The Tribune

EDITOR, The Tribune.

Tribune Business - Unregulated pensions a disaster in the making.

Messrs Gibson and Kerr are absolutely correct in their assessment of the national situation.

It was surprising however that no mention was made of what must be the very largest pension scheme in the country, and its management and investment policies, and this is very likely why no legislation has ever been enacted to deal with it.

The National Insurance Board (NIB) is as much a pension scheme as any other, but because this is, and has always been, the piggy-bank of the Government of the day, its own self-regulation has been crucified in the Cabinet Office.

Yes, we need very harsh penalties, including jail-time, for those breaching the public’s trust, as seems to have been done at NIB.

City Markets is a joke by comparison. Are City Markets NIB contributions paid up, or are they in arrears too?

How much monetary value has the NIB invested funds lost since inception. Including unoccupied buildings and monuments?

MONKEEDOO

Nassau,

May 23, 2016.