Welcome to the NIS Reform Programme

Hon. Rawle Eastmond -
Minister of Labour and
Social Security

Sir Henry deB Forde,
K.A. Q.C - Chairman,
National Insurance Board

The National Insurance Board has embarked on the bold step of pension reform in Barbados. It is noteworthy that there is not currently a crisis with our Social Security Scheme. However, it is our responsibility to plan far ahead to avert crises in social security for our children and grandchildren.

Projected demographic changes in our population mandate that the pension system in its current state be reformed to remain viable into the distant future. The need for reform was identified by our actuaries, who have projected that if changes are not made to the Scheme, the fund will be depleted by 2030.

The National Insurance Board and its Reform Committee should be congratulated for their involvement of ALL stakeholders in the reform process. This approach indeed acknowledges that the Scheme is owned by its contributors. Over the coming months, the Pension Reform Public Education Programme will be undertaken not only to educate you, but also to seek feedback on your preferred options.

I give my wholehearted support to the Pension Reform Programme and humbly ask that you do likewise. Please note our slogan: Planning together for a secure future.

Related Information
Speech delivered by the Hon. Rawle Eastmond, J.P., M.P. - Minister of Labour & Social Security at the Pension Reform Programme Launch.

Speech delivered by Joseph Goddard, Board Member - National Insurance Board, at the Pension Reform Programme Launch

The National Insurance Board recognises the need for reform of the Social Security Scheme and has established a Pension Reform Committee to oversee the process. That Committee, which is chaired by Deputy Chairman, Mr. Stephen Alleyne, draws its membership from the Board, NIS management and externally.

The need for reform was identified by the actuaries in their reports for the triennia ended 1996 and 1999. This need recognises a number of challenges facing the Scheme, foremost of which are HIV/AIDS and the changing demographics of the population. The challenges must be timely answered to prevent the occurrence of a future crisis and to ensure the long-term viability of the Scheme.

The Reform Committee was directed, inter alia, to identify options for implementation to ensure that the Scheme remains able to meet the needs of its contributors into the distant future.

The Committee, having obtained all the actuarial analyses necessary, has identified different options to address the problems. The Committee’s work has now reached the stage where the case for reform can be discussed with the public. As a result, a Public Relations firm has been contracted to work with the Committee in the implementation of the Pension Reform Public Education Programme. This Programme is not only educational in nature, but also seeks feedback from you with respect to your choice of reform option.

On behalf of the National Insurance Board, I appeal for your support for the Programme. In that way, our slogan can hold true: Planning together for a secure future.


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