Page 18 - NIB Annual Report 12-13 | 13-14

Changes in Pension during the Year 2014
Type of Pension
No. of Pensioners at beginning of year
New Entries
Exits by Death
No. of Pensioners at end of year
Male
Female
Male
Female
NCOAP Pension
272
0
3
9
12
246
Survivors’ Pension
148
0
0
0
0
147
Invalidity Pension
93
6
6
2
2
87
Retirement Pension
726
52
58
7
4
809
Disablement Pension
22
1
1
0
0
25
Total
1,261
59
63
18
18
1,314
Actuarial Review
The 7th Actuarial Review of the Fund was conducted for the period ending March 31, 2014.
The report indicated that based on the current structure and parameters of the plan, the Fund remains sound and is projected to be financially sustainable for the medium to long-term. It was recommended that parametric reform changes should be adopted within the next 12 to 15 years, to ensure that this financial soundness is sustained.
The Fund is projected to retain a positive cash flow for another 25 years; the contribution rate alone is sufficient to cover all expenses for another 17 years.
The NIS is projected to have sufficient contribution income to cover expenses until the year 2030. In the year 2039, a cash flow deficit is projected and the accumulation of the reserve fund will be at a slower pace, eventually being fully depleted by the year 2050.
All this is predicated on the assumption that the current benefit and contribution structure remains the same.
It is expected however, that the Board, with the use of future reviews, will enact the necessary changes in a timely manner to ensure the NIF’s continued long-term financial sustainability.
14 | The National Insurance Board of The Turks and Caicos Islands