The Social Security Fund is in “a strong financial position” according to excerpts from a Report of the 12thActuarial Review of the St. Christopher and Nevis Social Security Fund as of Dec. 31, 2017 shared by Senior Minister and Minister responsible for Social Security, the Honourable Vance Amory, before laying the document on the table of the National Assembly Thursday.
The process Laid on the Table of the National Assembly /House” essentially means that a document is formally recognized as having been made available for legislators to read.
“With over $1.5 billion in reserves, approximately 15 times [the] annual expenditure, the St. Christopher and Nevis Social Security Fund is currently in a strong financial position,” he said, quoting from the report. “And even though, contribution income is no longer sufficient to meet total expenditure, investment income is expected to meet the shortfall for several more years.”
The actuarial review was done in accordance with Section 39 of the St. Christopher and Nevis Social Security Act, 1977. It was prepared three years after the 11th Actuarial Review and was produced for the St. Christopher and Nevis Social Security Board.
The minister also laid Audited Financial Statements for the year ending Dec. 2017 for the Social Security Fund on the table, adding that the reports are in keeping with the government’s good governance agenda.