Above: TCI Governor Damian Roderic Todd on a visit to North and Middle Caicos this week (Photo: TCIG)
By the Caribbean Journal staff
Turks and Caicos Governor Damian Roderic Todd and the Advisory Council have agreed to a series of proposed improvements and amendments to the provision and administration of civil service pensions in the territory.
The changes are designed to remove erroneous and anomalous payments of benefits and ensure a “fairer pension system.”
The changes include the provision to improve long term pensions and reduce the burden on taxpayers over the next five years.
According to the government, administrative mistakes had resulted in payment errors at a cost to taxpayers of approximately $2 million.
Other changes include a phased increase over 5 years to the retirement age for civil servants from 55 to 60 years old, a phased elimination of gratuities for those who retire over the next five years, and the provision of death in service and post-retirement benefits to those employed after April 5, 1992 — which were prevoiusly not available to those employed after that date.
The proposal also includes the introduction of a pension for those employed after April 1992 and who retire aged 55. Under the current pension system, those who had been employed after 1992 were not eligible to a pension until they reached 60.