The Antigua and Barbuda Social Security Board is aiming to build its reserves to EC$1 billion as part of a strategy to strengthen the fund through long-term, income-generating investments.
Executive Director David Mathias said the fund’s reserves currently stand at about EC$900 million, but rising pension liabilities and longer life expectancy mean additional revenue sources are needed to sustain payments in the years ahead.
He said the goal is to maintain a six- to twelve-month reserve while diversifying income beyond contributions. According to Mathias, “We are out of the woods, but not entirely out of the woods,” and the focus now is on “matching rising liabilities with stable, income-generating assets.”
A key element of this approach is the government-backed redevelopment of the Jolly Beach Resort, which is being financed by the government and will later be transferred to the Social Security Board as equity. The arrangement will allow the fund to earn dividends and operational returns from the hotel without drawing directly from contributors’ money.
To ensure transparency, Mathias said the fund will provide monthly and quarterly reports to Cabinet and expand its investment committee to include banking and valuation experts. The measures, he added, are designed to safeguard contributors’ confidence while supporting the long-term stability of Antigua and Barbuda’s pension system.
