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
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 revol...
read more...
Public Notice: Temporary Office Closure Due to the effects of Hurricane Milton
10/10/2024 5:16:46 AM
The National Insurance Board wishes to advise the public that the offices located on the islands of ...
read more...
Public Notice: Temporary Office Closure - Due to the effects of Hurricane Milton.
10/9/2024 1:16:51 AM
The National Insurance Board wishes to advise the public that the Bimini Local Office will be CLOSED...
read more...
50th Anniversary Service of Thanksgiving and Praise
10/8/2024 3:13:00 AM
The National Insurance Board (NIB) family gathered at the historic Grants Town Wesley Methodist Chur...
read more...
Fake Ad
8/13/2024 4:06:11 PM
Every 2 years, based on the 2010 Amendments to the National Insurance Regulations, there is an autom...
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
NIB / Doctors Hospital Host Successful Blood Drive in New Providence
2/22/2024 5:49:10 PM
A big thank you to everyone who turned out and generously donated blood at NIB 50th Anniversary Blood Drive.....
New Providence Blood Drive: Staff Pre-Registration Event
2/16/2024 3:23:48 PM
As the ultimate show of love this Valentine's Day, staff of NIB were invited to pre-register.....
NIB's Road to 50 Blood Drive
2/15/2024 1:57:24 PM
NIB Complex Training Room, Freeport Grand Bahama
The National Insurance Board Road to 50 - Blood Donar Day
2/5/2024 12:34:09 PM
The National Insurance Board Road to 50 - Blood Donar Day Where: NIB's HeadQuarters, Baillou Hill Road, When: Thursday, February 22nd, 2024 Time: 10:00 AM - 3:00 PM Open to Staff & The General Public.
50TH Anniversary Fun, Run / Walk Kicks Off NIB’s Holistically Balanced Series of Events
1/31/2024 8:50:03 AM
NIB's 50th Anniversary series of Holistically Balanced - Spiritually, Mentally, Physically and Financially events kicked off with a 3.5 mile Fun, Run / Walk. Walkers and runners of all ages converged at NIB's Headquarters, on Saturday January 27, 2024 for friendly competition, health talks, financial literacy education, demonstrations and more.
NIB Host Inaugural Pensioners’ Day
1/23/2024 6:24:00 AM
On Thursday January 18th, 2024 NIB offices throughout the Bahamas hosted an inaugural Pensioners' Day. The initiative hosted from 10:00am-2:00pm welcomed some 900 pensioners for sharing key insights and tips.
<
1
2
3
4
5
6
7
8
…
43
44
>
RSS Member Login
NIB Contribution tables - Effective July 2024
Hospitality Form C-10 Spreadsheet
Non-Hospitality Form C-10 Spreadsheet
Contributions Table
Contribution Rates and Insurable Ceilings 2024
NIB Value Added Tax TIN
Know Your Contributions Facility Instructions
Employers can request Letters of Good Standing
NIB COVID 19 Updates
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