Barbados’ National Insurance Scheme is not simply underperforming – it is failing the country. A social security system survives on trust, transparency, and timely information. The NISSS has become a perfect example of what happens when a public institution stops believing it owes citizens answers. Too many public agencies are on the wrong side of the public’s trust.
The first and most unforgivable failure is the years long delay in publishing audited financial statements. Barbados has a national insurance fund managing billions in assets, however, citizens cannot see the current audited financial position of that institution that holds their retirement, disability, and survivor benefits due to institutional negligence and incompetence. When a national insurance fund cannot produce timely financials, it is signalling to the public it serves one thing, we do not want you to see the books!
Then comes the late 18th actuarial report which is due every three years, the last posted to the NISSS website is as at 31 December, 2020. This is a document that determines whether the NIS can survive the next decade. Actuarial reviews are not optional when dealing with pension funds. Based on the blogmaster’s best research, it is a diagnostic scans of the fund’s long‑term health. When an actuarial report arrives years late, it does not inspire confidence. Barbados cannot claim to be a serious country while its social security system operates without current actuarial and audited financial information. More importantly, if the actuarial review and up-to-date financials are available, the powers that be prefer to withhold the information from taxpayers breaking the laws of the land in the process.
The blogmaster is prepared to give NISSS managers the benefit of the doubt by suggesting the documents are in hand, just not shared with taxpayers. Former Minister of Finance Chris Sinckler in a DLP Cabinet and current Minister of Foreign Affairs in the BLP cabinet – did assure the public that NISSS staff generate management information, good enough for decision making at the institution. As if this justifies government’s persistent law breaking by not producing timely and audited reports.
And there is another concern. An important website digital collapse disguised like the NISSS should inspire public confidence by being kept current – check the “Data” section at https://www.nis.gov.bb/#. Based on the best research, a relevant Social Security website must provide realtime fund performance, contribution history, benefit calculators, downloadable financials, and crisis‑response updates. Barbados’ NISSS website shares outdated documents, missing financial disclosures along with other shortcomings.
A social security system that cannot publish its financials, cannot deliver its actuarial reports onetime for taxpayers, and cannot maintain an updated website is living up to its billing of providing hope of a lifeline.
Are we there yet?
The blogmaster invites you to join the discussion.