The National Insurance Fund, NIF, will remain viable!
That’s according to Finance Minister, Dr Peter Phillips.
Dr. Phillips gave the assurance while closing the budget debate in Parliament yesterday afternoon.
Dr. Phillips says an actuarial review of the NIF was undertaken to assess the sustainability of the Pension Fund in the medium-term.
That report he said will be tabled in Parliament shortly.
Last December a presentation of the road map for the National Insurance Scheme, NIS, which is funded by the NIF, was made at the 2014 Labour Market Forum.
Speaking at the forum, Consultant actuary at Eckler Consultants and Actuaries, Constance Hall, said based on the draft actuarial findings, the NIS pension scheme would collapse by 2033 if there isn’t a significant increase in contributions.
Constance Hall, Consultant actuary at Eckler Consultants and Actuaries, speaking at the Labour market Forum in December last year.