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Time to hold former NIS Chairs Accountable

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Submitted as a comment by NorthernObserver

Under its economic reform programme and arrangement with the International Monetary Fund, Government has committed to submitting NIS financial statements for the period 2010 to 2021 for audit by the Auditor General by March next year – Nation

Nation Newspaper
Johnny Cheltenham
Sir Richard Cheltenham, Q.C.: 2005 to 2008
Jepter Innce - former Senator
Mr. Jepter Ince: 2008 to 2009
Sandra Forde - former General Manager Transport Board
Ms. Sandra Forde: 2009 to 2010
Tony Marshall - Former President of Barbados Cricket Association
Mr. Keith “Tony” Marshall: 2010 to 2011
Justin Robinson, UWI
Dr. Justin Robinson: 2011 to 2018
Minister of Tourism
Mr. Ian Gooding-Edghill, M.P.: 2018 to 2020
Leslie Hayne - lawyer
Mr. Leslie Haynes, Q.C.: 2020 to Present

This is the date by which a new entity must be up and operational, to avoid sending anything to the AudGen.

If the BTMI is any example, anything issued will be “unqualified”, meaning auditors have deemed the information incomplete, and hence cannot ‘qualify’ (have any minimum level of confidence in) their report.

BUT, the editor who penned for the Nation needs to also know, what the Act governing the NIS says.

33.(1) The Board shall
(a) in each year prepare a report on its activities in its last preceding year and shall furnish such report to the Minister no later than the thirtieth day of June

(b) submit to the Minister every account, certified by the Auditor-General pursuant to Section 30, together with the report of the Auditor-General thereon, within one month of certification; and

(c) submit annually to the Minister an account of the securities in which moneys forming part of the Fund are for the time being invested

(2) The Minister shall cause a copy of every report of account submitted to him pursuant to the Section to be laid on the table before both Houses.

Hence, there has never been any reason why audited (or otherwise) financials have delayed (a) and (c), albeit, without detailed specificity, the investments of the NIS funds have appeared on their website(s) from time to time (as reported by the NIS)

The Editor needs to contact those various Board Chairs from 2006 on, and seek explanation on 33(a). Did they submit such to the Minister? If they did not, why not? And if they did, we now have a legal issue (failure to comply with the Act) as to why such reports were not ‘laid on the table before both Houses’ by the Minister receiving them.

Sir Richard Cheltenham, Q.C.: 2005 to 2008
Mr. Jepter Ince: 2008 to 2009
Ms. Sandra Forde: 2009 to 2010
Mr. Keith “Tony” Marshall: 2010 to 2011
Dr. Justin Robinson: 2011 to 2018
Mr. Ian Gooding-Edghill, M.P.: 2018 to 2020
Mr. Leslie Haynes, Q.C.: 2020 to Present

NIS-Pension-Reform-2022-NISDownload

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190 responses to “Time to hold former NIS Chairs Accountable”

  1. David Avatar
    David

    Why do we tax poor so heavily?

    THE AMENDMENT to the Pension Act which has been passed in the House and now before the Senate, introduces employee pension contributions to public officers who are hired on or after January 1, 2024. While I realise that it will be many years before this affects a significant portion of public officers, it is important that we get it right.
    The pension for public officers is “abated” by the National Insurance Scheme (NIS) pension, in that, the NIS pension is deducted from the “Government” pension. For the vast majority of officers, this means that they will receive a gratuity at retirement followed by a Government pension until their NIS pension commences and then only the NIS pension. This will not be true for higher earners as much of their salary would not have been covered by NIS, and the NIS pension will be less than the Government pension leaving a balance payable by Government.
    Crudely, both high and low earners will receive the same portion of their salary as pension when you add both the NIS and Government pensions.
    Let’s look at the contributions being introduced. These
    are two per cent of pay on which contributions to NIS are also made and five per cent pay to which NIS contributions are not paid. Officers pay approximately seven per cent of pay for their NIS pension (the balance provides other benefits) and this means that they will be paying seven per cent plus two percent which equals nine per cent for their pension while higher earners will only pay five per cent.
    From general observations over the past 20 years, the gaps between the “haves and have nots” seem to be widening and those on lower incomes will be under increasing pressure. It puzzles me that with both of our political parties being “labour” parties we still enact legislation that encourages this trend.
    I would suggest that the rate of two per cent and five per cent be replaced with zero per cent and seven per cent.

    – CHARLES HERBERT, retired actuary

    Source: Nation

  2. David Avatar
    David

    Pensions and unions

    THE DECISION by the Barbados government to increase the pensionable age from 67 to 68 and the pension-qualifying contributions from 500 to 750, have resulted, uncharacteristically, in strident calls for protest action by sections of the labour movement such as the Unity Workers Union.
    Similarly, the Congress of Trade Unions and Staff Associations of Barbados (CTUSAB), through its general secretary Denis DePeiza, has also called for “working class people and indeed all Barbadians to…let their voices be heard on these draconian measures, inasmuch as they were raised when the proposed change to Independence Day was being thrust upon the people”.
    Among DePeiza’s concerns was his claim that the main challenge facing the NIS is not employees’ contributions but the “excessive by the government to finance its fiscal and capital works programmes”; the future inability of younger workers “to secure jobs at an early age” and the fact that the government has allowed companies and individuals to run up debts to the NIS. DePeiza was also miffed by the fact that the decision was made by a ministerial statement, with no meaningful consultation and with no public debate on the matter.
    There is little doubt that the issue of public pension reform is a complex matter particularly in an age when public finances, due to sustained economic downturns, have faced increasing challenges.
    France, which in recent months has experienced sustained public protests over the shift of the retirement age from 62 to 64 years, is a salutary lesson.
    When coupled with the increases in longevity, the extension in the pensionable age appears as a reasonable and “objective” decision which any sensible government must undertake.
    However, these increases in the pension age cannot be divorced from the general global antiworker, neo-liberal turn since the 1990s.
    The Barbados government, with its tremendous public debt problem, has been most susceptible to neo-liberal pressure. Indeed, the fate of the last Democratic
    Labour Party (DLP) government is clear proof that no political party has been immune.
    In many ways, therefore, the 30-0 victory of the Barbados Labour Party (BLP), while useful for overthrowing a DLP government which had succumbed meekly to neo-liberalism, has also made Barbadian workers more susceptible to the equally rabid neo-liberalism of the BLP.
    There was therefore much truth and accuracy in DePeiza’s exposure of the class bias in the BLP’s pension-age policy, and in Government’s failure to explore alternatives. Missing over the years, however, was the ability of the labour movement to sustain a consistent, coherent critique against the neo-liberalism of all previous administrations. In recent times, there have been too many examples of capitulation, co-option, compromise, and confusion.
    There was, and still is, too much partisan hijacking of the labour movement.
    Perhaps, the shock of the BLP’s new retirement age adjustments might be the spark that begins the process of clearer thinking in the interests of the workers.

    Tennyson Joseph is Associate Professor of political science at North Carolina Central University. Email tjoe2008@live.com

    Source: Nation

  3. David Avatar
    David

    Drakes: Design of our lifeline must be changed
    INDEPENDENT SENATOR Crystal Drakes has highlighted what she perceives as flaws in the design of the National Insurance Scheme (NIS).
    In her contribution to debate on the National Insurance And Social Security (Amendment) Bill 2023 yesterday, the economist pointed to “a combination of things that are happening with the fund and around the design of the fund that is warranting a change in design”.
    She maintained action must be taken now to sustain what Barbadians regard as “their lifeline”, citing a report which indicated that 52 per cent of people who retired 23 years ago were still receiving a pension today, while also noting that among Caribbean countries, Barbados had “the highest minimum pension”, but also “the highest contribution rate”.
    “You have a problem that needs to be addressed if the fund is to be sustainable in the future,” the Independent Senator said.
    She advocated more fund investment outside Barbados, noting that “80 per cent of the portfolio was located
    in the local market, with 67 per cent in Government paper”.
    “The fund has about $4 billion in assets unaudited, but even unaudited you can see that there is a high exposure to the fund to what happens in the local economy and any fund manager will tell you this portfolio’s exposure to the local market is too high.”
    In this regard, Drakes welcomed the fund’s allocation of US$40 million in foreign exchange, part of which is being used to purchase US Treasury Bills.
    On the issue of the scheme’s governance, Drakes said: “I understand that a lot of the measures highlighted in the ministerial statement in the other place will cause divisiveness.
    “There is a perception, real or otherwise, that the National Insurance Fund is in trouble because of poor management, irrespective of administrations throughout the years, and sometimes perception is greater than reality,” she said. (GC)


    Source: Nation

  4. David Avatar
    David

    New state entity to manage NIS

    MANAGEMENT OF THE National Insurance Scheme (NIS) is to be transferred into a new commercial state-owned enterprise.
    The National Insurance and Social Security (Amendment) Bill 2023, debated in the Senate yesterday, amends the law relating to the system of national insurance and social security, and establishes the National Insurance Service as the body to administer the system and perform the functions formerly administered and performed by the Department of National Insurance.
    While leading off debate on the Bill, Leader of Government Business Senator Lisa Cummins said the Service “will continue to engage in a large cross-section of policy development work including advising Government and other public authorities on matters related to the Act”.
    According to the proposed amendments to the legislation, the new entity will be “responsible for the policy, organisation and administration of the system of national insurance; appoint the staff of the Service and be responsible for the recruitment, discipline, promotion and termination of employees; develop policies for the prudent and efficient management of the Fund; approve the budget of the Service and oversee its execution and establish an internal audit division,” among other responsibilities.
    The staff will consist of a chief executive officer; chief finance officer; chief people development officer; chief operations officer; chief investments officer; chief policy and planning officer; chief risk management officer; chief internal auditor, and other staff including officers to manage any division that the Service establishes as is considered necessary.
    Less than 15 minutes
    Yesterday’s debate went on, following last week’s adjournment of the Senate less than 15 minutes after it was convened. Clearing the air for the benefit of those questioning last week’s event, Senator Cummins said the adjournment was “for the purpose of being able to take a comprehensive briefing of the entire Senate” on the issues relating to the Bills being debated yesterday.
    She added it was a planned adjournment of which all Senators had previously been notified, “to take a comprehensive briefing of the entire Senate on the Bills to be debated, to give them “the benefit of an excellent presentation” provided by deputy chairman of the NIS, Rawdon Adams; head of the NIS, Kim Tudor and actuarial consultant Derek Osborne.
    Government’s announcement of its intention to revise the NIS has evoked an ongoing national debate. However, Cummins asserted yesterday that Government “is not making any commitments to scale back benefits or social protections, because we have a social contract with the people”. (GC)


    Source: Nation

  5. David Avatar
    David

    Thompson defends pension benefits of politicans

    DEPUTY PRESIDENT of the Senate Elizabeth Thompson does not think the pension benefits politicians receive give them an unfair advantage over other Barbadians.
    The former member of parliament, who served as Minister of Health before she was fired from the post by then Prime Minister Owen Arthur, told the Upper House yesterday that there were reasons why politicians “have traditionally not been treated with the same pension rules as others”.
    However, Thompson, who is a member of the Parliamentary Reform Commission, said she was “willing to hear what the public has to say” on the matter. Her expectation was that the Commission would determine if the matter was one “that needs review and how it should be reviewed”.
    Concerns
    She was speaking during debate on the National Insurance And Social Security (Amendment) Bill,
    2023, which along with the Pensions (Miscellaneous Provisions) Bill, 2023 were approved by the Senate last evening.
    Thompson responded to some of the concerns about National Insurance Scheme pension reform, including the benefits politicians received.
    “Politicians have traditionally not been treated with the same pension rules as others. Why? Because they pay higher National Insurance contributions than do the average citizens. Many people don’t know that, people seem to think that politicians get free salaries and don’t pay NIS and they get cars and everything duty free; that is false,” the said.
    Life of a politician
    “They pay higher National Insurance contributions than other categories of workers, but they are not entitled to unemployment benefits or other benefits to which other categories of workers are entitled, even though they are paying a higher rate.”
    The former minister also
    asserted that “the life of a politician is transient”.
    “I know well that a prime minister can call you and tell you ‘sweet girl, I had enough of you, goodbye’. People know that I got fired from the Cabinet,” she reminded.
    “Any normal job, you have to be given notice or pay in lieu of notice. As a politician you go home and wonder how you are going to pay your bills at the end of the month because you can’t claim for anything.”
    The former representative for St James South also told the House that when you were a minister or politican people often called you to meet a variety of their social needs, including deaths and births in the family, or if they were displaced by a fire.
    “All of these social problems you are dealing with morning, noon and night; your life is not your own. People turn up at your house and expect you to solve their challenges, so the politician is working 24/7 and often give up jobs,” she said.
    “There are people who have been top-flight lawyers, top-flight medical doctors or other specialists, or selfemployed person, and have had to give up lucrative salaries to work for far less because the package of benefits that our politicians get is not as good as some of the people down the Eastern Caribbean.” (SC)

    Source: Nation

  6. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved

    A lady i know well already paid in her 500 contributions and now have to pay in 250 more and is RIGHTLY not pleased and want all these self-serving wannabe elite criminals gone…

    ..dont know what it will take for them to FINALLY understand that no matter how much they TIEF from the helpless people on the island they WILL NEVER be elite nor nobility….

    that should be a wakeup call…but i guess they have TO SEE FOR THEMSELVES. ..soon come..

  7. John A Avatar
    John A

    @ Bush Tea

    I would like to see it completely revamped to the point where it is run by a experienced pension mamagement company and not a government appointed boards or a CEO. Coupled to this the laws to protect it from interference need also to be put in place.

    I am not convinced that anything less than this will protect the fund going forward. I also do not agree with any government ” dipping ” in it when money scarce either.

    I will however not hold my breath to see any of the above introduced.

  8. John Avatar
    John

    Private pension schemes exist in many countries.

    Once you accept that anything Government gets involved with will end up as dust, these become more attractive.

    Mybe what needs to happen is that the NIS contributions for individuals who subscribe to private pension schemes could be offset accordingly.

    FYI, an example of private pension schemes in the UK

    https://www.msn.com/en-gb/money/other/what-happens-to-your-private-pension-when-you-die/ar-AA1f4Gb9?ocid=msedgdhp&pc=W069&cvid=5866dbf566324d2f996914bf4b039a4a&ei=17

  9. John Avatar
    John

    David
    on August 10, 2023 at 3:12 AM said:
    Rate This

    Thompson defends pension benefits of politicans

    DEPUTY PRESIDENT of the Senate Elizabeth Thompson does not think the pension benefits politicians receive give them an unfair advantage over other Barbadians.

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

    Liz is a member of an unconstitutional body which cannot be authenticated because there is no leader of the opposition and hasn’t been since 2018.

    Her emissions are as wind, hot air.

  10. Eugene/John Avatar
    Eugene/John

    Having Government run NIS is like having CLICO run a private pension scheme. Same result.

  11. NorthernObserver Avatar
    NorthernObserver

    “He also believes that it is a crime that should feel the full weight of the law when employers deduct money from employees’ salary and do not credit it to the National Insurance Scheme that would benefit the workers.” (Senator Braithwaite)

    Can’t be a crime. The GoB did it, and not a soul was held responsible. All you need do is admit it, and provide the NIS with a promissory note, that you will pay at some future date.

  12. John Avatar
    John

    John on August 10, 2023 at 8:51 AM said:
    Rate This

    David
    on August 10, 2023 at 3:12 AM said:
    Rate This

    Thompson defends pension benefits of politicans

    DEPUTY PRESIDENT of the Senate Elizabeth Thompson does not think the pension benefits politicians receive give them an unfair advantage over other Barbadians.

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

    Liz is a member of an unconstitutional body which cannot be authenticated because there is no leader of the opposition and hasn’t been since 2018.

    Her emissions are as wind, hot air.

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

    Same can be said of the other “Senators”. The body to which they belong is unconstitutional so long as there is no Leader of the Opposition who represents the largest group in the House of Assembly opposed to the Government.

    We should not be in this position.

    The “senators” owe Barbadians an apology for being like Caswell, lacking in the sense to see what they are doing.

    They should resign.

    All the sound and fury of the populace being emitted now is the job of the largest group in opposition to the Government in a constitutionally formed parliament.

    We the citizens are trying to do the job of the opposition which sad to say, does not exist and has not existed for years given the fact that B and D are the same.

    Here is how a real opposition performs in a functioning Parliament.works at times like this.

    https://www.youtube.com/watch?v=CvPqj6V3HnU

    .

  13. NorthernObserver Avatar
    NorthernObserver

    “According to Minister in the Ministry of Finance and Economic Affairs, Ryan Straughn, concerns over double taxation were a moot point. He pointed out that the recent tax reforms which lowered corporation tax and personal income tax, ensured that businesses and individuals had the financial space to invest in private pension plans if they so desired.”

    Persons having more disposable income via lower tax rates, has nothing to do with double taxation?
    So because persons pay less tax on income, they can afford to pay it twice.

    May whomever Bushie praises help us!!

  14. John Avatar
    John

  15. Hants Avatar
    Hants

    up taws to lines. BTMI

  16. Hants Avatar
    Hants

    @ David BU,

    I want you to use your influence to bring back Petra from Grenada.

    Eye candy for me to look at.lol

  17. Hants Avatar
    Hants

    Brasstacks is heated today.

  18. Hants Avatar
    Hants

    https://www.nationnews.com/2023/08/10/traenhart-no-longer-btmi/

  19. John A Avatar
    John A

    Plus i feel it shameful that while we wait to 68 for the few cents, no adjustment what so ever was made to the pensions of ministers!

    So much for leading by example!

  20. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    There are so many pretend lawyers found on here but yet not one sees what people who know a little about legal strategies see..

    ..the mismanagers of the NIS do NOT want a lawsuit filed over this clear case of thefts and would contort themselves into any shape to avoid one….

    Hence the very reason one should be filed…taking special care to choose a jurisdiction where they cannot interfere or manipulate knowing how they obstruct justice at every turn….

    You really do have halfassed lawyers in Barbados…only interested in keeping a stinking status quo of CORRUPTION ALIVE so that vile trash can pretend elitism…..

  21. David Avatar
    David

    @John A

    Did you read the article posted this morning that gave Liz Thomason’s defense in the Senate yesterday of MP’s earlier eligibility for pension?

  22. John A Avatar
    John A

    @ David

    To be honest i only glanced at it. I dont expect any of them will support any change but if you want the public to bleed then set an example and bleed with them.

    I mean we all talk about this but they are some with under 750 contributions that are in a serious fix. So what happens if you dont have 750 contributions, do you then receive the non contributory pension or do you receive no pension at all? Will a person that never paid a contribution receive more than someone who paid 649? I have not heard an answer yet to these questions have you?

  23. David Avatar
    David

    @John A

    Let us continue to provide feedback, bear in mind we have a ministerial statement- the matter has to go before Cabinet for approval.

  24. NorthernObserver Avatar
    NorthernObserver

    @David
    You like you are slipping (or being nudged).
    Ms.Thompson’s comments were one part fact, and one part hogwash.
    When a MP is removed from a Ministerial role, they return to an MP salary? Unless you are EH or TP, and get those lost earnings made up in another role.
    Further, irrespective of your role before being elected, you know what your potential salary and pension could be.
    Could she analyze the current 30 sitting MPs and tell us who likely made more in their former career? Salary and benefits.
    Not everybody is a high priced professional.
    Ms Caddle is an MP, does she get any remuneration in her other role?
    And now like other party mouthpieces, we get the ‘other Nation’ comparison, which has become quite popular.
    And what about benefits like Donville? Oh I know that is a one off thing.
    Politicians do ok 😉😉

  25. David Avatar
    David

    @NO

    She is on some review committee which has MP’s pension in its remit. We will see if the join citizens to feel some of the pain. Liz should be reminded MPs come to public service to serve first and foremost and not to sponge off taxpayers.

  26. Yolande Grant - African Online Publishing Copyrighf (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyrighf (c) 2023. All Rights Reserved.

    Pacha would tell you if you really want to make a difference, you join forces and not only just post and complain….and if you had any ethical lawyers out of 1200 in Barbados they would offer their services. It’s you and yours futures at stake for hundreds of years to come…your call.

    Some of us were very fortunate not to get trapped in that nightmare of a system, and feel blessed…we hold a completely different worldview.

    https://www.youtube.com/live/OiMGQBckIwU?feature=share

  27. TLSN Avatar
    TLSN

    @ Yolande Grant – African Online Publishing Copyrighf (c) 2023. All Rights Reserved. on

    Here’s a significant story emanating from Lebanon. The parallels with Barbados are all too evident. Watch the video within the text.

    https://www.aljazeera.com/news/2023/8/10/us-uk-and-canada-sanction-lebanons-former-central-bank-governor

  28. Hopi Avatar
    Hopi

    Furthermore, that $US40M intended for external investments markets can be tracked by all interested parties because markets can be tracked daily. Just inform the public of exactly how its broken down and where its located. Let’s see if Bajans exercise their rights and responsibilities.

  29. TheOGazerts Avatar
    TheOGazerts

    The fact that it will be an external investment is seen as a plus but
    (1) this sum may be to small to make any difference
    (2) the stock market carries an element of risk. Not certain that we should be engaged in high risk ventures.

    Good PR, but too little, too late and risky.

  30. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    That’s what the fraudulent political elites do…in vulnerable populations ..rob the countries blind then want no accountability…taking corruption to a whole new level…..

    I want to see if those on BU are going to sit and let these crooks get away. Some always post legal jargon, others claim they are paralegals.

    ..well this is the perfect criminal meat to sink ya legal teeth into.. it appears they did not even recognize the legal strategy applied to the ton of lies and obscurity surrounding the raping of the NIS fund, and if they have a drop of legal expertise should know what they have to do…..they better trigger a lawsuit asap..

  31. John2 Avatar
    John2

    Theo

    My bet is this is just an initial investment and more investments will be made over the coming years.

    ALL investments carry an element of risk U cannot lock the money away and expect it to grow.

    I read that the majority of this initial investment will be going into US government bonds

  32. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    These entities must be triggered into action, the citizens must get off their asses, engage and become proactive….slam these thieves and criminals with lawsuits…..the same way they interfere and insert themselves in each othet’s business.stupidly……this is YOUR BUSINESS.

    …BURY THEM…

    “The Commonwealth Benchmark Anti-Corruption BM 3.11 clearly states: “No immunity for public officials et al”

    Associate of Association of Certified Fraud Examiners.”

  33. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved.. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved..

    Just posted a document to 789 Whatsapp group titled…

    Commonwealth Anti-Corruption Benchmarks….from the Commonwealth Secretariat..524 pages…

    ..the REAL lawyers who traverse BU should take a look…and find the requisite and applicable laws to do what’s necessary…

  34. TheOGazerts Avatar
    TheOGazerts

    @J2
    Indeed, investing does carry an element of risk.

    US treasury bonds are considered low risk and has been available for ages.

    Running from government bonds to US bonds shows little imagination. In order to solve the problems facing us we also need more ‘sophisticated’ thinking.

    What’s next? Parking the money in a US CD?

    Looking more like a PR gimmick than an investment choice.

  35. Mental Pleasure Avatar
    Mental Pleasure

    I fear that NIS may be our Gordian knot. I fear that there are no levers to pull or gears to change that will get us out of this mess.

    We are quickly realizing that the cure may be even worse than the sickness.

    I am not a fan of any administration, but the current one may be doing the very best that it can do. It’s only hope may be to miss kick this can long enough that it becomes the problem of the other party.

    The discussion may be interesting and stimulating for some but it is nothing more than mental masturbation. Go pleasure yourself.

  36. NorthernObserver Avatar
    NorthernObserver

    The NIS website has a tab, Investments. While broad, it is one of the few areas which has been periodically updated.
    Fund investment in Fx is not new. It has been part of the NIS investment portfolio for years.
    As to whether it was considered increasing, or decreasing, the Fx component, we do not know. The entity does not report as required.

  37. Yolande Grant - Afrikan Onkine Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – Afrikan Onkine Publishing Copyright (c) 2023. All Rights Reserved.

    They invested offshore for quite sometime before the 2008 market problems in US, but because of that, small stable investments became much safer and would have been prudent..did not hear where they attempted such in US markets, but heard all types of wishywashy justification why they could not invest there anymore, that was 15 years ago and apparently the only thing that took place since then was local PLUNDER..

  38. NorthernObserver Avatar
    NorthernObserver

    TheO
    ‘Looking more like a PR gimmick than an investment choice.’

    So you know, the NIS has an IPS, or Investment Policy Statement. It is standard. While it is not ‘public’, the Actuarial Audits reference it.

    What we do know, again from the Audits, is it did NOT recommend the large investment in local GoB Bonds, and the Audits reference that ‘for many years these purchases exceeded the limits of the IPS’.

    Hence, one is left scratching the noggin, what use is policy if it is to be wantonly ignored?

  39. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    Kofi Annan WARNED US…those of us who can hear at that level heard him very clearly..

    ..the others were too busy listening .to the local vicious political liars and obfuscators…..while being misled by their wicked enablers…with their ignorant braggart, fool boastful selves.

  40. John2 Avatar
    John2

    It is not running from one to the the other – it is reducing ur rsk of have too much in one. It call diversification and reduce ur chances in losses
    Again. This seems to be an initial investment and I read that THE MAJORITY is going into US bonds. This does not mean that all of any future investments will be going into USBonds

    How can NIS increase the money without investing?

    How can we make it sustainable without adjusting the age limits ( some are against) or increasing the contributions(most/all will be against )

  41. Let's do the Ali shuffle Avatar
    Let’s do the Ali shuffle

    @J2
    You ask me questions about comments that I did not make.

    I recall during some war, George Bush stepped to the microphone and said ‘Mission accomplished’. He was wrong.

    My main aim is to urge folks to postpone taking a victory lap after hearing these proposals. The problem remains unsolved.

    I remember seeing a chart of projected population until 2050.
    https://www.populationpyramid.net/barbados/2050/

    I believe this problem is much more complicated than the solutions being suggested. These numerous suggestions only serve to obfuscate the issue. We are doing the ‘Ali shuffle’ and not landing punches.

  42. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    Northern…all the teef dem remain in place.

    “On Thursday, August 10, 2023, the Board of Directors of The Barbados Tourism Marketing Inc. (BTMI) announced that they have mutually agreed to part ways with Chief Executive Officer, Dr. Jens Thraenhart, effective Friday July 14, 2023.
    A search for a new Chief Executive Officer will be conducted. In the interim, Chief Financial Officer, Craig Hinds, will act as CEO until a replacement is found. Chairman of the Board of Directors, Shelly Williams, thanked Thraenhart for his service.”

  43. If you don't get it now, you never will Avatar
    If you don’t get it now, you never will

    NIS 101 – Chapter 1 – Unmasking the great fake
    Objective: Why the suggestion/comments/plans will not work

    1. Things we can do
    (I will be brutally blunt which means that some of the listed proposals will be absurd)

    Since we need more money in the the kitty, the following actions are proposed:
    (1) Allow children to enter the workforce and start contributing (coming soon)
    (2) Raise the rate of NIS contributions
    (3) Increase the number of contributions to be made by each individual
    (4) Increase the age at which pay-outs will start
    (5) Introduce 70,000 new residents. This has been raised and debunked over and over

    2. Why it will not work
    Items 1 & 5 are the only items that are worthy of consideration as they give an immediate increase to the the number of overall contributors (the bodies count).

    Item (5) will bring its own sets of problems and if we are not careful as Barbados could become a boiling pot with different ethnic groups fighting for control.

    Item (1) is not politically feasible.

    Items ((2), (3), and (4) do not increase the number of people contributing. There will be a time limit on how long the old geezers can be ridden and these new fixes will lead to an even more dangerous collapse. More young bodiescontributing is the solution. Tweaking and wishful thinking is not.

    If you don’t get it now, you never will. I will pray for you.
    Do you think someone prayed for the dinosaurs?

  44. Give way a billion, invest 40 million Avatar
    Give way a billion, invest 40 million

    @J2
    This new math got me lick up.
    Let me understand this ..
    You let billions go down the drain and will now fix that with a $40M US patch.

    😀I just figure out why I didn’t make it as B’Dos Scholar 😀
    Hopefully, GP and John can forgive me.

  45. David Avatar
    David

    The 40 million is to help with diversification of investment portfolio and improve rate of return. It is one strategy, one that is not new as NO explained.

  46. GoFundMe page is welcome Avatar
    GoFundMe page is welcome

    What if things fell off the truck before they actually occur.

    “Having received no suitable or qualified local applicant for the post of CEO of BTMI, we have decided to expand the search to outside of Barbados. At this time, applications from locals will no longer be considered”.

    Now when you see that notice, set up a GoFundMe page and ask the blogmaster how to reach me.

    One of you has a good sense of humor ” enclosed trucks were purchased and de school children took a different route”. Just one.

  47. Sargeant Avatar
    Sargeant

    We learned albeit a month late that the chief honcho of BTMI had flown the coop for greener pastures. Would like to be a fly on the wall when the news reached the lady to whom all big things must pass. Wonder what kind of contract that he signed? Was it an open-ended contract that gave him the right to leave at any time? Wuh kind of cubbahs would not insist on at least a 3 year contract after all the disquiet that was raised on the local front? Ah mean de man leave right in the midst of the festival that was supposed to part of de promotion to bring in de tourists. He didn’t even have time to meet all de “influencers” that BTMI bring in for Cropover to spread the word among their followers about what a wonderful place de rock is.

    De spokespeople would like you to believe that the man was pushed cause they going in a “different direction” but if he landed anudder job so quickly the smart money is that he jumped.

    Don’t stop de Carnival.

  48. David Avatar
    David

    @Sargeant

    The report suggest he was released from his contract.

  49. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    No one wants TAINT, bad for business, reputations and resumes.

  50. Sargeant Avatar
    Sargeant

    @David
    I read the report, if he was released from his contract why the delay in announcing it? Why not be upfront and release the info ASAP?

    Spin Doctors gotta spin

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