sisters and feast your eyes on this piece found here in this link: http://www.youtube.com/watch?v=Qi8fV8n_UBM

    If You Are Still Unsure As To What Is Being discussed, Please Refer To This Documentary Piece For A More In-Depth Look At The Situation:

    The piece talks about how ONE OF THE LARGEST ECONOMIC BUBBLES IN HISTORY IS ABOUT TO POP ON AMERICAN SOIL IN THE FORM OF “COLLEGE/UNIVERSITY DEBT”. Debts accumulated over a duration of 20 years in which college graduates default on. THE SHEER PEAK OF THE AMOUNT OF DEBTS ACCRUED HAS EXCEEDED +$860,000,000,000 ALONE, AS OF JUNE 2011. THE BUBBLE COULD POP AT ANY MOMENT, and WILL HAVE DIRE CONSEQUENCES FOR BIM’S ECONOMY AND ITS FUTURE.

    The arguments raised in the pieces are VERY RELEVANT to BARBADOS because our economy is VIRTUALLY INTERTWINED WITH AMERICA. The U.S.’s economic woes needless to say creates bad waters for our beloved Bim, DUE IN PART TO THE GOVERNMENT’S PROLONGED DEPENDENCY ON SERVICE INDUSTRIES (MORE SPECIFICALLY, TOURISM) AS OPPOSED TO MANUFACTURING AND EXPORTING, which of course has crippled our economy DUE TO OUR GREEDY & SLOTH POLITICIANS of the cabinet (and the greater chambers of parliament) that OUR ECONOMY HAS NOT DIVERSIFIED.
    NOT TO MENTION, our youth has been sidelined in that unemployment in the nation within this particular demographic is significantly high, and growing. In fact, UNEMPLOYMENT IN THE NATION OVERALL CAN BE AN EXPECTED SURE OCCURRENCE.

    INFLATION IN THE U.S. WOULD QUICKLY SUBDUE AND SUBMERGE BARBADOS’ ECONOMY! WE MUST PROMPT OUR REPRESENTATIVES TO BE STRATEGIC AND PULL THE PLUG ON THE U.S. DOLLAR AS THE WORLD CURRENCY; SWITCH TO THE CHINESE YUAN IN PLACE OF THE U.S. DOLLAR; ATTRACT INVESTMENT FROM SOUTH AMERICA (IE. CHILE, ARGENTINA, BRAZIL, & URUGUAY) IN ORDER TO ATTRACT INVESTORS FOR OUR SECONDARY/INFANT SECTORS.

    Barbados may have to devalue her currency in order to appeal better to these investors. BARBADOS SHOULD ALSO LOOK ON TOWARDS THE AFRICAN CONTINENT, THE MIDDLE EAST, AND CHINA AS WELL AS SOUTH KOREA AND TAIWAN FOR POSSIBLE INVESTORS.

    FOR TOO LONG WE HAVE BEEN AMERICA’S UNDERPINNING! I suggest that Barbados move on to the beat of her OWN drum in order to keep her OWN interests secured. WE HAVE A LOT OF REVAMPING TO DO! OUR WORK IS CUT OUT FOR US BECAUSE OUR SO-CALLED “POLITICIANS” SOLD US OUT LIKE A BAD HABIT! But one of Bim’s greatest assets are her children, the Bajan people. We are an educated people, and we can weather any storm should we work towards COLLECTIVELY POOLING OUR IDEAS AND WORKING TOWARDS OUR NATION’S INTERESTS AS ONE!

    Please HEAR ME OUT BROTHERS AND SISTERS, FOR I FEAR THAT TIME IS QUICKLY RUNNING OUT! PUT PRESSURE ON OUR POLITICIANS (FOR I AM ONLY BUT STUCK HERE IN THE U.S.). PLEASE SPREAD THE WORD, THIS NEEDS TO GET OUT THERE!!

  30. Brudah-Bim Avatar
    Brudah-Bim

    @ Brother “old onion bags”

    All those “revenues” that the government collect has pretty much gone up in smoke. Our government has NEGLECTED ITS RESPONSIBILITIES IN SUFFICIENTLY ALLOCATING OUR REVENUES TO OUR NATIONAL RESERVES BECAUSE OUR GREEDY POLITICIANS WERE TOO LAZY to turn our “REVENUES” into SOLID & FEASIBLE ASSETS (Such as Gold, Silver, Platinum, Diamonds, etc.) That is how a nation truly accrues wealth BECAUSE PRECIOUS METALS AND STONES NEVER LOSE VALUE! Please refer to my previous comment in order to learn more about how this will unfold SHOULD WE CONTINUE TO HAVE THOSE POLITICIANS IN POWER! OUR GOVERNMENT IS A MIRROR OF THE U.S. IN SO MANY WAYS, ESPECIALLY THESE DAYS. As of 2012, Barbados should be on the same level in terms of both wealth and economic competitiveness as that of Singapore. By now, the Government should have been rich enough to engage in land reclamation projects and possibly even building new islands to use to our economic advantage (ie. farming, manufacturing, etc). Instead, we Bajans have been blessed with a joke of an economy and a GOVERNMENT THAT IS A FARCE and has been running a nation of lambs!

    Barbados had more than enough time to develop in order for it to be the Singapore of the west, but our FOOLISH POLITICIANS OF THE PAST TRADED IN OUR ECONOMIC SOVEREIGNTY FOR AN “EASY ASCENT” in the ‘GLOBAL MARKET’ by adopting the free-trade policies of the IMF. Please SPREAD THE WORD TO THE OTHERS! We cannot afford to sleep on this any longer!!!

  31. old onion bags Avatar
    old onion bags

    Why don’t the DLP give up on its campaign of blaming everything on Global Economies for its lethargy.Bajan are growing tired of it now.Everything during its 5 yr term has been blamed on the Global Economies yet Brazil, Singapore, Taiwan Guyana Canada Sweden ..I can go on and on…have been registering GROWTH during 2008-2012.
    Why are these places immune from Global Economies.?…NO.it is just their Ministers of Finance( unlike ours) has enough sense to know… an over taxed economy will present NO GROWTH…increasing VAT by 2.5 % collected $54 million but hauled in $-120 million in bounced cheques..netting minus $-66Million..They should be so ashamed to have published this…so what was the Controller doing all this long time…it only takes 4 weeks at most to know a cheque has bounced….but $-120 million..

    That’s what you call sitting on your arses and twiddling thumbs ..Oh boy! It goes on and on…Every time…the same old ,same old…Global economy… a blame it all..Did the Global Economy cause the Controller’s Dept not to recognize $-120 million in BOUNCED CHEQUES.?..Was he in Oslo or Geneva.remotely away from the deposits?..He should be fired.. Like Ronald Jones , Alexandra fiasco, like Uncle Chris the botched -planned
    uprising,”OH WE ARE INFORMING OUR ATTORNEYS”…..Tamara of the Nation News…will be sued..Has it happened yet.?.NO NO No…instead how they scatter like MICE and run with tails between their legs… . Tamara was standing firm and has shown her metal….

    That’s why this country’s economy today is in the doldrums..MIS-MANAGEMENT…stop blaming everything on Global Economies and get off your arses and DO SOMETHING ( follow the PM’s re-energized crusade) constructive instead of over taxing hard working bajans….who up to this time have been very tolerating of these draconian measures and you all’s lethargy.
    And “with dispatch” please..as YOUR TIME IS RUNNING OUT !

  32. David Avatar
    David

    @old onion bags

    Maybe you are correct but one can’t help but observe the countries you listed are all blessed with vibrant export sectors i.e manufacturing, natural resources and agriculture. None of the countries rely on services read tourism, IB or FDI.

  33. enuff Avatar
    enuff

    @ Prodigal
    He has failed miserably in nearly ALL of the requisite characteristics he promotes in his lecture. How telling!!

  34. old onion bags Avatar
    old onion bags

    @ David
    It pains me to hear that our once vibrant International Business Sector reported that Barbados lost 3500 jobs and close to $500 million due to the again “lethargy” of this Administration….that is a HALF BILLION dollars..nothing to turn up our noses at….and at this time….
    The Minister Hutson just failed to keep on the ball .. and have his Department file the necessary correspondence…which could have averted this business going elsewhere….remember this was our N0.2 revenue earner…the IB Sector…its a shame..a crying shame.

  35. David Avatar
    David

    @old unions

    If this did in fact occur it certainly represents a travesty. Did the IBS present any empirical data to support the claim?

  36. David Avatar
    David

    What we can agree on is that the strategy of containment practiced by the government cannot hold indefinitely. Simple research shows that the underlying problems which ail the global economy in the developed countries especially still exist. Those are the economies which we have traditionally relied on. The emerging economies on the other hand have been doing well. It will call for some fancy strategy if we are to survive the next couple of years or so.

  37. old onion bags Avatar
    old onion bags

    I have been told by an offshore solicitor, that many long standing companies pursued business elsewhere…those with more favorable tax treaties.Barbados once again was the scape goat of vicious attacks by international bodies who sought to take our business and some to propagate misinformed rumors…..Italy calling us a tax haven.

    What facts assimilated were thru BIBA a prominent body and issued at a recent forum.I doubt the President would fabricate those figures which could easily be checked by the Central Bank.

  38. David Avatar
    David

    @old onions

    Not sure if the credibility of the Central Bank can be used in this case. It seems the integrity which it once enjoyed has been shot to bits.The bigger point here is that with the global economy in the toilet capital flows from the North to tax jurisdictions like Barbados have been under pressure. Unlike Panama and some others from ‘nasty’ jurisdictions Barbados has tried to run a clean shop. It seems folly to have placed all of our eggs in the services basket anyway. With the global meltdown we are bound to be adversely affected regardless who is governing.

  39. Checkit-Out Avatar
    Checkit-Out

    Old Onion bags; Wasn’t this lethargy one of the things that reportedly impelled the eager 11? Could individual Ministers really act in matters of this kind before getting the imprimatur of others? Haven’t serious losses related to what you have hinted above been traced to inaction at a certain desk?

  40. David Avatar
    David

    For those interested in a macro view which paints a picture of the world we have to exist here is an article worthy of reading. It is very long and littered with terms of art but an average level of understanding which most of the BU family command should help to glean some info.

    Tail Events, Isolation, New Normal

    By Jim Willie01/26/2012
    The year 2012 has started out in strange ways. While celestial forces augur for rare tail events, the assurance of man-made events that stretch far into the extreme tail of probability are not only very likely but will be of a type to reflect the change in the global balance of financial power. The Paradigm Shift mentioned over the course of the last two to three years is at work, having moved into a higher gear. The gold is moving from the West to the East, along with the power. We will not see the process reverse in our lifetime. The sanctions set against Iran have been devised by a former global leader nation that is beset by insolvency, fraud, and lost integrity. The backfire has consolidated forces into a more fortified position against the USDollar. Trade increasingly is not being settled in US$ terms. The icons of the day are mere apologist public address systems attempting to rationalize and justify the deep insolvency and wrecked systems. The new normal is of a caravan file of broken cars and trucks sputtering down the road, using the false fuel of hyper monetary inflation and the offensive paint of phony financial accounting, the tell-tale sign being the ugly rancid smoke out of their tailpipes. The last insult is of the US Presidential election process, which is badly marred by obvious inconsistencies and anomalies. The vote count for the candidate that attracts the biggest crowds, attracts the biggest donations from corporations, and defies the financially teetering system does not match the final official tallies.
    http://www.financialsense.com/contributors/jim-willie/2012/01/26/tail-events-isolation-new-normal#.TyQPhkxM8UM.email

    Thanks Moneybrain!

  41. old onion bags Avatar
    old onion bags

    @ David
    Come now,while the CBB may have for long suffered from “statistical lag”we must be cognizant of the fact figures issued by independent bodies will differ from time to time.But this is not suffice to brand as irrelevant.What is known can also be collaborated and has thru various independent offshore as well a the large accounting firm to which I can vouch.We have taken a BIG hit in that departrment. Yes could be to the tune of a half billion and more…onions not all smelly.

    @Check-it
    A government is not one man.Your slip is showing again, Haven’t two of those Ministers not been recently exposed and termed excessively lethargic?Once again you are true to form pointing fingers to save skin.
    Less talk and more change please.

  42. David Avatar
    David

    @old onions

    it seems that Mascoll the chief spokesman for the BLP on economic matters has been very uncomplimentary of Worrell, disparaging almost.

    On the subject of lethargy didn’t Stuart have to step in in the Redjet matter as well, what does it say about Hutson?

    Regarding Inniss and changes to the healthcare delivery didn’t Stuart have to jump in as well, what does this say?

    On another note BU is trying to find out if the report that a bash was held recently under the patronage of a Governor and which has 3 live bands, an abundance of food and unlimited big mout drinks.

    Who paid for the bash, taxpayers?

  43. old onion bags Avatar
    old onion bags

    @David
    Money Brains article would have been more apt had it directed all to Revelations 16:!5 – 21 as things being and still to come..But we still can’t just throw all hands in the air and wait for further madness.
    Life will continue until it is time…

  44. Observing Avatar
    Observing

    @str8 Up
    I’ll wager 16-14 the other direction….
    Based on current conditions of course, notwithstanding remaining nominations and any other “surprises.”

  45. old onion bags Avatar
    old onion bags

    @ David
    A Governor? As far as I know ..we only got one.
    And Yes my point exactly to @ Check -it ..they all guilty of lethargy….like sleeping hibernating fat bears …now suddenly being exposed ..awake to point and oink….seeing their follies…seek the head of the only one to-date has shown he is still a gentleman….and can easily dispose of any underlings empty threats in a most civil and mature way.

  46. robert ross Avatar
    robert ross

    If I understand this story correctly it is being suggested that the Minister is out of his depth. I agree and there is other evidence to support the contention. In February last year the Occupational Pension Benefits Act came into force. It has been around for eight years and is a Canadian import. The upshot is that pension plans must be registered by tomorrow with the Financial Services Commission.
    Now: the Minister and his advisers, including the Commission, have been peddling the story that from now on you cannot get a 100% lump sum pension no matter what your pension plan actually says. They say that because of the Act you can only have 25% of the lump sum. They say you must put the rest into an annuity. The Act did not say that the 25% was free of tax. In August the Minister realised this and said he was going to change all that. He also recognised that the purchase of annuities does not realise a fair return and said he was going to introduce a ‘draw down’ facilty.
    Now think: he had six months after the Act came into force to know that – and, of course, the eight years since the Act came on the statute book. And this in respect of a measure which will affect pretty well every living person in this country sooner or later.
    But actually it gets worse. The Act DOES NOT SAY you can only have 25% of a lump sum pension nor does it require you to purchase an annuity. It creates a power to do this in respect of monthly payment pension plans. You can opt to have 25% as a lump sum if you want. The Act does NOT abolish 100% lump sums if that is the nature of the plan.
    Moreover, the Act is specific that it has no retroactive effect in respect of existing pension plans, that pension plans can be more beneficial than those provided for under the Act, and that a pensions administrator cannot register a pension plan which is LESS beneficial than was previously the case. There are also stiff penalties for pensions administrators who manipulate the Act for their own benefit.
    What the Act actually does – beneficially – is to provide a framework for the rigorous superintendency of pension plans and, to a limited extent, protect the interests of surviving spouses – this by insisting that the survivor of a joint
    pension (the only one now available) must receive at least 60% of the former joint pension.
    Now none of this has been explained to the public and, moreover, the effect of the Act is being misrepresented. Is it that they simply don’t understand it? I am told that the Act was only worked on by actuaries not lawyers. But once you get beyond the actuarial gobbledegook, and can read, it is all fairly straightforward. The worrying thing is that some employers are insisting that their plans proposed for registration are in accordance with the provisions of the Act though they are not – which, of course, is a back-door way of destroying the existing contractual rights of their employees.
    So, yes, is the Minister really out of his depth? On this issue, it would seem so – to the national detriment.

  47. Brudah-Bim Avatar
    Brudah-Bim

    Has no one been paying attention to the points that I raised? Please, someone kill me now! PEOPLE! WAKE UP! IF U WANT A CLEARER EXPLANATION, PLEASE REFER TO MY PREVIOUS COMMENTS !

    I am seriously starting to think that NOBODY here is really understanding the macro trends that are occurring. If you follow the trends, the answers couldn’t be ever more clear. Face it people.

    OUR GOVERNMENT IS BROKE! They sold us out like pigs to a slaughterhouse! Please watch the documentaries that I suggested! THE SUGGESTED PIECES EXPLAINS HOW MACRO-ECONOMIC TRENDS IN THE U.S. CAN AFFECT THE OVERALL GLOBAL ECONOMY (INCLUDING BARBADOS)!

    PLEASE EVERYONE, AT LEAST TRY TO LISTEN!!!!!!
    IT IS DANGEROUS FOR ALL OF US TO BE IN THE DARK!!

  48. TJ Avatar
    TJ

    Why do we want the PM all the time on every single issue? I find it quite refreshing and appreciate that he is letting the Ministers do their job and speak and tackle issues in their Ministry. That is what they are being paid to do. If we dont stop wanting the PM to jump in and talk on every issue; we gine find that we ran another Prime Ministers blood to water; 3 out of 7 , another state funeral on the way……

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