Implementation – Lifetime Pension Magnet

Introduction

The lucrative lifetime pension appears to be the principal incentive that attracts persons to elective politics, rather than a desire to serve.  This lifetime pension arrangement appears to explain the typical rude behaviour in parliament that would make most people unemployable. If the lucrative lifetime pension was abolished, then politicians would have the most effective incentive to improve their behaviour.  Further, persons who only wanted to become parliamentary representatives for the lifetime pension would seek their fortune elsewhere.

After Barbados became independent, politicians wrote two laws for themselves alone, which gave themselves the lucrative lifetime pensions.  Therefore, these laws can be conveniently repealed without affecting any other group.

Implementation Plan

1.  Repeal the following pension acts.

  • Retiring Allowances (Legislative Service) Act
  • Pensions (Prime Minister) Act

2.  All Members of Parliament, including the Prime Minister, will receive the normal employer contribution to the NIS.  They will also receive 5% of their salary to their private sector managed Registered Retirement Savings Plan.

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