Pension contribution shortfall out of control

  • Curtis Dickinson, Minister of Finance

    Curtis Dickinson, Minister of Finance

More than 730 employers or self-employed are behind with pension contributions at the end of 2017, the House of Assembly heard on Friday.

But Curtis Dickinson, the finance minister, said 106 “compliance meetings” had been held with people behind on payments in 2017 in an attempt to get them up to date.

He added that the Pensions Commission had taken legal action against 20 employers, or their directors and officers, that year compared with three in 2010.

Mr Dickinson was speaking as he tabled the Pensions Commission annual reports for 2011 to 2017.

He said: “The Pensions Commission has advised that delays in the submission of annual financial statements between 2011 and 2017 were initially caused by resourcing issues at both the Office of the Auditor-General and the Pensions Commission.”

Mr Dickinson added: “Notwithstanding the delay in tabling this annual report ... all audits were successfully completed with clean opinions.

“I am also pleased to advise that the commission’s 2018 audit has been completed and the commission has received another clean opinion on its 2018 financial statements.”

He added the 2018 annual report would be tabled in the House next year.

Mr Dickinson said 3,096 employers and 22,006 employees or self-employed were enrolled in registered pension plans at the end of 2017.

That compared with 2,996 employers and 23,722 employees or self-employed signed up to plans in 2010.

Mr Dickinson said: “The commission estimates that there was $2.36 billion held in employer pension plans and a further $656 million in domestic prescribed retirement products at the end of 2017 compared to $1.4 billion and $239 million, respectively, at the end of 2010.”

He added that the Pensions Commission had approved $24.3 million in financial hardship withdrawals over the reported period.

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Published Nov 5, 2019 at 8:00 am (Updated Nov 5, 2019 at 8:09 am)

Pension contribution shortfall out of control

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