Despite acceptance of the above changes the goals of reforming the pensions system can still be achieved through the three basic features of the reform process:

• enhancing the basic social security system (NIS);

• creating funded schemes for public employees; and

• regulating pension and superannuation schemes.

The enhancement of the NIS and the creation of funded schemes for public employees will require amendments to existing legislation. The Ministry of Labour, Social Security and Sports shall be encouraged to propose the necessary amendments to the National Insurance Act, and further work will be done by the Ministry of Finance and Planning to propose amendments to the existing Pensions Acts covering public officers - nurses and civil servants, parochial officers, teachers, soldiers, police, special constables, legislators and widows/widowers.

While further discussions are to be held with the relevant Ministries/Departments dealing with the possible amendments mentioned in paragraph 20, the process leading to the effective regulation of pension and superannuation schemes can be started through the enactment of comprehensive pensions legislation (the National Pensions Act).

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May 2001

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