On May 20, 2026, the Government of Grenada celebrated a transformative milestone in its public sector pension overhaul, hosting an official signing ceremony for the Administration and Investment Management Agreements at the Trade Centre Annex. Held under the banner “Securing Tomorrow, Today”, the event marked the transition of the Public Sector Employees Defined Contribution Pension Plan from its formal legislative establishment to an advanced phase of active operational rollout and structured institutional governance.
This pension reform initiative lies at the core of the administration’s broader public sector modernization strategy, which prioritizes strengthened governance frameworks, long-term national fiscal stability, and guaranteed retirement security for all current and future public sector workers. First launched into operation on January 1, 2025, implementation of the plan has progressed steadily since its launch, following years of evidence-based policy development that included rigorous independent research, actuarial impact assessments, cross-sector technical consultations, and inclusive engagement with diverse stakeholders to design a framework that balances worker protections with long-term national fiscal sustainability.
During the ceremony, government officials reaffirmed the state’s unwavering commitment to honoring all existing obligations to eligible workers covered by the legacy defined benefit pension system, while moving forward responsibly to build a durable pension model for generations of public employees yet to join the workforce.
Acting Prime Minister Hon. Andy Williams, delivering the event’s keynote address, framed the reform as a defining turning point in Grenada’s ongoing work to build a stronger, more modern, and fiscally sustainable public service. He emphasized that the overhaul reflects the government’s intentional, balanced approach to upholding both long-term fiscal sustainability and worker retirement security, ensuring that public employees can retire with dignity under a modern, responsibly managed pension system.
Williams further noted that the government could not responsibly ignore mounting unsustainable obligations, shifting workforce demographics, evolving labor market dynamics, and growing long-term fiscal pressures created by the outdated legacy pension structure. He stressed that embedding long-term sustainability into the pension system is not merely a fiscal priority, but a core social responsibility that protects the interests of both current and future generations of public servants.
The ceremony also marked the official launch of the fully constituted Board of Trustees, the independent fiduciary body tasked with overseeing the pension fund. The board will serve as guardian of the fund, with a mandate to ensure that contributors’ assets are managed prudently, transparently, and exclusively in the best interests of plan members. Comprising leading experts across finance, actuarial science, governance, law, investment management, public administration, human resources, and including formal trade union representation, the board is structured as an independent, nonpartisan body. The government emphasized that its autonomy is designed to protect contributors’ interests through robust fiduciary oversight, clear accountability mechanisms, and full operational transparency.
Attendees also paid formal recognition to the cross-functional team that brought the reform to fruition, including the Pension Reform Committee, lead technical consultant Derick Osborne, institutional partners, and key government ministries that shaped and implemented the initiative. Special recognition was extended to Prime Minister and the Cabinet of Grenada for their leadership in approving 100% recognition of past service credits, despite expert recommendations to adopt a reduced allocation. This policy decision was widely highlighted as a clear demonstration of the government’s commitment to upholding the retirement security and dignity of current public servants.
Lyndonna Hillaire Marshall, Permanent Secretary for Public Administration, noted that the reform was intentionally designed as a scalable national framework, strengthening retirement outcomes through broader participation, shared administrative efficiencies, and embedded long-term sustainability. This forward-looking design aligns with the government’s vision to build a modern, adaptable pension system that can first expand security across the entire public sector, and eventually extend coverage to the broader national workforce through increased participation and shared operational efficiencies.
The newly signed agreements name Bacon Woodrow & De Souza Ltd. as the official Pension Fund Administrator and Sheppard Securities Limited as the exclusive Investment Manager for the fund. The partnerships mark a critical step forward in strengthening core administrative operations, professional investment governance, member support services, regulatory compliance systems, and the fund’s overall long-term operational readiness.
Government officials reaffirmed that ongoing implementation work, including contributor onboarding, public education campaigns, and continued stakeholder engagement, will continue as the plan moves toward full operational maturity. Reflecting on the milestone, officials noted: “Today, Grenada demonstrates that responsible fiscal reform and robust worker protection can coexist. We are securing tomorrow, responsibly, transparently, and together.”
This report was issued by the Office of the Prime Minister of Grenada.