House Begins Debate On Tourism Workers Pension Scheme Regulations

The House of Representatives, on Tuesday (April 21), started the debate on the Tourism Workers’ Pension Scheme Regulations, which outlines the registration process for employed and self-employed persons under the pension scheme.

Tourism Minister, Hon. Edmund Bartlett, who opened the debate, said that the regulations “mark the final hurdle before tourism workers will be able to join this landmark pension scheme”.

He noted that the Board of Trustees has done the preparatory work to operationalise the facility, procuring the services of an investment manager and a fund administrator.

Minister Bartlett said that the regulations are succinct and they detail how an employed or self-employed tourism worker becomes a member of the pension scheme.

It also specifies how members can benefit from an augmented pension as provided in the Tourism Workers’ Pension Act.

“For a member to benefit… the fund administrator must provide the board of trustees with a statement detailing the contributions made for and on behalf of the member and the frequency of the contribution,” the Tourism Minister explained.

The augmented benefit is for persons who joined the scheme at 59 years old and would not have saved enough for a pension.

“We are the first scheme allowing membership at the age of 59, which would make a member become qualified after only five years of contribution for a full pension as though he was contributing from the first day he started working at age 18. This is what makes it such a unique plan and makes it one which the global community has been asking us to tell them exactly the details of how it works,” Mr. Bartlett said.

Debate on the regulations has been suspended until the next sitting of the House.

The Tourism Workers’ Pension Act came into operation on January 31 to cover all workers in the sector, aged 18 to 59 years, including those on contract and the self-employed.

It will also benefit persons employed in related industries such as craft vendors, tour operators, red cap porters, contract carriage operators and workers at attractions.