Average pension payments in Antigua and Barbuda have risen sharply in recent years — from about EC$1,000 to roughly EC$2,100 — and could reach EC$3,000 within a few years, according to Executive Director of the Social Security Board, David Mathias.

Speaking on Government in Motion, Mathias said the increase reflects both higher contribution levels and the fact that retirees are living longer, leading to greater pressure on the fund’s resources. He noted that “every new person that is being added is being added at higher rates, living longer, therefore requiring greater draws from Social Security.”

While contribution income remains stable in the short term, he said long-term liabilities are growing faster than inflows. He added that although options such as increasing contribution rates or raising the pensionable age have been discussed, there is little public appetite for either measure.

Mathias explained that the fund’s focus has therefore shifted toward generating new income through investment. One of the key initiatives is the government-backed redevelopment of the Jolly Beach Resort, which will be financed by the government and later transferred to the Social Security Board as equity. Through this structure, the fund will benefit from dividends and hotel revenues without using contributors’ money directly.

The arrangement includes monthly and quarterly reporting to Cabinet to ensure transparency, as well as an expanded investment committee that will include banking and valuation experts. Mathias said the aim is to strengthen the fund’s cash flow, build a sustainable reserve, and ensure pensions continue to be paid on time even in periods of economic uncertainty.