Letter of the Day | FSC must act now on the NFPB pension fund

THE EDITOR, Madam:

The National Family Planning Board (NFPB) officially ceased operations on July 31, 2024, as part of Jamaica’s agreement with the International Monetary Fund (IMF) to reduce the number of public bodies.

Before the entity was closed, the Financial Services Commission (FSC) was formally notified and provided with all documentation to begin the winding-up of the pension fund. Both Sagicor, the fund’s administrator, and the Board of Trustees fulfilled their obligations promptly, with Sagicor estimating that the process would take six months to one year.

However, more than 18 months later, the process remains incomplete. The FSC has since requested the resubmission of documents it already received, deepening the frustration and despair of former staff members.

This delay is a serious injustice. Some former employees have reached retirement age and are unable to receive their pensions. Others, who did not transition to new employment, are depending on their refunds to meet basic needs such as food, rent and medical expenses. These are ordinary Jamaicans who served their country faithfully, only to be left in financial uncertainty through no fault of their own.

The FSC’s inaction is bureaucratic and inhumane. When state agencies fail to act with urgency and empathy, public trust in governance and financial oversight is eroded.

The winding-up of the NFPB Pension Fund should have been straightforward. All requirements were met in good faith, and the legal authority for closure is clear. There is no credible reason for continued delay. Every week of inaction prolongs the suffering of people who have already sacrificed much in service to Jamaica’s health and social development.

It is time for the Financial Services Commission to act decisively and complete the process without further delay. The former staff of the NFPB deserve better.

N.A.C.