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Nearly 20,000 workers in registered pension plans

The number of working people signed up to registered pension plans has climbed close to the 20,000 mark, according to the 2007 annual Pension Commission report.The document, tabled in the House of Assembly last Friday, states that as of December 31, 2007, 1,230 employers and 19,449 employees or self-employed people were taking part in registered plans.By comparison, the corresponding figures for 2006 were 970 and 18,847. The Commission estimates there was $1.4 billion in pension plan assets at the end of 2007, up from $1.2 billion at the end of 2006.There were about 600 delinquent employers and self-employed people by the end of 2007, down from 737 in 2006. The Commission held 115 compliance meetings with delinquent employers in 2007, compared to 60 in 2006.Economist Robert Stewart, a keen critic of Government’s handling of pensions, noted the 2006 report had been tabled in 2008, yet the 2007 report was tabled three years after that.“What is odd is why the 2006 report was not issued in 2007, and even odder why the 2007 is issued in 2011,” said Mr Stewart yesterday.“The short answer is they do not know what they are doing and hope that historical documents will lead to no comments from the public.”