The Government of Grenada, on 20 May 2026 marked another major milestone in the implementation of the Public Sector Employees Defined Contribution Pension Plan with the official signing of the Administration and Investment Management Agreements during a formal ceremony held at the Trade Centre Annex under the theme Securing Tomorrow, today.
The ceremony signified the advancement of the Pension Plan from legislative establishment into a strengthened phase of operational execution and institutional governance. The initiative forms part of the Government’s broader public sector modernisation agenda aimed at strengthening governance, ensuring long-term fiscal sustainability, and protecting the retirement security of public officers and public sector workers.
The Public Sector Employees Defined Contribution Pension Plan officially became operational on 1 January 2025, with implementation activities actively progressing. The reform was introduced following extensive research, actuarial assessments, technical consultations, and stakeholder engagement to identify a sustainable pension framework that balances worker protection with long-term national sustainability.
In addressing the ceremony, the Government reaffirmed its commitment to honouring existing obligations under the legacy Defined Benefit pension framework for eligible officers while responsibly advancing a sustainable pension model for future generations of public sector employees.
Acting Prime Minister Honourable Andy Williams, in his keynote address, described the reform as a defining milestone in Grenada’s continuing efforts to build a stronger, more modern, and more sustainable public service. He emphasised that the reform reflects the Government’s deliberate effort to strike the right balance between sustainability and security, ensuring that public officers and public sector workers can retire with dignity under a modern and responsibly governed pension system.
The acting prime minister further noted that the Government could not responsibly ignore the increasing pension obligations, changing workforce dynamics, demographic realities, and long-term fiscal pressures associated with the legacy pension structure. He stressed that sustainability is also a social responsibility necessary to protect both present and future generations of public officers.
The ceremony also formally introduced the fully constituted Board of Trustees, which now serves as the fiduciary guardian of the Fund, responsible for ensuring that contributors’ resources are managed prudently, transparently, and in the best interests of members.
The board comprises professionals with expertise in finance, actuarial science, governance, law, investment management, public administration, human resource management, and trade union representation. The Government underscored that the board operates as an independent, nonpolitical governance body established to safeguard contributors’ interests through robust fiduciary oversight, accountability, and transparency.
During the ceremony, formal recognition was also extended to the Pension Reform Committee, technical consultants, Derick Osborne, institutional partners, and key ministries whose contributions helped shape and operationalise the reform initiative. Special acknowledgement was given to the Honourable Prime Minister and Members of Cabinet for their leadership and for approving 100% past service credit recognition, notwithstanding recommendations for a reduced allocation. This decision was recognised as a significant demonstration of the Government’s commitment to safeguarding the retirement security and dignity of public officers.
The Permanent Secretary with responsibility for Public Administration, Lyndonna Hillaire Marshall, highlighted that “The reform was intentionally designed as a scalable national framework, strengthening retirement security through wider participation, shared efficiencies, and long-term sustainability.” This forward-thinking approach reflects the Government’s vision to build a modern, scalable, and sustainable pension framework capable of strengthening retirement security across the public sector and eventually within the wider national workforce through expanded participation and shared efficiencies.
The signing of the agreements with Bacon Woodrow & De Souza Ltd., as Pension Fund Administrator and Sheppard Securities Limited as Investment Manager, represents a critical step toward strengthening administrative operations, investment management, contributor services, compliance systems, and the fund’s long-term operational readiness.
Government reaffirmed that implementation activities, contributor onboarding, public education, and stakeholder engagement efforts will continue as the Pension Plan advances toward full operational maturity.
“Today, Grenada demonstrates that responsible reform and worker protection can coexist. We are securing tomorrow, responsibly, transparently, and together.”
Office of the Prime Minister
