Gov’t to Advance Phase II Pensions Reform
By: , March 13, 2025
Photo: Adrian Walker
Minister of Finance and the Public Service, Hon. Fayval Williams, speaking in the House of Representative on Tuesday (March 11) as she opens the Budget Debate for financial year 2025/2026.The Full Story
Legislation to implement phase II of the private pensions reform process will be prioritised in the 2025/2026 financial year, says Minister of Finance and the Public Service, Hon. Fayval Williams.
She was speaking at the opening the 2025/26 Budget Debate in the House of Representatives on Tuesday (March 11).
Phase II, which is also known as the adequacy phase, will address issues such as the locking-in of members’ compulsory contributions, vesting of members in relation to benefits derived from the employer’s contributions, portability of pension benefits and allowance for a dependent disability pension.
The amendments will also allow for the unlocking of contributions in specific circumstances, such as, terminal illness and financial hardships.
Minister Williams pointed out that this phase of the reform process has been long in coming.
“Phase II has been talked about and dreamt about for a very, very long time. Pension Phase II is important and so I will prioritise this legislation in this upcoming fiscal year,” Mrs. Williams said.