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New National Insurance Board Reads More of the Same

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The following comments by Northern Observer were extracted from the NIS.Government Paper for Trash blog.

Comment 1
WHO is on the NIS Board? WHO replaces Carrington as head executive?

I rarely agree with T.Inniss, but what claims to Chairmanship or leadership of a body as complex and important as the NIS does Mr. G-E have? Being the BEC rep on the last Board is not a ringing endorsement. This has a very smelly political odour. This is a more important role than most Ministerial appointments. And this AP is showing up in too many significant roles, a little separation is a good thing, especially in Financial related roles.

The last Board was a monumental failure, largely I believe, because of persistent political interference. This new one, at least the reported lead directors, is set up for a similar potential failure.

Comment 2

Old Board

  • Dr. Justin Robinson, Chairman
  • Mr. Wismar Greaves, Deputy Chairman
  • Mr. Martin DaSilva, Member
  • Mr. Ian Gooding-Edghill, representative of the Barbados Employers’ Confederation
  • Mr. Colin Jordan, representative of the Barbados Hotel and Tourism Association
  • Mr. Victor Felix, Chief Labour Officer (Ag.)
  • Ms. Avonda Carrington, nominee of the Director of Finance and Economic Affairs
  • Ms. Roslyn Smith, General Secretary, National Union of Public Workers
  • Ms. Toni Moore, General Secretary, Barbados Workers’ Union

Sooooo, The former BHT rep Jordan, is now the Minister in Charge
The former BEC rep Gooding-Edehill, (successful BLP candidate in 2018 election) is now Chairman. Persaud replaces Greaves as Deputy, Lawyer Haynes replaces DaSilva as member.and we await the other 6 who are nominees as shown above.

Remind me….is this the Board of Barbados Hotel and Tourism or the NIS?

Shows the PM is clearly NOT SERIOUS about having the NIS as anything but a continued long arm of the MoF. Pure patronage. After 12 long years of NO Annual Reports and this is the best she can do?

Government’s restructure program requires holders of government debt to agree to new terms and brings into sharp focus the critical role of the National Insurance Scheme, and of interest, its investment policy executed under successive governments.

The NIS is the largest holder of government paper and was mandated by the last government to buy what has translated to be ‘high risk’ government paper. The mismanagement of the fund threatens first to disrupt the peace of mind of our senior citizens who have done what was asked of them in the productive years.

A badly managed NIS threatens the social stability of Barbados.

Has the NIS been true to its tagline- its your lifeline?

The blogmaster has posted many NIS related items in the last decade. Sadly, there has not been any improvement in the perception of the BU household regarding how the fund is managed. Such a position is supported by the most recent 15th NIS Actuarial Review of the National Insurance Fund, Published, AND, the inability of NIS Boards to lay up to date audited financials in parliament for over a decade.

Here is the real issue for the blogmaster.

Successive NIS Boards appointed by DLP and BLP governments will continue to influence investment decisions because it is seen as a ‘lender of last resort’. A new approach would have seen the Mia Mottley government implementing measures to ensure the NIS is ring-fenced from political interference.

The blogmaster has to agree with comments that question the composition of the current NIS Board. It is evident there is no cataclysmic shift in the government’s approach.

 

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132 responses to “New National Insurance Board Reads More of the Same”

  1. bajanfreeparty Avatar
    bajanfreeparty

    The BBLP is keeping the Massive Fraud in Place , No crime fighters in Government all criminals With a new Crime Minister in place, This is her system now Mia feels she can control her coverup from the Top Down, But there are others with more greed than her at this point,May Rule of Law R. I . P. BFP/CUP

  2. WARU Avatar
    WARU

    The elderly are in danger with Leslie Haynes on that NIS board, he will be just as destructive as he was at CLICO, just as destructive as he STILL IS at the Supreme Court to injured Personal Injury Claimants and their cases, because that is all he knows, how to be nasty, he has a decades long track record of being nasty.

    This is truly a disgrace that Mia picks up this beast and once again puts him in a position at taxpayer’s expense to destroy the elderly and then got the nerve to believe that no one is noticing and will say nothing.

    Did she tell Haynes to clear the Supreme Court of all the CGI Insurance cases he has backlogged AND unmoving in there…I bet not because they all still believe they will get way with keeping the Supreme Court in its current state of dysfunction to benefit THEMSELVES ONLY…throughout their 5 year term in parliament, just like Fruendolittle did.

  3. T.Inniss Avatar
    T.Inniss

    This is the change the poor voters thought they were getting.

    Remember what the writer in Caribbean News Now asked:Is Mottley a Con Artist or a Clown ?

    Who would have thunk it?

    This is serious business and we have to find a better way of sifting out the wheat from the chaff and getting better candidates who put themselves up for political office.

    When you look at political parties it is like they all seem to come from the same mould.

  4. David Avatar
    David

    You recommend we should have stuck with the DLP? Our problem is a lack of participation in our system of governance by quality people. There was Hobson’s choice. Stop making all the discussions political. We need good people embedding themselves in political parties to become agents of change.

  5. T.Inniss Avatar
    T.Inniss

    David/BU

    Read your post again and then read your comment to ” Stop making all the discussions political” – and tell me you haven’t been drinking some of the bad ole stuff.

  6. sirfuzzy (i was a sheep some years ago; not a sheep anymore) Avatar
    sirfuzzy (i was a sheep some years ago; not a sheep anymore)

    (quote) Stop making all the discussions political.

    +++++++++++++++++++

    If only it were that easy. We have a political class here on BU and in society that live smoke drink bathe in politics.
    You may be asking them to come to Jesus? As repentance is the cost of entry to Jesus many there prefer their current status quo.; and thus remain all so political. Just asking?

    Anyway the nature of politics is to be able to blame others for you mistake(s) or misadventure(s) and heap praise onto yourself for any thing good that happens. I ask this question. What has changed by changing the BLP or the DLP? It a coin toss; heads or tails; BLP or DLP? Some here have commented that we merely rearrange the deck chairs on the infamous Titanic? Maybe they are correct. Time will tell.

    We need more honest brokers in the game; we need to elevate from a coin toss to a “roll of the dice” we are still gambling by at least we got more possible outcomes that just 2.

    Just my take.

  7. Tron Avatar
    Tron

    Robinson must be charged for economic crimes.

    He is the architect of the present disaster of the fund. I would like to remind his strange love for the failed project “Apes Hill Plantation”.

    Why do the COP and the DPP not investigate?

  8. Redguard Avatar
    Redguard

    You are giving the gentleman way way way way too much credit

  9. WARU Avatar
    WARU

    They are the scum of the earth these house negros owned by the cockroaches in the minority business community..

    https://www.facebook.com/photo.php?fbid=10156360836046335&set=a.108676561334&type=3&eid=ARD7l2XNIqEtOSOfIbpsmlDIomxRIZMrlxIHH7oXEP8UCbkUfgGT8azh3vfIPL3qRZHYYpoNnfqLe0a4

  10. Sargeant Avatar
    Sargeant

    @David

    Would appreciate a listing of the new board members in its entirety and their representative area prior to commenting.

  11. NorthernObserver Avatar
    NorthernObserver

    Sarge, the rest of the tripartite Board are nominees from unions and BEC and BHT. Former Managing Director Carrington was reported as the nominee from the Finance Dept.

  12. bajans Avatar
    bajans

    I think the government should have moved to independent pension fund managers. They could have hired a firm from abroad. Most pension plans in Canada are arms length operations. One of the best managed and profitable pension plans in the world is the Ontario teachers pension fund. I know of teachers who did not have to make contributions in the last three years of work and others who were encouraged to retire early (like 52) with full pension.

    “TORONTO — Ontario Teachers’ Pension Plan says it earned a total return of 9.7 per cent last year, bringing its net assets to $189.5 billion.

    The plan said it was 105 per cent funded as of Jan. 1 — the fifth year in a row that it has been fully funded.

    The returns for the year topped the fund’s benchmark of 8.2 per cent for 2017.

    READ MORE: Ontario Teachers’ Pension Plan buying $400M stake in video game giant Ubisoft

    Investment returns provide more than three-quarters of the plan’s funding, with the remainder provided by the Ontario government and contributions of working plan members.

    The pension fund reported annualized five-year total net returns of 9.6 per cent and annualized 10-year total net returns of 7.6 per cent.”

    This plan has only 330k retired and active teachers.

  13. Truth will set you Free Avatar
    Truth will set you Free

    @ bajans

    Very very good suggestion.

  14. Hants Avatar
    Hants

    @ David, ” We need good people embedding themselves in political parties to become agents of change.”

    There are not enough ” good people ” to change the incestuous relationships in politics in Barbados.

  15. Redguard Avatar
    Redguard

    @David based on the current makeup of both parties a “good person” will have to look the other way when all the thieving, lying and defrauding is going on, in the interest of the bigger picture, saving the country………………..me thinks that person would have to be Jesus………….may be GP is right only God can save us now

  16. lexicon Avatar
    lexicon

    What we really need to address the improprieties and irregularities in the political arena in Barbados are sustainable checks and balances. This idea that good people are need is share naivety because the passions and desire of men will not conform to the dictates of reason and justice without the appropriate constrains or checks and balances.

  17. Vincent Codrington Avatar
    Vincent Codrington

    @ Bajans at 10 :19 AM

    If the Toronto Teachers Pension performed as well as you indicated that would have to be an outlier. You will find that the next ten years will show different outcomes.

    The problem with the BoD of the NIS is not its composition, It is made up of representatives of the stakeholders And these stakeholders are prescribed in the NIS Act.
    The problem is the perceived GoB interference in the decision making of the Board and the professional qualifications of the Directors.
    Of course ,this can be balanced by the management and staff being more diligent ,competent and persuasive.

  18. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    @ the Honourable Blogmaster

    Some days EVEN IN THE MIDDLE OF ALL THE REST OF IT, you step up to the plate, in part.

    You said and I quote

    “…You recommend we should have stuck with the DLP? Our problem is a lack of participation in our system of governance by quality people…” There was Hobson’s choice.

    The fact was that the DLP HAD TO GO and thankfully now that they have gone, NOT ONE OF THOSE WHO WERE ON THE DOORSTEPS DURING the last 10 years, will be seen again.

    you went on to caution the writer about making things political and conclude “…. We need good people embedding themselves in political parties to become agents of change…”

    While that is a desirable outcome I would say that this is a by-product of where we as a nation should be going.

    Take for example

    That other initiative that you are “sitting on” and which you and I and others ** have seen, some passingly, speaks to a process of expanding “participation in our system of governance by quality people” gone wrong.

    So even at inception of heralding in a new modus operandum it is infested by the very sameness of malfeasance and mal-performance

    You feeling me David?

    Do you know the amount of “smut mags” that are in abeyance waiting to be released for an item of this nature?

    You understand what has been put on the table to incentivize the disclosure?

    You comprehend how “advisors” earn their keep notwithstanding a pro bono initial stance?

    So you comprehend that there must be some “driver” that gives pause to this justifiable indignation?

    Who loses Honourable Blogmaster? Mugabe is at the helm during this 2nd issue AND, irrespective of how one will cut it, she going get blame for it being the type of thing she does, and is doing and will continue to do.

    My lil diamond in the rough, is young and impetuous and does not understand what role they play in the grand scheme of things. In the place where they are, it is seen as the way to do things, they do not know any better.

    De ole man 15 years ago would have let loose the Hounds of War and let them do what war dogs do but then what Honourable Blogmaster?

    What does it benefit the “Whole”?

    I would be right but would it be true to My God? and my Nation?

    Heheheheheheheh and this is what strives within me, the “man nature” and the demand to do the Will of GOD and you dun know who going win.

    Give thanks that the ole man perished and that a different man was reborn, one who seeks daily to live by a different rule that will perfit me to hear, Well Done My Good and Faithful Servant. (But that ent mean that I ent going comment pun foolishness that I see in BIM).

  19. pieceuhderockyeahright Avatar
    pieceuhderockyeahright

    @ the Honourable Blogmaster

    Your assistance please with an item for you

  20. lexicon Avatar
    lexicon

    Judas, was known to be a good disciple before he sold Jesus down the river for 30 pieces of silver. So therefore, there is no such thing as a good person the Bible is clear on this fact. And further more,the Bible goes on to tell us not to put confidence in the flesh for a piece bread thou will transgress.

  21. Vincent Codrington Avatar
    Vincent Codrington

    We must also bear in mind that there is little or no local investment vehicles for the Fund to invest in.
    The international capital markets were very bearish most of the past ten years. Good investments ,yielding good returns, were few; and these were further reduced by the high fees charged by foreign investment managers,even if they accept the management of the miniscule NIS portfolios.

    So it is not as simple as it appears to some commenters.

    Another recurring error is the failure to acknowledge that the NIS is a pay as you go scheme. The main source of the pensions are the current workers in the system .Those who apply for NIS pensions without contributing all their working lives are the brimblers

  22. bajans Avatar
    bajans

    @Vincent Codrington:
    @ Bajans at 10 :19 AM

    If the Toronto Teachers Pension performed as well as you indicated that would have to be an outlier. You will find that the next ten years will show different outcomes.

    the Ontario Teachers Pension Plan, has been performing well for several years. They own properties such as malls, office towers, have large investments in companies in canada and abroad.

    https://www.otpp.com/investments/performance/major-investments

  23. Hal Austin Avatar
    Hal Austin

    The international capital markets were very bearish most of the past ten years. Good investments ,yielding good returns, were few; and these were further reduced by the high fees charged by foreign investment managers,even if they accept the management of the miniscule NIS portfolios.(Quote)

    @Vincent Codrington,

    Are you for real? What have been the returns on the S&P over the last ten years? What have been the returns on the FTSE over the last 10 years?
    Even Oppenheimer has been returning over 6 per cent for the NIS over the last few years. The problem with the NIS is bad management: asset allocation, stock picking and careless lending ie lending COW Williams money and not demanding equity for debt.

  24. Vincent Codrington Avatar
    Vincent Codrington

    @ Bajans at 12 : 14 PM

    You may not believe it,but the investment strategy of the Toronto Teachers Fund is similar if not the same as the NIB.
    I note one significant factor your youngest pensioner is 70 years old. We start paying pensioners a little earlier.

  25. Vincent Codrington Avatar
    Vincent Codrington

    @ Hal Austin at 12 :38 PM

    All that you wrote may have elements of truth about which there may be no variance on my part. But I have been there and I have done that. So please do not underestimate the power of political interference. The staff from my experience are just as competent as any elsewhere, even Oppenheimer. LOL

  26. Vincent Codrington Avatar
    Vincent Codrington

    Lexicon at 11 :49 AM

    You are quite right in your interpretation. You must be aware that Judas was the Treasurer. Treasurers always have a different emphasis/ perspective than the leaders. But I value your timely reminder.

  27. Hal Austin Avatar
    Hal Austin

    @Vincent,
    I asked two simple questions. I do not want to know what you have done or where you have been. What have been the returns on the S&P 500 over the last ten years? And what have been the returns on the FTSE 100 over the last ten years? This is publicly available information, it is not secret. Go on the S&P site; go on the FTSE site.
    The NIS returns have been below par because of poor asset allocation and poor stock picking. It is a management issue, not one of poor market returns.
    I have said before, if the politicians are interfering against better advice, then the officials should walk. That was Dr Worrell’s problem at the central bank, not telling Sinckler to stuff it. There is no excuse. If you want the salary and lack confidence that you would get another job, you allow yourself to be humiliated.
    It is poor management. No excuses.

  28. A. Dullard Avatar
    A. Dullard

    “The international capital markets were very bearish most of the past ten years. Good investments ,yielding good returns, were few;”
    +++++++++++++
    This is a false statement

  29. A. Dullard Avatar
    A. Dullard

    “The staff from my experience are just as competent as any elsewhere, even Oppenheimer.”
    +++++++++++++++

    Again false.

  30. A. Dullard Avatar
    A. Dullard

    “Another recurring error is the failure to acknowledge that the NIS is a pay as you go scheme”
    ++++++++++++++
    What does this have to do with a sound investment strategy?

  31. A. Dullard Avatar
    A. Dullard

    “If the Toronto Teachers Pension performed as well as you indicated that would have to be an outlier. You will find that the next ten years will show different outcomes.”
    ++++++++++++++++++
    False. There is no reason why teh OTPP can’t on average outperform its benchmarks.

  32. A. Dullard Avatar
    A. Dullard

    I think that GP may be right. There is too much uninformed comment on BU passing for facts.

    ‘Things are seldom what they seem;
    Skim milk masquerades as cream’
    -Sir William Gilbert

  33. Hal Austin Avatar
    Hal Austin

    The NIS is not a pay as you go scheme. It is a hybrid scheme – part PAYG and part-social security..

  34. Hal Austin Avatar
    Hal Austin

    @A> Dullard,

    It is the Bajan disease, talking waffle and pretending it is informed discourse. Just mention foreign reserves and the parrot nonsense comes out. Or infrastructural development and they ask, in all sincerity, where will the money come from to fund it.

  35. Georgie Porgie Avatar
    Georgie Porgie

    RE Judas, was known to be a good disciple before he sold Jesus down the river for 30 pieces of silver. THIS IS NOT TRUE. JESUS SAID IN JOHN 6:70 READ IT Have not I chosen you twelve, and one of you is a devil?

    there is no such thing as a good person the Bible is clear on this fact. THIS IS TRUE
    SEE ROMANS 3:10-17

    10 As it is written, There is none righteous, no, not one:

    11 There is none that understandeth, there is none that seeketh after God.

    12 They are all gone out of the way, they are together become unprofitable; there is none that doeth good, no, not one.

    13 Their throat is an open sepulchre; with their tongues they have used deceit; the poison of asps is under their lips:

    14 Whose mouth is full of cursing and bitterness:

    15 Their feet are swift to shed blood:

    16 Destruction and misery are in their ways:

    17 And the way of peace have they not known:

    18 There is no fear of God before their eyes.

    And further more,the Bible goes on to tell us not to put confidence in the flesh for a piece bread thou will transgress.

  36. Enuff Avatar
    Enuff

    “I think that GP may be right. There is too much uninformed comment on BU passing for facts.”

    Haha, this is called yardfowl talk by the egofowls.🤣🤣#trueasjohn3:16

  37. Vincent Codrington Avatar
    Vincent Codrington

    @ GP at 1:58 PM

    Well quoted and quite timely. There is always a devil even when one does due diligence. But our job is to manage that devil. Very often one has to tell him:” Get behind me ,Satan “..

  38. bajans Avatar
    bajans

    @Vincent Codrington:

    “You may not believe it,but the investment strategy of the Toronto Teachers Fund is similar if not the same as the NIB. I note one significant factor your youngest pensioner is 70 years old. We start paying pensioners a little earlier.
    ”
    Please, you do not know what you are talking about. Most teachers in Ontario retire at 55. My neighbour behind me and her husband both teachers, retired at 50 from the teaching profession here in Ontario. Both are getting full pensions with no penalty as though they had reached 55 and had 30 plus years service.

  39. Hants Avatar
    Hants

    one ah wunna wrote ” There is too much uninformed comment on BU passing for facts.”

    It is very easy to determine what could be factual on BU.

    Some BU bloggers are credible when they write based on their profession. Jeff Cumberbatch Law, Dr. Georgie Porgie Medicine, Vincent Codrington Banking,

    MOST of the rest of us write incredible shiite myself included.

  40. Hants Avatar
    Hants

    ” The 85 factor can be sweet for those who qualify. For example, under the Ontario Teachers’ Pension Plan, a teacher who is 53 and has taught since age 21 (32 years) is eligible for a full, unreduced pension, based on his or her highest five salary years.”

    ” The average retirement age for teachers in Ontario is 58 “

  41. David Avatar
    David

    What are you talking about enuff?

  42. David Avatar
    David

    @Hants

    We have to try, and try, and try again.

  43. Hal Austin Avatar
    Hal Austin

    @ Hants 4.03pm

    This is what Vincent Codrington the banker said: “The international capital markets were very bearish most of the past ten years. Good investments ,yielding good returns, were few; and these were further reduced by the high fees charged by foreign investment managers, even if they accept the management of the miniscule NIS portfolios.(Quote)

    Is this the expertise you referenced earlier?

    (Some BU bloggers are credible when they write based on their profession. Jeff Cumberbatch Law, Dr. Georgie Porgie Medicine, Vincent Codrington Banking,)

  44. Vincent Codrington Avatar
    Vincent Codrington

    @ Hants

    Thanks for correcting my misunderstanding of a statement in the document uploaded. Please feel free to draw to my attention any errors of fact or logical flaws in my submissions. It did seem strange to me at first.

    Perhaps I should revert to my cherry picking strategy. LOL
    The information that followed improved the understanding of this particular pension fund. Thanks again.

  45. bajans Avatar
    bajans

    @ Hants
    The two teachers behind me started teaching at 18 in Timmins, up north, while pursuing educational degrees at night. They later moved south as there was nothing up there and continued in the separate school board. they are both catholics. When they turned 50, they had the option of not paying into the pension plan any more or retiring. the plan was over subscribed. They chose to retire. I, myself, retired at 57 with a full pension and took my CPP at 60. Damn good thing I did. They have clawed back almost $200 of my old age pension.

  46. Vincent Codrington Avatar
    Vincent Codrington

    @ Bajans at 5:19 PM

    ” They clawed back $200 of pension”

    Why and how did they do that?

  47. David Avatar
    David

    460 million dollars owed to the NIS NOT paid by the last government.

  48. David Avatar
    David

    Does anyone remember this blog?

    Was Glyne Murray justified in his position then given what we know now?

    https://barbadosunderground.net/2017/04/21/nis-reserves-projected-by-imf-to-be-exhausted-in-2037-upp-candidate-craig-harewood-muted-by-vob/

  49. Ping Pong Avatar
    Ping Pong

    Listened to a recording of a speech given by Lisa Wade a consultant actuary. I am shocked and more than a little worried to hear that NIS benefit payments will exceed contributions and investment revenue by 2034. Also the NIS will be depleted by 2054! I do not have confidence in either the board or the management of the NIS or in the future economic climate of Barbados to turn things around.

    I have to admit that I am not confident that Barbados as a well functioning country will exist in 30 years.

  50. Vincent Codrington Avatar
    Vincent Codrington

    @ Ping Pong at 7:12 PM

    Do you recall the reasons given for this projection and the remedies proposed.?

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