My pension brick wall
Sometimes Robert Stewart has felt like he's banging his head against a brick wall.
Over the past few years, the economics expert has made countless telephone calls to Government in his quest to find out about pensions funds — but he's never had a satisfactory response.
Mr. Stewart is a concerned parent who fears his grown-up children will suffer the consequences of any pensions crisis in decades to come.
It is a potential scenario he believes Bermuda like many other countries could face, although Finance Minister Paula Cox has previously ruled out suggestions the Island's pensions scheme could one day collapse.
Mr. Stewart has repeatedly tried to get copies of actuarial reports on Bermuda's Social Security Fund, Civil Service Pension Fund, and Legislature Pension Fund.
While a number of pensions reviews have recently been tabled in the House of Assembly, the response to Mr. Stewart's questions has consistently been: "You can't have it."
He contacted The Royal Gazette to wish us luck in our A Right To Know: Giving People Power campaign, which is calling for public access to information legislation to be passed in 2008.
Speaking to this newspaper as part of our Sunshine Week coverage, Mr. Stewart said he had been ringing Government regarding the Social Security Fund for years, but was always told it had not been tabled.
"Why not?" he asked. "The answer is: 'We don't really know, but someone forgot to do it.'
"If you ask Social Security people, that brings you to another roadblock. When I call up, they say: 'Hold on a minute, we are not sure who deals with it, but we will put you through to Mr. X.'
"Then Mr. X. says: 'It's not my job, it's someone else's job.' You just get stonewalled.
"That's nothing compared to the stonewalling you get on Civil Service fund. The answer is the same: 'Why do you want to see it?'
"This is so ridiculous: here are the public, paying for legislators, the Cabinet, the Premier, and they are not allowed to see what it's all about."
Mr. Stewart said he wants to see the reports for the sake of his children, who are aged around 30.
"It will be revealed in the fullness of time when people now aged 30, who are Bermudian, suddenly find they have a massive tax burden to pay," he said.
Mr. Stewart said the last time he knew of the Social Security fund report being tabled was seven years ago; he says he has not seen the Civil Service fund report in 15 years; and he once saw the Legislature fund 15 years ago.
Responding to our request about whether those three documents had been tabled, Finance Minister Paula Cox yesterday provided this newspaper with the following update:
• The Contributory Pension Fund Actuarial Review as at August 1, 2005, was tabled in the House of Assembly on February 22, 2008
• The Public Service Superannuation Fund ("PSSF") Actuarial Valuation, as at March 31, 2004, was tabled in the House of Assembly on March 3, 2006
• The Ministers and Members of the Legislature Pensions Fund (MMF) Actuarial Valuation as at March 31, 2004, was tabled in the House of Assembly on June 23, 2006
• The PSSF and MMF are being actuarially reviewed this year and it is anticipated that the actuarial review will be tabled in the House within six months of completion
• Other financial statements tabled during last month's Budget include: Consolidated Fund 2007; Government Borrowing Sinking Fund 2007; Confiscated Assets Fund 2006; Ministers and Members of the Legislature Pension Fund 2005; Public Service Superannuation Fund 2005; Contributory Pension Fund 2004; Government Employees Health Insurance Plan 2003 and 2004 Hospital Insurance Fund (HIP) financial statements for the years ending March 31, 2001, 2002 and 2003; Mutual Re-insurance Fund (MRF) financial statements for the year ending 31 March, 2001, 2002 and 2003.
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