State Minister for the Public Service, Pia Glover-Rolle yesterday noted that draft legislation for the much-anticipated reform of the public pensions scheme is nearing completion.
In her address during the 2023/2024 budget debate in Parliament, Glover-Rolle revealed that the Ministry of Finance is actively exploring the implementation of a Contributory Pension Plan that would provide substantial benefits to public servants. She noted that the draft legislation will soon be presented to public sector unions for their feedback.
“While we await the feedback, I am pleased to share the envisioned structure of this pension plan,” said Glover-Rolle. “Under the proposed scheme, the benefits will surpass those currently experienced under the existing plan. Furthermore, the benefits will be proportionate to the amount contributed by the public servant. In essence, the more an individual contributes, the greater their eventual benefits. Existing public servants will retain their entitlement to the current pension plan, in addition to the National Insurance Board (NIB) benefits. They will have the option to enroll in the new plan, thereby ensuring they receive the expanded benefits offered by the contributory pension plan upon retirement.”
Glover-Rolle emphasized that new public servants would be seamlessly integrated into the contributory pension plan, which guarantees improved benefits in a financially sustainable manner for both beneficiaries and the government.