Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1694234272446.pdf (Barbados)
2023-05-26 OBJECTS AND REASONS This Bill would amend the certain enactments relating to pensions in order to provide for a contributory pension scheme for certain public officers.

2 Arrangement of Sections 1.

2.

Short title Amendment of enactments set out in Schedule SCHEDULE Consequential Amendments BARBADOS A Bill entitled An Act to amend certain enactments relating to pensions in order to provide for a contributory pension scheme for certain public officers.
ENACTED by the Parliament of Barbados as follows: 4 Short title 1.

2023.

This Act may be cited as the Pensions (Miscellaneous Provisions) Act, Amendment of enactments set out in Schedule 2. amended in the respects set out in the second column.

The enactment set out in the first column of the Schedule are 5 L.R.O.

1998SCHEDULE(Section 2)CONSEQUENTIAL AMENDMENTSColumn 1Enactments1.

Pensions Act, Cap.

25Column 2Amendments1.

Delete the (a) word “Crown” where it appears and substitute the word “State”.
(b) words “Governor General” where they appear and substitute the word “President”.2.

Insert immediately after Part II the following: “Part IIA PERSONS WHO BECAME OFFICERS ON OR AFTER 1ST JANUARY, 2024 Application of this Part 8B.

This Part, applies to a person who becomes an oﬃ cer on or after the 1st day of January, 2024.

Deduction of contributions 8C.


(1) With eﬀ ect from the 1st day of January, 2024, there shall be deducted from the pensionable emoluments of an oﬃ cer to whom this Part applies, a contribution at the rate of 6 L.R.O.

1998CONSEQUENTIAL AMENDMENTS - (Cont'd)Schedule - (Cont'd)Column 1Enactments1.

Pensions Act, Cap.
Pensions Act, Cap.

25 - (Cont'd)Column 2Amendments (a) 5 per cent of his pensionable emoluments, where the emoluments exceed the maximum; and (b) 2 per cent of his pensionable emoluments where the emoluments do not exceed the maximum, insurable earnings on which contributions are payable in accordance with the National Insurance and Social Security (Insurable Earnings) Order, 2020 (S.I.

2020 No.32).
2020 No.32).

(2) An oﬃ cer referred to in subsection (1) whose pensionable emoluments (a) exceed the maximum insurable earnings referred to in subsection (1)(a) may, in addition to the contributions deducted under that subsection, voluntarily pay a contribution at the rate of 3 per cent; and (b) do not exceed the maximum insurable earnings referred to in subsection (1)(b) may in addition to the contributions deducted under that section, voluntarily pay a contribution at the rate of 1 per cent.” 7 L.R.O.
1998CONSEQUENTIAL AMENDMENTS - (Cont'd)Schedule - (Cont'd)Column 1Enactments1.

Pensions Act, Cap.

25 - (Concl'd)2.

Public Employees (Pensions) Act, Cap.

30Column 2Amendments Non-application of section 8D.

Section 7 does not apply to an officer to whom this Part applies.

Contributions payable to the Fund 8E.

Contributions referred to in section 8C shall be paid into the Public Service Pension Fund established by the National Insurance and Social Security Act, Cap.

47.1.
47.1.

Delete the (a) word “Governor-General” where they appear and substitute the word “President”; (b) “Establishments” and substitute the words “the public service”.2.

Insert immediately after Part IIA the following: “Part IIB PERSONS WHO BECOME PUBLIC EMPLOYEES ON OR AFTER 1ST JANUARY, 2024 8 L.R.O.

1998CONSEQUENTIAL AMENDMENTS - (Cont'd)Schedule - (Cont'd)Column 1Enactments2.

Public Employees (Pensions) Act, Cap.

30 - (Cont'd)Column 2Amendments Application of this Part 10E.
This Part applies to a person who becomes a public employee on or after the 1st day of January, 2024.

Deduction of contribution 10F.


(1) With eﬀ ect from the 1st day of January, 2024 there shall be deducted from the pensionable emoluments of a public employee to whom this Part applies, a contribution at the rate of (a) 5 per cent of his pensionable emoluments where the emoluments exceed; (b) 2 per cent of his pensionable emoluments where the emoluments do not exceed, the maximum insurable earnings payable in accordance with the National Insurance and Social Security (Insurable) Earnings Order, 2020 (S.I.
2020 No.32).

(2) A employee referred to in subsection (1)whose emoluments exceed 9 L.R.O.

1998CONSEQUENTIAL AMENDMENTS - (Cont'd)Schedule - (Cont'd)Column 1Enactments2.

Public Employees (Pensions) Act, Cap.

30 - (Concl'd)3.

Teachers (Secondary Schools) Pensions Act, Cap.


56Column 2Amendments (a) the maximum insurable earnings referred to in subsection (1)(a) may, in addition to the rate of contribution deducted under that subsection, voluntarily pay a contribution at the rate of 3 per cent; and (b) do not exceed the maximum insurable earnings referred to in section 1(b), may in addition to the rate of contribution deducted in that subsection, voluntarily pay a contribution at the rate of 1 per cent.
Contributions payable to Fund 10G.

Contributions referred to in section 10F, shall be paid into the Public Service Pension Fund established by the National Insurance and Social Security Act, Cap.

47.

Non-application of sections 10H.

(1) Section 5 does not apply to pensions payable to a public employee to whom this Part applies.

(2) Section 6 does not apply to a public employee referred to in subsection (1).”.1.
Delete the (a) word “Crown” where it appears and substitute the word “State”; and (b) the words “Governor-General” and substitute the word “President”.

10 L.R.O.

1998Column 1Enactments3.

Teachers (Secondary Schools) Pensions Act, Cap.

56 - (Cont'd)Column 2Amendments2.

Insert immediately after Part II the following as: “Part IIA PERSONS WHO BECOME TEACHERS ON OR AFTER 1ST JANUARY, 2024 Application of this Part 11B.
This Part applies to a person who becomes a teacher on or after the 1st day of January, 2024.

Deduction of contributions 11C.
(1) With eﬀ ect from the 1st day of January, 2024, there shall be a deduction from the pensionable emoluments of a teacher to whom this Part applies a contribution at rate of (a) 5 per cent of his pensionable emoluments where the emoluments exceed; (b) 2 per cent of his pensionable emoluments where the emoluments do not exceed, the maximum insurable earnings on which contributions are payable in accordance with the National Insurance and Social Security (Insurable Earnings) Order, 2020 (S.I.

2020 No.
2020 No.

32).CONSEQUENTIAL AMENDMENTS - (Cont'd)Schedule - (Cont'd) 11 L.R.O.

1998Column 1Enactments3.

Teachers (Secondary Schools) Pensions Act, Cap.

56 - (Concl'd)4.

Statutory Boards Pensions Act, Cap.
38 Column 2Amendments (2) A teacher referred to in subsection (1) whose pensionable emoluments (a) exceed the maximum insurable earnings referred to in subsection (1)(a) may, in addition to the rate of contribution under that subsection, voluntarily pay a contribution at the rate of 3 per cent; and (b) do not exceed the maximum insurable earnings referred to subsection 1(b), may in addition to the rate of contribution deducted in that subsection, voluntarily pay a contribution at the rate of 1 per cent.
Contributions to be paid to National Insurance Board 11D.

Contributions referred to in section 11C.

shall be paid into the Public Service Pension Fund established by the National Insurance and Social Security Act, Cap.

47.”.

1.

Insert immediately after Part II the following: “Part IIA PERSONS WHO BECOME OFFICERS ON OR AFTER 1ST JANUARY, 2024 Application of this Part 8B.
This Part applies to a person who becomes an oﬃ cer on or after the 1st day of January, 2024.CONSEQUENTIAL AMENDMENTS - (Cont'd)Schedule - (Cont'd) 12 L.R.O.

1998Column 1Enactments4.

Statutory Boards Pensions Act, Cap.

38 - (Cont'd)Column 2Amendments Deduction of contributions 8C.
(1) With eﬀ ect from the 1st day of January, 2024, there shall be deducted from the pensionable emoluments of an oﬃ cer to whom this Part applies a contribution at the rate of (a) 5 per cent of his pensionable emoluments where the emoluments exceed; (b) 2 per cent of his pensionable emoluments where the emoluments do not exceed, the maximum insurable earnings on which contributions are payable in accordance with the National Insurance and Social Security (Insurable Earnings) Order, 2020 (S.I.

2020 No.
2020 No.

32).

2.
An oﬃ cer referred to in subsection (1) whose whose pensionable emoulments exceed (a) the maximum insurable earnings referred to in subsection (1)(a) may, in addition to the rate of contribution deducted under that subsection voluntarily pay a contribution at the rate of 3 per cent; (b) do not exceed the maximum insurable earnings referred to in subsection 1(b), may in addition to the rate of contribution deducted in that subsection, voluntarily pay a contribution at the rate of 1 per cent.CONSEQUENTIAL AMENDMENTS - (Cont'd)Schedule - (Cont'd) 13 L.R.O.
1998Column 1Enactments4.

Statutory Boards Pensions Act, Cap.

38 - (Concl'd)5.

Pensions Regulations, 1947 Column 2Amendments Contributions payable to the Fund 8D.

Contributions referred to in section 8C.

shall be paid into the Public Service Pension Fund established by the National Insurance and Social Security Act, Cap.

47.”.1.

Delete the words “Governor-General” where they appear and substitute the word “President”.2.
Insert immediately after Part II the following: “Part IIA PERSONS WHO BECOME OFFICERS ON OR AFTER 1ST JANUARY, 2024 Application of this Part 6A.

This Part applies to a person who becomes an oﬃ cer on or after the 1st day of January, 2024 .

Pensions to whom and at what rate granted 6B.


Subject to the provisions of the Act, and of these Regulations, every oﬃ cer to whom this Part applies holding a pensionable oﬃ ce in the service of Barbados in a civil capacity for 3 years or more may be granted on retirement a pension at the annual rate of 1.67 hundredth of his pensionable emoluments for each complete month of his pensionable service.”.CONSEQUENTIAL AMENDMENTS - (Cont'd)Schedule - (Cont'd) 14 L.R.O.

1998Column 1Enactments6.


Teachers (Secondary Schools) Pensions Regulations, 1962 Column 2Amendments1.

Delete the words “Governor-General” where they appear and substitute the word “President”.2.

Insert immediately after Part II the following: “Part IIA PERSONS WHO BECOME TEACHERS ON OR AFTER 1ST JANUARY, 2024 Application of this Part 6A.

This Part applies to a person who becomes an oﬃ cer on or after the 1st day of January, 2024..

Pensions to whom and at what rates granted 6B.


Subject to the provisions of the Act, and these Regulations, every teacher to whom this Part applies who has been in the teaching service for 3 years or more may be granted on retirement a pension at the annual rate of 1.67 hundredth of his pensionable emoluments for each complete month of his pensionable service.”.CONSEQUENTIAL AMENDMENTS - (Cont'd)Schedule - (Cont'd) 15 L.R.O.

1998Column 1Enactments7.


Public Employees Pensions Regulations, 1961 Column 2Amendments1.

Delete the words “Governor General” where they appear and substitute the word “President”.2.

Insert immediately after section 3A, the following new regulations: “Application 3B.

Regulation 3C applies to a person who becomes a public employee on or after the 1st day of January, 2024.

Rate of pension to persons eligible for pensions 3C.
Subject to the provisions of the Act and these Regulations, every public employee to whom this section applies who (a) is the substantive holder of any scheduled oﬃ ce; and (b) has been in the public service for 3 years or more, may, on retirement, be granted a pension at the annual rate of 1.67 hundredth of his pensionable emoluments for each completed month of his pensionable service.”.

CONSEQUENTIAL AMENDMENTS - (Cont'd)Schedule - (Cont'd) 16 L.R.O.

1998Column 1Enactments8.


National Insurance and Social and Social Security Act, Cap.

47Column 2AmendmentsInsert immediately after section 30B the following: “Establishment of Public Service Fund 30C.

(1) There shall be established a fund calledthe Public Service Pensions Fund.

(2) The Fund shall be administered and managedby the Board.
(3) There shall be paid into the Public Service Pension Fund all contributions deducted from the salaries of (a) public oﬃ cers under section 8C of the Pensions Act, Cap.

25; (b) a public employees under section 10G Public Employees (Pensions) Act, Cap.

30; (c) teachers under section 11C of the Teachers (Secondary Schools) Pensions Act, Cap.

56; (d) oﬃ cer under section 8C of the Statutory Boards Pension Act, Cap.

384.Schedule - (Concl'd)