Governor Timothy N.J. Antoine's Keynote Address at St Christopher and Nevis Social Se...

ST CHRISTOPHER AND NEVIS
SOCIAL SECURITY BOARD STAKEHOLDER REFORM CONFERENCE

 "Refining Today for a Sustainable Tomorrow"

21 APRIL 2026

SAINT CHRISTOPHER (ST KITTS) AND NEVIS

KEYNOTE ADDRESS

by

Governor of the ECCB, Timothy N.J. Antoine

"Why Social Security Matters to Every Citizen: Securing the Future of the Fund"

Salutations:

Introduction

Let me begin with a simple but powerful image.

Imagine with me, if you will, a worker in St Kitts and Nevis-someone who has toiled for decades, paid contributions faithfully and now stands at the cusp of retirement.

She is not thinking about actuarial reports.

She is not thinking about dependency ratios.

She has one simple question:

"Will social security be there for me?"

Now imagine that you are that person.

Ladies and gentlemen, that is the question before us today.

I thank Director Christopher Louard for his kind invitation, and I commend the Social Security Board (SSB) for convening this important Reform Conference under the thoughtful and timely theme:

"Refining Today for a Sustainable Tomorrow." (Slide 1)

Ladies and gentlemen, the theme captures both the urgency and the opportunity before us.

Because the simple truth is:

If we do not refine today, we cannot secure tomorrow.

And let me, at the very outset, establish this foundational principle:

A Sustainable Island State requires a sustainable Social Security system. (Slide 2)

Key Messages (Slide 3)

Allow me to share four key messages that I hope will guide our deliberations today:

First, sustainability protects people-not just the Fund.
This is not about numbers on a balance sheet. It is about dignity, security, and peace of mind.

Second, standing still means falling behind.

In a changing world, inaction is not neutral-it is regression. Reform delayed is sustainability denied.

Third, delay raises the cost for everyone.
The longer we wait, the harder the adjustments and the heavier the burden on future generations.

And fourth, securing Social Security requires collective action.
No system can secure its future alone.
This is a shared responsibility-government, employers, workers, all of us.

Bottom line: we must protect the people; inaction is dangerous; delay is costly; reform is responsible; and collective action is critical. (Slide 4)

Ladies and gentlemen, these are not merely key messages.

They are our call to action.

Social Security in a World of Constant Shocks (Slide 5)

We are living in a world defined by volatility, uncertainty, complexity, ambiguity-and anxiety (VUCAA).

St Kitts and Nevis faces:

• Economic shocks
• Climate shocks
• Pandemics and epidemics
• Price shocks

These shocks are no longer occasional.

They are constant and compounding.

The shocks keep coming.

No country in our region is large enough to absorb them alone-and none should have to.

Ladies and gentlemen, these challenges are not unique to St Kitts and Nevis. They are shared across the Eastern Caribbean Currency Union (ECCU) and the wider Caribbean. These challenges demand more than national responses-they require regional resolve.

In such a VUCAA world, the Social Security Board must be:

• An anchor
• A stabiliser
• A trusted pillar

It must be there-reliably, consistently, and sustainably-for the people of St Kitts and Nevis.

When crisis hits, citizens do not turn to actuarial reports (and I mean no disrespect to Mr Derek Osborne who has done yeoman service, as an actuary, for Social Security systems in the Caribbean).

They turn to institutions they can trust.

They turn to systems that deliver.

They turn to Social Security.

That is why sustainability is not optional.

Sustainability is essential.

Social Security: At the Heart of a Just Society (Slide 6)

Never forget, Social Security is not merely a system.

It is a powerful promise:

• A promise of protection in times of vulnerability
• A promise of dignity in old age
• A promise that no citizen is left behind

It is a multi-contingency shield; an economic stabiliser, especially in shocks; and an intergenerational social contract. (Slide 7)

Social Security is not about numbers-it is about people.

A Strong System-Facing Real Pressures (Slide 8)

St Kitts and Nevis has built a strong foundation:

• Near-universal coverage
• Broad support for pensioners
• A solid reserve base

This is commendable.

But here is the reality: standing still means falling behind.

(Slide 9)

In 1978:

• The retirement age was set at 62 (ahead of its peers in the ECCU)
• The system had over 6 contributors per pensioner

Today (In 2026):

• The system has about 3.5 contributors per pensioner
• And this is projected to fall to 1.6 contributors per pensioner

Observe the demographic shift:

• Fewer workers
• More retirees
• Longer lifespans

This is not temporary. It is structural and can no longer be ignored.

(Slide 10)

Since 2020:

• Benefits have increased by 48%
• Contributions have increased by only 19%
• Deficits have been widening

These financial pressures can no longer be ignored.

I am advised that-without reform-the Fund could be exhausted by 2040.

That is not far away. The risk is not tomorrow-the risk is already building today.

Ladies and gentlemen, 2040 may seem like a long time away but it is within the working life of many of you in this room. "Have you noticed how quickly the years seem to pass?"

The window for gradual reform is narrowing-fast.

Observe the state of Social Security systems in the ECCU, especially the retirement age (Slide 11), and some regional experiences (Slide 12).

The Saint Christopher and Nevis SSB-a system that once led the ECCU-has been overtaken, and its long-term sustainability is now at risk.

The situation can no longer be denied, nor can critical decisions be deferred.

For, as Nobel Laureate poet Sir Derek Walcott reminds us:

"The future happens, no matter how much we scream." (Slide 13)

So we must decide:

Will we prepare-or will we postpone?

The future is coming-ready or not.

So what future do we want for Social Security?

Sustainable or Unsustainable?

Sustainable or Unsustainable?

Sustainable or Unsustainable?

The Vision: A Sustainable Tomorrow (Slide 14)

The Social Security we need should be:

• Solvent
• Trusted
• Fair
• Adequate
• Modern

Because only such a system can support a Sustainable Island State-especially in a world of constant shocks.

Every day, we have a choice-"to curse the darkness or to light a candle." (Slide 15)

So what will we do?

Today, we must light a candle. We must choose to act.

Refining Today: The Reform Imperative (Slides 16-17)

The actuarial guidance is crystal clear:

• Establish a credible funding policy
• Raise the retirement age
• Adjust contributions responsibly
• Strengthen compliance
• Improve investment performance
• Ensure the sustainability of benefits

Why does this matter?

Because when people retire, the system must deliver-not disappoint.

And when shocks come-and they will-the system must stand strong.

This is why sustainability matters.

This is where collective action moves from principle to practice.

Collective action must be deliberate, structured, and sustained. It should include:

• Harmonising key reform parameters such as retirement age and contribution frameworks
• Sharing actuarial expertise and data systems to strengthen decision-making
• Pooling knowledge and best practices to accelerate reform
• Deepening regional capital markets to improve investment returns
• Coordinating communication strategies to build and retain public trust across our countries

After all, a weak system anywhere in our region can undermine confidence everywhere.Conversely, the reverse is true: when we act together, we strengthen not just systems-but trust, stability, and resilience across the Caribbean.

The Role of the Eastern Caribbean Central Bank (Slide 18)

Before I conclude, let me speak to the role of the ECCB.

For the Eastern Caribbean Central Bank (ECCB), Social Security reform is not only a national imperative. It is a regional stability issue. The ECCB's role, at its core, is to enable collective action-to help transform national reforms into a coherent regional strategy.

Under the Big Push, our Central Bank will play a pivotal role in helping to strengthen the resilience of Social Security systems across the ECCU.

First, the ECCB will continue to serve as a convening platform for reform dialogue, bringing together finance ministries, Social Security institutions, regulators, and development partners to support peer learning, sharing of good practices, and the alignment of reforms within the broader agenda of fiscal resilience in the ECCU.

Second, the ECCB will continue to help strengthen investment governance and regional capital market development, enabling social security funds to diversify safely and improve long-term returns while contributing to regional development.

Third, the ECCB will continue to strengthen its analytical, research, and advisory support, including forward-looking assessments of demographic pressures and fiscal sustainability. This will also include dedicated research and analytical work on health insurance systems, given their rising fiscal costs and their close interaction with national social security schemes. Sound reform must be grounded in robust data, applied research, and a clear understanding of emerging risks-not only current pressures.

After all, strong Social Security systems are pillars of economic stability. Through collective action, we ensure that these pillars stand firm-across every member country.

Above all, this is about people-always.

Conclusion: The Time to Refine is Now

Ladies and gentlemen, I recognise that my remarks have been sobering.

I have spoken candidly because this moment demands clarity-and it demands action.

This is not a time for anxiety. This is a time for action.

Let me return to the question of the hardworking woman: "Will social security be there for me?"

Our responsibility is to ensure the answer is YES.

The good news is this: we know what must be done.

The only question is: will we act-now?

Let me remind you of two enduring truths: (Slide 19)

First, a Sustainable Island State requires a sustainable Social Security system.

Second, standing still means falling behind.

And let us be clear, safeguarding Social Security in St Kitts and Nevis strengthens stability across the ECCU.

In a region as interconnected as ours, sustainability anywhere depends on sustainability everywhere.

In light of these truths, it behooves all of us-Government, Social Security systems, employers, employees, the self-employed, and other stakeholders-to protect our people by securing the Fund.

If we fail, we will feel the consequences in our retirement years, perhaps even sooner.

Inaction is not neutral. It compounds. It accelerates decline.

When asked: "What did we do to protect Social Security?" we must be able to answer with conviction-to ourselves, to our children, and to future generations.

We acted.
We took responsibility.
We secured it.

Let history record that we met the moment, we chose courage over comfort-and action over delay.

The time to refine is now!

May God bless you as you implement these critical reforms and crown your efforts with success and sustainability.

I thank you.

References

Brunton, P. D., & Masci, P. (2005). Workable Pension Systems Reforms in the Caribbean. Bridgetown: Filepe Herrera Library.

Eastern Caribbean Central Bank. (2021). Securing the Future through Sustainable Social Security Systems. Monetary Policy Session on Social Security (pp. 1-28). Basseterre: Eastern Caribbean Central Bank.

Inter-American Development Bank. (2024, September). Caribbean Economics. Building Resilient Safety Nets in the Caribbean: Future-Proofing Retirement Incomes, pp. 1-84.

LifeWorks. (2021). Anguilla Social Security Board; 12th Actuarial Review of the Social Security Fund as of December 31, 2020.

LifeWorks. (2022). Grenada National Insurance Scheme; 13th Actuarial Review of the National Insurance Fund as of December 31, 2021.

Nassar, K., Okwuokei, J., Li, M., Robinson, T., & Thomas, S. (2016). National Insurance Scheme Reforms in the Caribbean. IMF Working Papers, 1-30.

Schwartz, M. J., & Beuermann, D. W. (2021). Economic Institutions for a Resilient Caribbean. Washington D.C: Inter-American Development Bank.

Social Security Administration. (2026, March 25). United States Social Security Administration.

Statistics Canada. (2026, March 23). National Statistics Office of Canada

TELUS Health. (2023). St. Vincent and the Grenadines National Insurance Services; 12th Actuarial Review of the National Insurance Fund as of December 31, 2022.

TELUS Health. (2024). 10th Actuarial Review of the Montserrat Social Security Fund as of March 31, 2024.

TELUS Health. (2024). St. Christopher and Nevis; 14th Actuarial Review of the Social Security Fund as of December 31, 2023.

United Nations. (2026, March 20). United Nations Data Portal Population Division. Retrieved from United Nations Data Portal.