The National Insurance Board established a Pension Reform Sub-Committee under the chairmanship of its Deputy Chairman, Stephen Alleyne to consider the options for reform, make recommendations and guide the consultation process.

The reform is expected to result in maintaining sufficient reserve funds to pay for benefits in the future.

The Pension Reform Sub-committee has studied the matter carefully and identified three main options.

A major process of consultation with stakeholders is being undertaken and whereas variations on these options are possible, the three constitute the most realistic changes that could be made to finance the Reserve Fund at the levels necessary to maintain the value of benefits in the years ahead.