Although the Dependants Pension Fund is in a sound financial position, its operations have significantly decreased and there is an urgent need for the Fund to explore new avenues for investments.
A forensic audit done by consultant Donna Ellis said the records of the Fund revealed increasing surpluses in the Accumulated Fund, which reflect a viable financial position. In 2014, there was $1.4 billion in the Accumulated Fund up from $1.3 billion in 2012. However, it was also revealed that government continues to owe the Fund large sums.
The report said that Fund’s operations have significantly decreased over the years due to its inability to access monies held in the Consolidated Fund along with its declining mortgage portfolio. Large amounts continued to be owed to the