b'FORGING TRANSFORMATION. FOSTERING SUSTAINABILITY. At June 2018, the National Insurance Board ofimportant if National Insurance is to remain a part of Trinidad and Tobago (NIBTT) had completed twoour social safety net as we move forward in the next years of its three-year strategic plan. The focus of thistwo decades.strategic plan ison strengthening the complianceOur primary concern continues to be the future function, updating customer contribution records,sustainability of the Fund. The year 2018 has been maximising investment income while controllinga year in which the NIBTT, while concentrating on operating costs, and enhancing service delivery.Allimproving compliance and service to the public, of these strategies are with a view to implementingalso acknowledged that there were challenges the recommendations of the 9th Actuarial Review,which required the support of our stakeholders.ultimately to ensure the sustainability of the NationalAccordingly, we sought to sensitise our stakeholders Insurance Fund. to the reality that the ability of the Fund to pay The findings of the 9th Actuarial Review werebenefits under the current structure of our National reinforced by the 10th Actuarial Review which wasInsurance System would mean that from as early completed in 2018 and cautioned that there had beenas 2019, we would have to start liquidating assets in little reform of the National Insurance System sinceorder to pay benefits. its inception in 1972, and the need for reform was PROJECTED EVOLUTION OF TOTAL NIS ASSETSBILLIONSCurrent TT$ Constant 2013 TT$Source 10th Actuarial Review ReportThe changing demography of Trinidad and Tobagoconsequence of these phenomenawhich are by has been the underlying cause of the inability ofno means unique to Trinidad and Tobagois that contribution income to meet benefit expenditure. Ourthe quantum of contributions paid by employees and labour force is shrinking, due largely to a reducingemployers to the Fund is falling, and the amount to birth rate, and also due to migration. This meansbe paid out, particularly in respect of pensions, is that contribution income is not keeping pace withincreasing. our ageing population, who are living longer. The 7'