Motions

WHEREAS Pension funds are critical to the long term saving rate of a country and for the safety and security of each individual citizen’s future;

AND WHEREAS the savings of individuals are a critical component in the growth and stability of the economy and the related financial system;

AND WHEREAS a critical part of an individual savings for his later years is his contribution to a long term pension fund;

AND WHEREAS the average length of time spent by any individual in any one organization has shortened considerably;

AND WHEREAS pension plans are currently designed to reward employees who remain with one organization for a considerable period of time;

AND WHEREAS there is no system for pension portability either in the public or private sector in Trinidad and Tobago;

AND WHEREAS the lack of pension portability is a constraint on the free movement of labour resources and the ability of the working citizen to pursue alternative employment opportunity without a substantial loss of pension benefits:

BE IT RESOLVED that the Government moves expeditiously to enact legislation to effect the portability of vested pension entitlements for both private and public sector employees.

(By the Member for Port of Spain South)