The Tribune

EDITOR, The Tribune.

As the debates had been about the lack of funds for Bahamians at the National Insurance Board and it is obvious it will run out because the lack of businesses paying employees funds at the National Insurance Board.

This raises another important question what is the status of all other Pension Funds for their employees, do they have sufficient funds to pay employees their pension funds?

It was some time ago when City Market made its employees redundant and the employees went to get there pension funds and it was discovered there was no money in the pension funds because of alleged mismanagement.

This made me put ads in The Tribune, Nassau Guardian, The Punch. Also doing radio ads on Love ‘97 expressing the need to regulate and audit Pension Funds in the Bahamas to insure that employees will be protected from Pension Funds mismanagement off pension funds to protect employees pension funds when retiring from their jobs.

I had spoken by telephone and personally shared to Prime Minister Perry Christie who was at the time Leader of the Opposition PLP Party the need to protect employees pension funds from mismanagement.

In 2012, the Employees Pension Fund Protection Act became law, which gives them the authority to regulate, overview and audit all Pension Funds in The Bahamas.

I believe that it is most important to now audit Pension funds in The Bahamas to see if there are Pension Funds for employees when they retired.

This is most needed to know now that we are aware of the problem with National Insurance Board and many Bahamians are nearing retirement.

PEDRO SMITH

Nassau,

May 14, 2022.