Caribbean pension systems are projected to run out of funds within 10 to 15 years without urgent reforms, according to a report by the Inter-American Development Bank (IDB). 

To ensure sustainability, the report suggests addressing administrative inefficiencies, improving investment strategies, and adjusting retirement ages. 

The study covers pension systems in The Bahamas, Barbados, Guyana, Jamaica, Suriname, and Trinidad and Tobago, emphasizing the challenges posed by aging populations and high out-migration. 

Recommendations

The IDB recommends optimizing administrative costs, aligning contributions with benefits, diversifying investments, and leveraging digital tools to strengthen national insurance schemes.