ST GEORGE’S, Grenada, May 21, CMC – The Government of Grenada has taken another major step in implementing its Public Sector Employees Defined Contribution Pension Plan with the official signing of administration and investment management agreements aimed at advancing the system into full operation.
The agreements were signed during a ceremony held on Wednesday under the theme “Securing Tomorrow, Today.”
Government officials said the signing marks the transition of the pension reform initiative from legislative establishment to active operational execution and institutional governance.
The initiative forms part of Grenada’s wider public sector modernisation programme focused on strengthening governance, ensuring long-term fiscal sustainability, and protecting the retirement security of public officers.
The Public Sector Employees Defined Contribution Pension Plan officially came into effect on January 1, 2025, following years of research, actuarial assessments, technical consultations and stakeholder engagement aimed at creating a sustainable pension framework.
Speaking at the ceremony, Acting Prime Minister Andy Williams described the reform as a major milestone in efforts to modernise the public service and provide greater retirement security for public workers.
Williams said the Government was seeking to balance sustainability with protection for employees, while ensuring that public officers could retire with dignity under a modern and responsibly managed pension system.
He also noted that Government could not ignore mounting pension obligations, shifting workforce dynamics, demographic pressures and the long-term fiscal demands associated with the previous pension structure.
Officials also formally introduced the newly constituted Board of Trustees, which will oversee the pension fund and ensure contributors’ resources are managed prudently and transparently.
The Board includes professionals with expertise in finance, actuarial science, governance, law, investment management, public administration, human resource management and trade union representation.
The government said the Board would function as an independent, non-political body tasked with safeguarding contributors’ interests through strong fiduciary oversight and accountability.
Implementation activities, contributor onboarding, public education and stakeholder engagement would continue as the pension plan moves toward full operational maturity.
“Today, Grenada demonstrates that responsible reform and worker protection can coexist. We are securing tomorrow, responsibly, transparently, and together,” officials stated.
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