Home
Events
News
Community Gallery
Feedback
About NIB
Administration
Benefits and Assistance
General Benefits
Industrial Benefits
Assistance Payments
Registration
Contributions
Finance
The Appeals Process
Offences
The NIB Programme
Vision/Mission Statement
Historical Highlights
1978-1980
1981-1983
1984-1986
1987-1989
1990-1992
1993-1995
1996-1998
1999-2000
2001-2002
2003-2005
2006-2008
2009-2011
2012-Present
Community Gallery
NIB Act and Regulations
Official Gazette Prescription Drug Fund Act 2009
Individuals
Forms
Brochures
New STB Forms
Employment at NIB
Employers
Forms
Contributions Table
Employer Self Service
Forms
Registration
Contributions Table
Benefit & Assistance
Brochures
Publications
Flyers and Display Ads
Media
Contact
New Providence Offices
Grand Bahama Offices
Family Island Offices
NIB DrugPlan
Jobs
Public Tenders
Public Tenders
Benefits and Assistance
Home
»
News
»
Response to Tribune article
News
Public Notice - Temporary Office Closure - San Salvador Local Office
1/29/2025 4:10:57 PM
The National Insurance Board wishes to advise the public that the San Salvador Local Office will CLO...
read more...
Grand Bahama Chamber of Commerce meeting on Wednesday, January 29, 2025
1/27/2025 12:12:33 PM
NIB is presenting at the Grand Bahama Chamber of Commerce meeting on Wednesday, January 29, 2025. Ou...
read more...
Public Notice - Temporary Office Closure - Fox Hill Sub Office - 23rd-January-2025
1/23/2025 3:31:37 PM
Public Notice - Temporary Office Closure Fox Hill Sub Office
read more...
NIB and PMU Sign 2025- 2029 Industrial Agreement, Favorable for 174 Managers, In Record Time
1/17/2025 12:26:19 AM
The National Insurance Board (NIB) is pleased to announce the official signing of the 2025- 2029 Ind...
read more...
NIB Responds to Potential National Sick-Out, Reaffirms Commitment to Service and Negotiations
1/12/2025 9:10:09 PM
The National Insurance Board (NIB) has been informed of a potential national sick-out involving memb...
read more...
Latest Brochures
Registration and Contributions
Unemployment Benefit
Survivors Benefit
Jitney Leaflet
Industrial Benefits
News
News
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.
Tweet
Print
Send Email
Share
Comments (0)
Add Comment
Name
Comment
Enter the code from the picture
The National Insurance Board Press Release on Unemployment Benefit
3/4/2010 7:43:45 AM
Prime Minister the Right Honourable Hubert Ingraham this week approved the request from the National Insurance Board (NIB), to close out the interim phase and begin the next, permanent phase of the Unemployment Benefit with effect from June 1, 2010. His authorization is in accordance with the Unemployment Benefit Regulations which allow for the Minister with responsibility for National Insurance to advise on the effective date of the permanent phase of the approved program. This new phase will afford unemployed workers the same level of coverage and benefit provisions as the interim phase, but with different qualifying conditions, and a modest increase in contributions.
Guardian Article - Registration for drug plan to begin next week
2/19/2010 6:23:05 AM
By Jimenita Swain ~ Guardian Senior Reporter ~ jimenita@nasguard.com: Early registration for the National Prescription Drug Plan is expected to begin next week Monday, said Minister of Health Dr. Hubert Minnis yesterday.
NATIONAL PRESCRIPTION DRUG PLAN EARLY REGISTRATION DETAILS
2/16/2010 11:38:01 AM
Who is Eligible? In the first phase of the National Prescription Drug Plan coverage has been extended to three specific groups. These groups include NIB pensioners, NIB invalids and children under 18 (or under 25 if in full- time education). For persons of these groups to be eligible for membership in the Plan, they should have been diagnosed with one or more of the 11 chronic diseases covered by the Plan.
Bahamas Weekly Article - Phase I of National Prescription Drug Plan
2/11/2010 10:37:00 AM
By Matt Maura Marsh Harbour, Abaco, Bahamas - The National Prescription Drug Plan will provide free medications for 11 chronic, non-communicable diseases to 35,000 Bahamians in its initial stage, Tami Francis, Drug Plan Project Manager said Tuesday.
Gregory Collie Gets NIB Directors Award
2/5/2010 9:40:17 AM
Last year, staff of the National Insurance Board (NIB) embraced the slogan “Excellent Customer Care Starts With ME!” At NIB’s 2010 Leaders Conference, held on Paradise Island in January, Director Algernon Cargill told leaders that the focus of this excellent care must not be limited to the external customer, but should be directed to the internal customers as well. To demonstrate his administration’s commitment to promoting the wellbeing of the internal customer – NIB staff – he announced a number of initiatives, including the establishment of a “Director’s Award” which would annually honor those individuals whose outstanding achievements, dedication, leadership, customer service and expertise would have made a significant impact on the organization and its mission over the previous year.
NIB STAFF BRIEFED ON NATIONAL PRESCRIPTION DRUG PLAN
2/4/2010 11:06:15 AM
Top Managers and Customer Service staff of the National Insurance Board received a detailed briefing Tuesday on the National Prescription Drug Plan (NPDP) which is expected to be launched by April 2010.
<
1
2
…
41
42
43
44
45
46
47
>
RSS Member Login
NIB Value Added Tax TIN
Know Your Contributions Facility Instructions
Employers can request Letters of Good Standing
Latest Publications
11th Actuarial Review
10th Actuarial Review
2021 Annual Report
2020 Annual Report
2019 Annual Report
2018 Annual Report
2017 Annual Report
2016 Annual Report
2015 Annual Report
2014 Annual Report
2013 Annual Report
2012 Annual Report
9th Actuarial Review
2011 Annual Report
2009 Annual Report
2010 Annual Report
2008 Annual Report
2005 SSRC Report
8th Actuarial Review
7th Actuarial Review