The last actuarial review concluded that benefit costs of the NIS pension scheme will increase substantially in future years due to the projected changes in the age distribution of the Barbados population. Significant reform is therefore needed.

The review showed that a relatively large group of persons born between 1950 -1955 and 1970 - 1975 will be entering their retirement years about 15 years from 2001.

In addition, mortality has been improving so that a greater proportion of persons are surviving to reach retirement age and are living in retirement for longer periods than was the case before.