6 I n the 2016 Annual Report, I communicated that the National Insurance Board of Trinidad and Tobago (NIBTT) was focused on two integral aspects of the National Insurance System (NIS), Sustainability and Service. I am pleased to report that in the past year, we have continued in our efforts to seek Fund sustainability and progressed our plan to transform service delivery at the NIBTT. STRATEGY – VISION 2019 Vision 2019 focuses squarely on remaining sustainable and delivering on the mandate of the NIBTT through excellence in service to our stakeholders, with the following Strategic Objectives, which relate either to Sustainability or Service: 1. Maximise contribution income; 2. Maximise investment income; 3. Align contributions and benefits to enhance the long-term actuarial balance of the National Insurance system; 4. Optimise the earnings potential of the NIBTT’s subsidiaries; 5. Optimise the operating cost of the National Insurance Fund; and 6. Enhance service delivery to improve customer service. With the Board of Directors, Executive Management and other resources focused on rapid implementation of these strategic objectives over the implementation period 2017 to 2019, it is anticipated that the longevity of the Fund will be enhanced, customers will experience improved service from us and we will emerge as a more authoritative partner in the national policy toward socioeconomic development. For the financial year ended June 30, 2017, Management was tasked to meet ‘stretch’ goals for Year 1 of the Strategic Plan. Based on the Year 1 corporate results, the outlook for achieving our Strategic Objectives remains optimistic. ENSURING SUSTAINABILITY The general nature of the National Insurance System is that contributors pay money to the NIBTT with the expectation that beneficiaries will receive a benefit well into the future. As such, the actuarial alignment of the System to ensure fund sustainability is integral. As the findings of the ninth Actuarial Review (AR) illustrate, many factors impact the sustainability Fund. These include, among other things, the contribution rate, the minimum pension amount, population demographics and the retirement age. CHAIRMAN’S REVIEW FINANCIAL YEAR ENDED JUNE 30, 2017 Michael Toney