Above: Trinidad Finance Minister Winston Dookeran
By the Caribbean Journal staff
Trinidad and Tobago’s pension system is in need of reforms, as risk still remain despite a solid pension industry, according to Finance Minister Winston Dookeran.
According to the Minister, savings, investment and demographic challenges were present in the current pension industry.
Investment, in particular, is seeing challenges, as returns are getting lower.
Trinidad’s Central Bank is involved in a new policy document which could enhance governance and enforcement of the country’s local pension regulatory system, however, Dookeran said.
The two main risks to the country’s system include “the absence of a workable compact as it relates to labour unrest in the country and management of our future economic direction,” he said.
Another risk to the country comes from the investment gap emanating from the public and private sectors, which includes the energy sector, he said.
“The Ministry of Finance will aim to close this gap by executing the relevant policies,” he said. “Strides are being made by the Ministry of Finance to widen the net of beneficiaries of the National Insurance Programme to include self-employed persons and to improve management of its funds.”