JIS News

The assets of the National Insurance Fund (NIF) were valued at $62 billion at the end of July this year, an increase of 17 per cent over the $53 billion recorded in July of 2009.
This was announced by Senior Director of Investments at the NIF, Audrey Deer-Williams, at a JIS ‘Think Tank’, on August 19.
The Senior Director assured that the organisation will continue to make shrewd investments to ensure that the Fund consistently increases in value.
“We are maintaining a strong diversified portfolio which we expect will continue to give the Fund both growth and income,” she said.
Mrs. Deer-Williams said that an actuarial evaluation conducted in March 2009 was one of the main reasons why the organisation has been able to grow the Fund, despite the economic challenges facing the country, as it enabled the NIF to develop strategies, including increasing the contribution rate to reduce its vulnerability to any financial shock.
“The assets continue to grow, despite the fact that we pay more for benefits than we collect for contribution. That was a concern and that’s why we had to get the actuarial review done, as a continuation would have definitely posed a problem,” she noted, adding that the NIF’s investment income helps to make up the difference between the National Insurance Scheme (NIS) benefits and the contributions.
By law, the NIF is to be fully evaluated every 5 years. Additionally, whenever there is a proposed increase, the actuaries have to give the organisation recommendations as to what level of increase can be granted without affecting the Fund. The next actuarial evaluation of the NIF is due in 2013.

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