14 May, Basseterre, Saint Christopher (St Kitts) and Nevis – The Eastern Caribbean Central
Bank (ECCB) is advising people to think seriously about having pension plans.
The important issue is highlighted on this week’s episode of ECCB Connects, the bank’s weekly
public education outreach programme.
Actuary and Partner at Morneau Shepell Derek Osborne explains that pensions in their simplest
form are secure forms of payment that one receives, usually monthly, when something happens:
For example, when the individual concerned reaches a certain age, retires from an employer or in
some cases when he or she becomes disabled prior to the retirement age.
Osborne, who is also an Advisor to some ECCU Social Security Systems, added that pensions are
not just for older persons, because while they come later in life with retirement, there is need to set
the stage for that. He encourages young working people to have a pension, and explains that this is
necessary as having access to a monthly income stream that is guaranteed for the rest of one’s life,
is a desirable state of affairs after retirement. “Not only is a pension payable when you get old, but
there are short term benefits as well that can help you have some form of income when you get
Osborne also addresses the key questions of: What do you need to put aside for your retirement
years? How much do you need to save to achieve that specific target.
This week’s ECCB Connects Episode is available on the ECCB website www.eccbcentralbank.org and its social media pages.