Public Service Pension Fund At EC$10 Million

As from 2009 the first payments will be made to qualified contributors to the Public Service Pension Fund in Anguilla. At present all public service pensions are paid directly from the Government’s Consolidated Fund, a longstanding system now about to be changed.

December 31, 2007 marked the fourth year of existence of the contributory Public Service Pension Fund. Contributors to the fund are employees of the Anguilla Government as well as workers of several statutory bodies such as the Health Authority of Anguilla, the Public Utilities Commission, the Financial Services Commission and most recently, the Anguilla Tourist Board and the Anguilla Development Board. The contributions by the employees are matched by their respective employers.

The Fund is administered by a Board appointed by the Governor. Its membership comprises the Permanent Secretary, Public Administration, Permanent Secretary, Finance and the Director of Social Security along with two representatives of Staff Associations representing Public Service employees. The current members are Aurjul Wilson, Chairperson, Carl Harrigan, Timothy Hodge, Civila Kentish and Celestine John.

The accounts of the Public Service Pension Fund are audited by the National Audit Office based in London. As of December 31, 2007, the assets in the Fund stood at over EC$10 million, held in fixed deposits at local banks.

Legislation governing the Pension Fund prohibits investment of the general fund in any instruments other than Certificate of Deposits until the Fund has achieved a sustainable level and upon the advice of the Actuary. The legislation also requires an Actuarial Review every three years. The first such review was at the end of 2004. A review of the plan for a smooth transition in 2009 is now being conducted.

Given the substantial and significant growth of the Fund, the Board does not envisage any difficulties in continuing to fulfil its mandate. Copies of the Audited Reports are available for inspection at the Pension Fund Office at the Department of Public Administration.