b'A N N U A L R E P O R T 2 0 1 7 - 2 0 1 8PROJECTED POPULATION OF TRINIDAD AND TOBAGO (2013-2063)YearTotalAgeRatio ofpersons16-59 to 60& over0-1516-5960 & over 20131,345,095293,360859,449192,2864.520231,405,033292,207835,973276,8533.020331,415,917258,618823,246334,0532.520431,397,164242,274767,941386,9492.020531,344,383229,170689,148426,0651.620631,269,073206,991657,358404,7231.6Source: 10th Actuarial Review ReportThe solution to this problem requires the support ofbeen dynamic and cutting edge. Some 47 years later, Government and the general public, as it involvesthere has been little accomplished in terms of reform. significant policy changeit is twofold:The Act is now dated and difficult to operate in a fast-the retirement age must be increased from 60 to paced and technologically driven world. 65; andThe NIBTT has embarked on an exercise to contributions by Employers and Employees to the revise, update and modernise the legislation. The Fund must be increased from 13.2% to 15.6% recommendations for amendments to the Act are (in 2018).expected to be completed in 2019 after which they In addition, the parameters of the system should bewill be presented to the Ministry of Finance. automatically adjusted, and the minimum NationalHand in hand with this exercise is the need to improve Insurance pension should be frozen to give, at most,our service to the public. This cannot be achieved in 80% of the minimum wage.todays world without embracing technology. To this Fortunately, in 2018 the Fund performed well, despiteend, in 2018 we launched the project to acquire an the poor performance of the local and internationalend-to-end ICT solution. This project is progressing markets. On average, the yield on the investmentand is expected to be fully implemented within a portfolio during the financial year 2018 was 5.71%. three-year time frame. Greater flexibility in the investments that the Fund isPolicy change, legislative change and technological permitted to make would further assist in improvingchange are three major components of the strategic the return to the Fund. However, the parameters setplan of the NIBTT in 2018. Looking forward, the next by the First Schedule to the National Insurance Act,fewyears will be turbulent as these three initiatives Chapter 32:01, restrict the ability of the Investmentwill impact and impose significant change to every Committee to take full advantage of the internationalaspect of the NIBTTs operations. markets. In 2018, the Minister of Finance did adjustWe applaud the commitment ofour management these parameters by allowing the NIBTT to investand staffto the critical role that the NIBTT plays in up to 30% of its investments (an increase of 10%) inTrinidad and Tobago. We will be depending on their certain specified international markets. continued dedication and support as they embrace Recognising that greater flexibility also brings greaterthe changes whilst continuing to serve the public. risk, we continue to work with the Ministry of FinanceChange is not always easy, but it will be both exciting in order to widen the scope of our permissibleand fulfilling to be part of the Team responsible for investments.this transformational strategy. I particularly wish to thank the Investment CommitteeTo my fellow Directors who are an integral part of this of the NIBTT for its sterling support over the pastprocess, I wish to thank you for your sterling support year. The Investment Committee comprises notand dedication to the NIBTT over the past year. only Directors of the NIBTT, but also independent persons selected from Government, Business and Labour, with extensive experience in finance. These individuals give selflessly of their time and are often required to attend meetings at short notice.Our second challenge is the age of the National Insurance Scheme in Trinidad and Tobago. The NIBTTJacqueline Quaminawas established in 1972 and at that time would haveChairman8'