NIS embarks on Pension Readiness Programme to improve efficiency

The National Insurance Scheme has embarked on a Pension Readiness Programme so that persons between the ages of 55 to 60 years old could better understand what is required of them, placing the Scheme in a better position to reduce the time spent to uplift pensions and clear up misconceptions.

Chairman of the board Dr. Surendra Persaud said it is regrettable that those who are and would be benefiting from the NIS pension still do not understand how calculations are done.

The Board Chairman admitted that the NIS has done a poor job in a number of areas, noting that a percentage of pensioners are receiving a higher dollar value than what their calculated pension would be.

He disclosed that the board has taken the decision that some of the errors in the system would never be corrected and would have to make a decision on how to proceed, but in the process they have to do what is necessary to protect the pensioners and the scheme.

An open day will be held to kick start the programme with the pensioners. A call was made for persons to visit the NIS office to consider having their pensions deposited into their respective bank accounts.

Pensioners residing abroad who desire their pensions deposited into their bank accounts would now only have to present a Life Certificate to the Scheme.