The 2023 Actuarial Review: A Cause for Concern

Introduction

In accordance with Section 39 of the Social Security Act, the Board of Social Security, with the assistance of an approved Actuary, is legally mandated to carry out an “Actuarial Review” every three years. This report must be presented to the Minister of Social Security and tabled in Parliament, ensuring transparency for all who contribute to the fund. Beginning in 1980, these reports have been carried out regularly and made publicly accessible on Social Security’s website.

A Glaring Omission

However, a glaring omission has surfaced this year. The 14th Actuarial Review, due on December 31, 2023, remains unseen and unheard of in 2024. This silence is puzzling, particularly given the critical role of these reviews in assessing the fund’s solvency and future viability. The most recent report, covering the year ending 2020, was tabled in Parliament and posted online for public scrutiny. Yet, to date, the latest review is conspicuously absent.

Questions Raised

Prime Minister Dr. Terrance Drew, who also serves as the Minister of Social Security, has made bold public claims about “fixing” the Social Security system. However, many question the basis of these declarations, especially when no current Actuarial Review has been presented to substantiate them. Without this essential report, contributors to the fund are left in the dark about its financial health and future.

Concerns Expressed

Former Prime Minister Dr. Timothy Harris has expressed concerns over this lack of transparency. “Given the many political statements made by PM Drew, which are often unsupported by facts or evidence, the Board of Social Security must act swiftly. They should ensure the Minister receives the Actuarial Review for 2023 and that it is immediately posted online, as per tradition,” Harris remarked.

The Consequences of Delay

The failure to present this critical report is alarming, especially as Social Security reforms are long overdue to ensure the fund remains solvent. Successive governments have consistently delayed necessary changes, choosing to “kick the ball downstream.” With the financial future of thousands of contributors at stake, Harris insists that the Prime Minister must fulfill his legal obligation and table the report without delay.

A Call to Action

“This lack of action undermines the public’s trust in the system. As contributors, we deserve to know the current state of the fund and the measures being implemented to ensure its longevity. The government owes us transparency, not empty promises,” Harris declared.

Conclusion

It is imperative that the 2023 Actuarial Review be tabled and made public immediately. Without it, contributors are left without vital information, raising concerns about the true state of the Social Security Fund under the Drew administration.

FAQs

Q: What is the Actuarial Review?

A: The Actuarial Review is a report required by law to be submitted by the Board of Social Security every three years, assessing the fund’s solvency and future viability.

Q: Why is the 2023 Actuarial Review important?

A: The 2023 Actuarial Review is critical in determining the fund’s financial health and future, providing transparency for contributors, and ensuring the government’s accountability.

Q: What happens if the Actuarial Review is not tabled?

A: The failure to present the Actuarial Review could lead to a loss of public trust in the system, leaving contributors in the dark about the fund’s state and future, and potentially jeopardizing the fund’s solvency.