Analyzing the Pension Crisis: Sustainability of Old Age Pensions in TT

This report addresses the escalating concerns surrounding the sustainability of old age pension schemes in the context of a global "Pensions Crisis." It references early analyses of the crisis from 1999 and highlights more recent data, including a 2022 Harvard Business Review article noting the impact of below-replacement fertility rates and increasing lifespans on aging populations. The report focuses on the situation in Trinidad and Tobago (TT), referencing data from the Central Statistical Office estimating the 65-plus population. It discusses the Senior Citizens’ Pension in TT, outlining eligibility requirements and the application process as detailed by the Ministry of Social Development and Family Services. The report also includes insights from Minister Donna Cox on the financial unsustainability of providing pensions to every citizen over 65, emphasizing that the pension is intended for vulnerable individuals and addressing concerns about ineligible applicants receiving benefits. The report underscores the government's commitment to supporting senior citizens while ensuring the long-term viability of the pension fund.

Old age pensions are the topic of global conversations
about rising fears that as people age, those schemes
can’t be sustained. It is referred to as the Pensions
Crisis.
From as early as 1999, British economist John Eatwell
spoke to The Anatomy of the Pensions Crisis in an
economic survey of Europe.
A 2022 Harvard Business Review article said, according
to UN reports, two-thirds of the global population lives in
countries with below-replacement fertility rates, while
average lifespans continued to grow.
That meant many populations were rapidly ageing, and
would begin to shrink, it said.
This is also a looming issue for the TT government. The
Central Statistical Office, in its June 30, 2022 mid-year
population report, estimated TT’s 65-plus population at
122,412.
One provision for people over 65 in TT is the Senior
Citizens’ Pension.
The Ministry of Social Development and Family Services’
website says the pension is a grant accessible to citizens
over 65, who must have lived in the country for 50 years
and have a monthly income not exceeding $5,500.
To receive the grant, one must fill out an application
form, then attend an age-assessment meeting with the
Local Public Assistance Board. The ministry’s welfare
officers do a means test for eligibility for the grant. The
board then decides on the application.
Minister: Government pension not for all
Social Development and Family Services Minister Donna
Cox said to give every citizen who turned 65 a pension
would be unsustainable.

“How sustainable would it be if we just gave everyone
who wanted a pension one?”
There are 105,000 people receiving a pension from the
ministry, she said.
And there are more to come. Through its centenarian
programme the ministry has recognised that many
people are living longer. This is a factor in the
sustainability of the pension fund.
The Government aims to continue taking care of TT’s
senior citizens, but thinks some people might believe
they are entitled to it.
“That is not the case. The pension is intended for people
who are vulnerable. You are finding people applying for
pension and are people who are landowners,
homeowners and wealthy but feel they should still
receive that $3,500,” she said.
But in fact, “Everything that comes out of the Ministry of
Social Development and Family Services is for the
vulnerable. It is not for people who have.”
“We know there are many people on the system that
should not be there,” Cox added.
Old age pensions are the topic of global conversations
about rising fears that as people age, those schemes
can’t be sustained. It is referred to as the Pensions
Crisis.
From as early as 1999, British economist John Eatwell
spoke to The Anatomy of the Pensions Crisis in an
economic survey of Europe.
A 2022 Harvard Business Review article said, according
to UN reports, two-thirds of the global population lives in
countries with below-replacement fertility rates, while
average lifespans continued to grow.

That meant many populations were rapidly ageing, and
would begin to shrink, it said.
This is also a looming issue for the TT government. The
Central Statistical Office, in its June 30, 2022 mid-year
population report, estimated TT’s 65-plus population at
122,412.
One provision for people over 65 in TT is the Senior
Citizens’ Pension.
The Ministry of Social Development and Family Services’
website says the pension is a grant accessible to citizens
over 65, who must have lived in the country for 50 years
and have a monthly income not exceeding $5,500.
To receive the grant, one must fill out an application
form, then attend an age-assessment meeting with the
Local Public Assistance Board. The ministry’s welfare
officers do a means test for eligibility for the grant. The
board then decides on the application.
Minister: Government pension not for all
Social Development and Family Services Minister Donna
Cox said to give every citizen who turned 65 a pension
would be unsustainable.
“How sustainable would it be if we just gave everyone
who wanted a pension one?”
There are 105,000 people receiving a pension from the
ministry, she said.
And there are more to come. Through its centenarian
programme the ministry has recognised that many
people are living longer. This is a factor in the
sustainability of the pension fund.
The Government aims to continue taking care of TT’s
senior citizens, but thinks some people might believe
they are entitled to it.

“That is not the case. The pension is intended for people
who are vulnerable. You are finding people applying for
pension and are people who are landowners,
homeowners and wealthy but feel they should still
receive that $3,500,” she said.
But in fact, “Everything that comes out of the Ministry of
Social Development and Family Services is for the
vulnerable. It is not for people who have.”
“We know there are many people on the system that
should not be there,” Cox added.
Old age pensions are the topic of global conversations
about rising fears that as people age, those schemes
can’t be sustained. It is referred to as the Pensions
Crisis.
From as early as 1999, British economist John Eatwell
spoke to The Anatomy of the Pensions Crisis in an
economic survey of Europe.
A 2022 Harvard Business Review article said, according
to UN reports, two-thirds of the global population lives in
countries with below-replacement fertility rates, while
average lifespans continued to grow.
That meant many populations were rapidly ageing, and
would begin to shrink, it said.
This is also a looming issue for the TT government. The
Central Statistical Office, in its June 30, 2022 mid-year
population report, estimated TT’s 65-plus population at
122,412.
One provision for people over 65 in TT is the Senior
Citizens’ Pension.
The Ministry of Social Development and Family Services’
website says the pension is a grant accessible to citizens
over 65, who must have lived in the country for 50 years
and have a monthly income not exceeding $5,500.

To receive the grant, one must fill out an application
form, then attend an age-assessment meeting with the
Local Public Assistance Board. The ministry’s welfare
officers do a means test for eligibility for the grant. The
board then decides on the application.
Minister: Government pension not for all
Social Development and Family Services Minister Donna
Cox said to give every citizen who turned 65 a pension
would be unsustainable.
“How sustainable would it be if we just gave everyone
who wanted a pension one?”
There are 105,000 people receiving a pension from the
ministry, she said.
And there are more to come. Through its centenarian
programme the ministry has recognised that many
people are living longer. This is a factor in the
sustainability of the pension fund.
The Government aims to continue taking care of TT’s
senior citizens, but thinks some people might believe
they are entitled to it.
“That is not the case. The pension is intended for people
who are vulnerable. You are finding people applying for
pension and are people who are landowners,
homeowners and wealthy but feel they should still
receive that $3,500,” she said.
But in fact, “Everything that comes out of the Ministry of
Social Development and Family Services is for the
vulnerable. It is not for people who have.”
“We know there are many people on the system that
should not be there,” Cox added.
Old age pensions are the topic of global conversations
about rising fears that as people age, those schemes

can’t be sustained. It is referred to as the Pensions
Crisis.
From as early as 1999, British economist John Eatwell
spoke to The Anatomy of the Pensions Crisis in an
economic survey of Europe.
A 2022 Harvard Business Review article said, according
to UN reports, two-thirds of the global population lives in
countries with below-replacement fertility rates, while
average lifespans continued to grow.
That meant many populations were rapidly ageing, and
would begin to shrink, it said.
This is also a looming issue for the TT government. The
Central Statistical Office, in its June 30, 2022 mid-year
population report, estimated TT’s 65-plus population at
122,412.
One provision for people over 65 in TT is the Senior
Citizens’ Pension.
The Ministry of Social Development and Family Services’
website says the pension is a grant accessible to citizens
over 65, who must have lived in the country for 50 years
and have a monthly income not exceeding $5,500.
To receive the grant, one must fill out an application
form, then attend an age-assessment meeting with the
Local Public Assistance Board. The ministry’s welfare
officers do a means test for eligibility for the grant. The
board then decides on the application.
Minister: Government pension not for all
Social Development and Family Services Minister Donna
Cox said to give every citizen who turned 65 a pension
would be unsustainable.
“How sustainable would it be if we just gave everyone
who wanted a pension one?”

There are 105,000 people receiving a pension from the
ministry, she said.
And there are more to come. Through its centenarian
programme the ministry has recognised that many
people are living longer. This is a factor in the
sustainability of the pension fund.
The Government aims to continue taking care of TT’s
senior citizens, but thinks some people might believe
they are entitled to it.
“That is not the case. The pension is intended for people
who are vulnerable. You are finding people applying for
pension and are people who are landowners,
homeowners and wealthy but feel they should still
receive that $3,500,” she said.
But in fact, “Everything that comes out of the Ministry of
Social Development and Family Services is for the
vulnerable. It is not for people who have.”
“We know there are many people on the system that
should not be there,” Cox added.
Old age pensions are the topic of global conversations
about rising fears that as people age, those schemes
can’t be sustained. It is referred to as the Pensions
Crisis.
From as early as 1999, British economist John Eatwell
spoke to The Anatomy of the Pensions Crisis in an
economic survey of Europe.
A 2022 Harvard Business Review article said, according
to UN reports, two-thirds of the global population lives in
countries with below-replacement fertility rates, while
average lifespans continued to grow.
That meant many populations were rapidly ageing, and
would begin to shrink, it said.

This is also a looming issue for the TT government. The
Central Statistical Office, in its June 30, 2022 mid-year
population report, estimated TT’s 65-plus population at
122,412.
One provision for people over 65 in TT is the Senior
Citizens’ Pension.
The Ministry of Social Development and Family Services’
website says the pension is a grant accessible to citizens
over 65, who must have lived in the country for 50 years
and have a monthly income not exceeding $5,500.
To receive the grant, one must fill out an application
form, then attend an age-assessment meeting with the
Local Public Assistance Board. The ministry’s welfare
officers do a means test for eligibility for the grant. The
board then decides on the application.
Minister: Government pension not for all
Social Development and Family Services Minister Donna
Cox said to give every citizen who turned 65 a pension
would be unsustainable.
“How sustainable would it be if we just gave everyone
who wanted a pension one?”
There are 105,000 people receiving a pension from the
ministry, she said.
And there are more to come. Through its centenarian
programme the ministry has recognised that many
people are living longer. This is a factor in the
sustainability of the pension fund.
The Government aims to continue taking care of TT’s
senior citizens, but thinks some people might believe
they are entitled to it.
“That is not the case. The pension is intended for people
who are vulnerable. You are finding people applying for
pension and are people who are landowners,

homeowners and wealthy but feel they should still
receive that $3,500,” she said.
But in fact, “Everything that comes out of the Ministry of
Social Development and Family Services is for the
vulnerable. It is not for people who have.”
“We know there are many people on the system that
should not be there,” Cox added.
Old age pensions are the topic of global conversations
about rising fears that as people age, those schemes
can’t be sustained. It is referred to as the Pensions
Crisis.
From as early as 1999, British economist John Eatwell
spoke to The Anatomy of the Pensions Crisis in an
economic survey of Europe.
A 2022 Harvard Business Review article said, according
to UN reports, two-thirds of the global population lives in
countries with below-replacement fertility rates, while
average lifespans continued to grow.
That meant many populations were rapidly ageing, and
would begin to shrink, it said.
This is also a looming issue for the TT government. The
Central Statistical Office, in its June 30, 2022 mid-year
population report, estimated TT’s 65-plus population at
122,412.
One provision for people over 65 in TT is the Senior
Citizens’ Pension.
The Ministry of Social Development and Family Services’
website says the pension is a grant accessible to citizens
over 65, who must have lived in the country for 50 years
and have a monthly income not exceeding $5,500.
To receive the grant, one must fill out an application
form, then attend an age-assessment meeting with the
Local Public Assistance Board. The ministry’s welfare

officers do a means test for eligibility for the grant. The
board then decides on the application.
Minister: Government pension not for all
Social Development and Family Services Minister Donna
Cox said to give every citizen who turned 65 a pension
would be unsustainable.
“How sustainable would it be if we just gave everyone
who wanted a pension one?”
There are 105,000 people receiving a pension from the
ministry, she said.
And there are more to come. Through its centenarian
programme the ministry has recognised that many
people are living longer. This is a factor in the
sustainability of the pension fund.
The Government aims to continue taking care of TT’s
senior citizens, but thinks some people might believe
they are entitled to it.
“That is not the case. The pension is intended for people
who are vulnerable. You are finding people applying for
pension and are people who are landowners,
homeowners and wealthy but feel they should still
receive that $3,500,” she said.
But in fact, “Everything that comes out of the Ministry of
Social Development and Family Services is for the
vulnerable. It is not for people who have.”
“We know there are many people on the system that
should not be there,” Cox added.
Old age pensions are the topic of global conversations
about rising fears that as people age, those schemes
can’t be sustained. It is referred to as the Pensions
Crisis.

From as early as 1999, British economist John Eatwell
spoke to The Anatomy of the Pensions Crisis in an
economic survey of Europe.
A 2022 Harvard Business Review article said, according
to UN reports, two-thirds of the global population lives in
countries with below-replacement fertility rates, while
average lifespans continued to grow.
That meant many populations were rapidly ageing, and
would begin to shrink, it said.
This is also a looming issue for the TT government. The
Central Statistical Office, in its June 30, 2022 mid-year
population report, estimated TT’s 65-plus population at
122,412.
One provision for people over 65 in TT is the Senior
Citizens’ Pension.
The Ministry of Social Development and Family Services’
website says the pension is a grant accessible to citizens
over 65, who must have lived in the country for 50 years
and have a monthly income not exceeding $5,500.
To receive the grant, one must fill out an application
form, then attend an age-assessment meeting with the
Local Public Assistance Board. The ministry’s welfare
officers do a means test for eligibility for the grant. The
board then decides on the application.
Minister: Government pension not for all
Social Development and Family Services Minister Donna
Cox said to give every citizen who turned 65 a pension
would be unsustainable.
“How sustainable would it be if we just gave everyone
who wanted a pension one?”
There are 105,000 people receiving a pension from the
ministry, she said.

And there are more to come. Through its centenarian
programme the ministry has recognised that many
people are living longer. This is a factor in the
sustainability of the pension fund.
The Government aims to continue taking care of TT’s
senior citizens, but thinks some people might believe
they are entitled to it.
“That is not the case. The pension is intended for people
who are vulnerable. You are finding people applying for
pension and are people who are landowners,
homeowners and wealthy but feel they should still
receive that $3,500,” she said.
But in fact, “Everything that comes out of the Ministry of
Social Development and Family Services is for the
vulnerable. It is not for people who have.”
“We know there are many people on the system that
should not be there,” Cox added.
Old age pensions are the topic of global conversations
about rising fears that as people age, those schemes
can’t be sustained. It is referred to as the Pensions
Crisis.
From as early as 1999, British economist John Eatwell
spoke to The Anatomy of the Pensions Crisis in an
economic survey of Europe.
A 2022 Harvard Business Review article said, according
to UN reports, two-thirds of the global population lives in
countries with below-replacement fertility rates, while
average lifespans continued to grow.
That meant many populations were rapidly ageing, and
would begin to shrink, it said.
This is also a looming issue for the TT government. The
Central Statistical Office, in its June 30, 2022 mid-year
population report, estimated TT’s 65-plus population at
122,412.