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NIB hosts the 32nd Meeting of the Heads of CARICOM Social Security Organization
10/28/2024 3:39:27 PM
The National Insurance Board is the proud host of the 32nd Meeting Of The Heads Of CARICOM Social Se...
read more...
NIB Provisions and Procedures for Pension Beneficiaries Care Facility Transition
10/28/2024 3:34:37 PM
The National Insurance Board (NIB) is issuing this statement to clarify the provisions and procedure...
read more...
NIB Hosts 32nd Annual Heads of CARICOM Meeting
10/23/2024 5:43:24 PM
The National Insurance Board (NIB) is set to host the 32nd Heads of CARICOM Social Security Organiza...
read more...
Temporary Office Closures New Providence Local Offices
10/23/2024 4:48:00 PM
The National insurance Board wishes to advise the public that the New Providence Local Offices will ...
read more...
Customer Service Day - October 7, 2024
10/11/2024 11:01:53 AM
On October 7th, the National Insurance Board marked its 50th Anniversary. This Golden Jubilee coinci...
read more...
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Response to Tribune article
4/9/2009 12:00:00 AM
Response to Tribune article, Thursday April 9th, 2009
Derek Osborne, Consultant Actuary at the National Insurance Board is advising the public that though the 8th Actuarial Review of the National Insurance Fund, which includes long-term projections of the Fund and recommendations aimed at enhancing the Fund’s long-term sustainability as well as its ongoing relevance, has been completed, it has not yet been tabled in Parliament as is required by law. He says until the report is tabled and accepted by Government, he is restricted from making public its findings and recommendations. However, an article in the Tribune’s business section of April 9, 2009, makes references to the unofficial report, and so in an attempt to clear up any misunderstanding that may arise from the article, Osborne stated the following facts as it relates to the current status and projected outlook for the National Insurance Fund.
“The National Insurance Fund now has assets of $1.6 billion. The current contribution rate of 8.8% has been unchanged since the inception of the Scheme in 1974. Long-term projections of the Fund presented in periodic actuarial reviews have always indicated that this contribution rate would not be adequate to sustain the Fund indefinitely, and that rate increases would be required as the scheme matures.
“National pension systems are financed differently from private pension systems. It is important that private pension plans be fully funded to ensure that if the employer goes out of business that pension assets are sufficient to meet liabilities. For public social security systems, however, full funding is not important and thus the contribution rate in early years is often set well below the actuarial cost of benefits. In fact, full funding is inadvisable in most cases given the significant economic, investment and political risks associated with the massive asset pool that would build up. If the National Insurance Plan were fully funded it would have assets of more than 5 times its current size with little opportunities to invest these assets prudently.
“As stated in the National Insurance Fund’s 2007 Financial Statement, the current Fund ($1.6 billion) together with future contributions at 8.8% will not be sufficient to meet future obligations by approximately $8 billion. These projections are made for illustrative purposes only and are based on there being no changes to the contribution rate or benefit provisions in the next 60 years, a situation that is not expected. This shortfall is consistent with the way the scheme is designed and does not in any way infer that the National Insurance Fund is currently in crisis or needs to make drastic changes to benefit provisions or the contribution rate to reduce this projected deficit.”
Osborne stresses that National Insurance is too important a program for it to ever go broke and there should be no doubt that governments will act in a timely manner to ensure that the Fund remains sustainable for future generations.
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NIB hosts the 32nd Meeting of the Heads of CARICOM Social Security Organization
10/28/2024 3:39:27 PM
The National Insurance Board is the proud host of the 32nd Meeting Of The Heads Of CARICOM Social Security Organizations, here in Nassau, Bahamas. The meeting runs from Monday, October 28, 2024 - Friday, November 1, 2024 at the Convention Center, Baha Mar Resort.
NIB Provisions and Procedures for Pension Beneficiaries Care Facility Transition
10/28/2024 3:34:37 PM
The National Insurance Board (NIB) is issuing this statement to clarify the provisions and procedures affecting pension beneficiaries who transition into care facilities.
NIB Hosts 32nd Annual Heads of CARICOM Meeting
10/23/2024 5:43:24 PM
The National Insurance Board (NIB) is set to host the 32nd Heads of CARICOM Social Security Organizations Meeting from October 28 to November 1, 2024, in Nassau, Bahamas.
Temporary Office Closures New Providence Local Offices
10/23/2024 4:48:00 PM
The National insurance Board wishes to advise the public that the New Providence Local Offices will be closed at 2:00pm Friday, November 25th 2024. New Providence Local Offices will resume operations on Monday October 28, 2024 at 9:00am as usual.
Customer Service Day - October 7, 2024
10/11/2024 11:01:53 AM
On October 7th, the National Insurance Board marked its 50th Anniversary. This Golden Jubilee coincided with our annual Customer Appreciation Day, which is dedicated to expressing gratitude to our valued customers through hospitality and service. Across The Bahamas, each Local Office invited customers to join the celebrations, where they enjoyed treats and giveaways.
Coming soon: NIB’s C-10 EzSUBMIT & PAY Mobile App!
10/10/2024 12:12:10 PM
One of several technology upgrades this year - the C-10 EzSUBMIT & PAY Mobile Application will revolutionize your contribution management, resulting in a better customer experience, and an increase in compliance.
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