Pensions office develops plan

Cyril Theriault

(l-r) Mary Rodrigues, Joy Basdeo, Cyril Theriault, Keith
Myers, Pierre Lautischer, Gail Bush and Amy
Wooliston develop the strategic plan

Thursday,  March 17, 2005

The National Pensions Office held a full day strategic planning session recently to improve public awareness, operations and review of pensions law in an ongoing effort to ensure residents’ retirement. 

Joy Basdeo, Permanent Secretary for Education and Mary Rodrigues, Acting Permanent Secretary for Education also participated in the planning session. 

“We identified a number of short term initiatives which we be implemented over the next six to 18 months and the long term, which will be developed over the next three to five years,” said Superintendent of Pensions Cyril Theriault. “This was a great opportunity to discuss the future direction of the Pension Office with staff and to set out some concrete plans to achieve the goals this office has been working towards over the past few months. The strategic direction being developed will serve the government well over the next three to five years.”

The key initiatives discussed were public education and communication, improving the internal tracking system, actuary valuation and reviewing the 1998 National Pension Law. 

“The first initiative is to develop the website, which is also part of the broader strategy of public education and improving communication. The website will be an education and communication tool for employers and employees. 

Mr Theriault explained they were developing a brochure for employers to make sure they are aware of their responsibilities under the Pensions law. 

“I met with Chief Immigration Officer, Franz Manderson and the Immigration Department is very support about distributed the brochures to employers when they apply for the trade and business licence.”

He further stated the Pensions Office was improving the internal database system to track registration, renewals and complaints. 

“We don’t want complaints to fall through the cracks,” Mr Theriault added.

Another major short term goal is the actuary valuation and reviewing the 1998 Pensions law. 

Mr Theriault said: “An actuary figures out the cost of a pension plan and considers what age and what income is required to have a comfortable retirement on the islands.

“We will also be working with an actuary and the National Pension Board to review the 1998 Pension Law, which is already part way done. We expect to submit our conclusions and recommendations of review to the Ministry of Education, Human Resources and Culture in the early fall this year.”

He further explained the multi-plan pension administrators like the Chamber of Commerce and Silver Thatch are a good resource and consequently, he will be asking for their input to recommendations for amendments to the pensions law.

Mr Theriault could not provide a timeframe for when the National Pension will be changed. He said, “When the National Pension Law is changed will depend on when Legislative Assembly wants to deal with it, but we expect our part to be done in the fall.”

The strategic planning process is one of many changes to overhaul the Pensions Office in the last few months with Mr Theriault appointed as Superintendent in November 2004 and Pierre Lautischer joining at Pensions Inspector this month. 

“The strategic plan document is evolving. The Pension Office will be getting together on a quarterly basis for a formal review of our progress on the strategic plan to review and update it.”

Back...