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TCI PROCEEDS WITH REINSTATING PENSION SCHEME

UK Territories 02 Jun, 2021 Follow News

TCI PROCEEDS WITH REINSTATING PENSION SCHEME

The Turks and Caicos Islands government reports that work is progressing on reinstating a pension and gratuities scheme for public servants.

Previously, the TCI provided a public service pension to all employees that joined the public service prior to 1992. This pension program also allowed for 25% of a person’s pension to be converted to a lump sum gratuity payment.

However, it was suspended in 2012 due to what was said to be ‘financial hardship’ at the time.

Premier Charles Misick said: “I was pleased with the options provided that would seek to provide a sustainable long term retirement plan for not only public servants, but also persons that serve in statutory bodies and other capacities.”

Commenting on the discrepancy in the current system, Deputy Governor, Anya Williams remarked: “Our public servants carry out very important roles on behalf of the government and people of these islands and deserve to be adequately compensated for the roles that they do.

She said, “As it stands, the Turks and Caicos Government is the only territory that does not offer a pension or gratuity program for its staff which needs to be addressed.”


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