IT is felt in some sectors that growth of the pensions industry can contribute to overall economic growth and that the lagging pace of pensions growth in Jamaica is doing the reverse.

Sanya Goffe, chairperson of the Pension Industry Association of Jamaica (PIAJ), says though the private pensions industry has been growing, coverage levels are extremely low, adding that the strategy of simply encouraging people to save, or employers to have pension plans for their employees, has not been enough.

“More than 17 years after the implementation of a regulatory framework for private sector pension plans in Jamaica the private market alone has not been able to solve the dire problem of low coverage, which has hovered between 9-10 per cent,” she notes.