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Oct 4, 2013

Prime Minister moves to appease BWSL, B.E.L. and B.T.L.

Dean Barrow

Of note is that the Insurance industry has been for some time one of the most regulated industries and has always had a supervisor of Insurance. Even with all that CLICO could not be saved. Now, the drafts of the Pensions Act, as well as the Pensions Regulations Act, were prepared by a legal consultant from Canada.  The endgame, according to Prime Minister Barrow, is to table the proposed legislations in the House of Representatives.

 

Prime Minister Dean Barrow

“There are draft bills in circulation which have, one is a draft, a Pensions Act draft bill and a Pensions Regulations drafts bill.  These things arose out of a perceived need to introduce some regulation of pensions schemes because there is a heightened interest on the part of insurance companies to offer pension fund type insurance products and we figure that there’s a need given that what happened with Clico in the Caribbean affecting Belize policies to holders as well, being very much present in our mind.  There’s a need to try to legislate, to guard against this sort of thing happening with respect to the new insurance pension fund schemes that are in the offing.  The draft bills are copies of model legislation that a Canadian consultant has produced.  He produced this after consultations here in Belize and then the bills are being circulated now for there to be further consultations.  When that process is finished the bills will go to the Solicitor General for, as it were, local drafting exercise to take place incorporating what’s been agreed as a consequence of the consultation.  So the first point to make is that we are miles away from a position where there is likely to be the introduction into parliament of any bills dealing with this issue.  But the whole objective of the exercise is to ultimately introduce such legislation.”

 

In its release, the government allayed some fears saying that the Bill does not require that any pension funds or pension investments be under the control of the government nor does it require that pension funds be invested in any government securities. But among the major concerns is the proposal to change the retirement age from fifty-five to sixty-five years, which in many pension schemes stands at fifty-five. The proposed Bill would also make it mandatory for beneficiaries to be the first spouse, even if subscribers have been married more than once. Under the proposed pension act the subscribers will not have an option to get a lump sum before the age of sixty-five. To top it off, failure to comply with the legislation will result in heavy penalties including fines of up to fifty thousand dollars and or five years imprisonment. 

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3 Responses for “Prime Minister moves to appease BWSL, B.E.L. and B.T.L.”

  1. Beano brings us new scandals says:

    This scandal should distract from the passport scandal.

    Or is the passport scandal intended to distract from this scandal?

    In this new scandal the UDP cronies take over all the pension funds, drain the accounts, and pass the money to BIL to manage, or some other conduit to legally seize the millions for new owners.

    Be sure to get in on the ground floor of this ponzi scheme to become a new Belizean millionaire.

    repeat after me: I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP. I trust UDP.

    By the 1000th time it will become true, believe me and take it to the bank.

  2. Beano brings us new scandals says:

    Speaking of BIL, what secret scandals do they have to offer?
    They have been really quiet. We know money must be flowing, like oil in a pipeline.

    Secret sole source bids by to government to them is almost like a credit card with no limit.
    Being a special private company, the perks and bonuses got to be astronomical.

    Smart should have been paying BIL instead of SIF, then the stink would be better and all those great patriotic Belizeans who got fired at SIF would have been protected and now be heroes amongst us with their new SUVs. See what happens when you use the wrong protocols for paying bribes. The machine needs to be fed, every cut paid, from the top to the bottom mouths to feed.

  3. Beano luvs the little man says:

    BTL???

    Was not the issue of the BTL seizure is that workers were owners and were screwed out of a fair value when Beano nationalized it?

    So, BTL workers let’s see how gullible you are, and get suckered punched twice by this guy!
    First by what you owned, and next what you will retire on.

    These guys have no remorse at your expense; but they smile for the camera and live well.
    Somebody should be poor and it should be you.
    Living under a bridge will not be so bad, you will get used to it should you live to 90 or 55, or 65.
    Actually you should not retire, just die in place that way they get more pension blood from you.

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