Tourism Staff Pension Scheme (TWPS) Surpasses JM$ 4 Billion and 10,000 Members
The Tourism Staff Pension Scheme (TWPS), a landmark initiative of the Ministry of Tourism, final Friday (Could 16) marked one other essential milestone with the official signing of a contract with Victoria Mutual Pensions Administration, which has turn into one among its latest funding fund managers. The signing ceremony was held on the Ministry of Tourism and represents a strategic transfer to strengthen the Scheme’s long-term sustainability by prudent danger administration and portfolio diversification.
Minister of Tourism, Hon. Edmund Bartlett, welcomed the addition of VM Pensions Administration, lauding the TWPS’ progress trajectory and emphasising its transformative position within the lives of hundreds of tourism employees. The groundbreaking scheme, which turned efficient on January 31, 2020, is designed to cowl all employees ages 18-59 years within the tourism sector, whether or not everlasting, contract or self-employed.
“Right this moment’s signing is among the essential steps that we’re taking to strengthen the social security web for Jamaica’s tourism employees,” stated Minister Bartlett. He continued:
“This fund is not only a pension plan, it’s a mannequin for the world.”
“The efficiency up to now has been completely passable, with the fund now valued at J$4.1 billion after just some years. VM Pensions, you at the moment are charged with serving to us transfer this fund to J$5 billion—my speedy objective.”
The TWPS, which now averages round 10,000 members, was designed to supply monetary safety for all classes of tourism employees in Jamaica. The inclusion of VM Pensions Administration is a part of a broader push to diversify the fund’s portfolio, with one other funding supervisor anticipated to be introduced shortly.
Chairman of the TWPS Board of Trustees, Ryan Parkes, describing the brand new partnership as a big step in constructing a resilient and well-managed fund. “This session commemorates the beginning of a brand new period within the administration of the TWPS investments. The addition of VM Pensions is a key a part of our effort to raised the lives of Jamaicans who’ve contributed considerably to our tourism business,” stated Parkes. “We sit up for prudent administration, diversification, and the maximisation of returns, whereas rigorously balancing danger and sustainability,” he added.
Natalie Bennett, Chief Government Officer of VM Pensions Administration, expressed pleasure in becoming a member of the TWPS as a trusted steward of employees’ investments. “It’s actually an honour for VM Pensions Administration Ltd. to formally be part of the TWPS as one among its trusted funding managers. We consider that everybody deserves to retire with dignity, and we’re proud to play our half in securing the monetary way forward for the numerous people who serve this important sector with pleasure. Our strategy is grounded in integrity, care, excellence, worth, and diversification,” stated Bennett.
The TWPS continues to place itself as a flagship pension scheme not solely in Jamaica but additionally within the Caribbean, with rising curiosity from different nations keen to duplicate its success. Pointing to projected tourism sector growth, together with the development of 5,000 new resort rooms and the creation of as much as 15,000 new jobs, Minister Bartlett envisions the TWPS changing into the biggest pension fund within the Caribbean throughout the subsequent decade.
“This isn’t an extraordinary improvement. With over 350,000 individuals working instantly or not directly within the tourism sector, the TWPS is poised to turn into a serious instrument of nationwide improvement—supporting capital tasks and deepening Jamaica’s social safety framework,” Minister Bartlett added.
SEEN IN IMAGE: Minister of Tourism, Hon. Edmund Bartlett (centre, 2nd row), smiles as he witnesses the contract signing between Michael McAnuff-Jones, Board Chairman of VM Pensions Administration (left, seated), and Ryan Parkes, Chairman of the Tourism Staff Pension Scheme’s (TWPS) Board of Trustees (proper, seated), throughout a signing train on Friday, Could 16, 2025. Standing and sharing within the second are (from left, 2nd row) Natalie Bennett, CEO of VM Pensions Administration; Courtney Campbell, President and CEO of VM Group; Jennifer Griffith, Everlasting Secretary within the Ministry of Tourism; and Carlton Williams, TWPS Board Trustee; in addition to (from left, 3rd row) Paul Anderson, Gross sales Supervisor, VM Pensions Administration and Brian Frazer, Deputy CEO of VM Wealth Managerment.
