NAME OF FEATURE | THE GLEANER | FRIDAY, OCTOBER 27, 2023 10 R. DANNY WILLIAMS TRIBUTE Published January 24, 2004 R. DANNY Williams, chairman of the Jamaica Broilers Group, has urged Jamaicans to support the Government’s newly proposed pension legislation. “I’m calling on all Jamaicans to support it, for it is one of the most far-reaching and beneficial legislation to be introduced, both for the benefit to us as individuals and for us as a nation,” he said. Williams was the guest speaker at the Jamaica National Building Society’s (JNBS) 130th anniversary celebrations held recently at The University of the West Indies, Mona Visitors’ Lodge. He said the introduction of the new pension legislation could significantly improve the country’s worsening economic situation. ’’Similar legislation in Chile and other countries have been credited with the turnaround in those economies,’ he noted. While embracing the present draft and the benefits to be derived, the Broilers chairman said it did not contain all the required elements to correct all of what he termed the ’pros and cons’ of the existing management system. EDUCATIONAL CAMPAIGN However, he advised that the Government must first “embark on a massive educational campaign to explain to everyone the benefits of the new pension law”. From 2002, it was announced that the Government had embarked on drafting legislation for the reform of the existing Pension Scheme system, as currently there is no legislation which governs how pension funds are managed or utilised. The bill, when enacted, would streamline and put in place regulations for all pension funds in the country, and address concerns regarding the management of these funds. In addition, the proposed law would also include strict guidelines as to how pension funds could be invested, and a limit as to how much is invested in real estate. All approved pension schemes must be registered with the Financial Services Commission (FSC), the appointed regulatory agency. Additionally, all managers and administrators must be licensed, and trustees must be registered with the FSC. The JNBS, as part of its celebration, recognised over 90 staff members islandwide for their exemplary service to the institution for 10 years and more. Shirley Dawkins was specially recognised for being the longest-serving employee, with 35 years. Support new pension plan – R. Danny Williams From left: It’s serious business as Edward Seaga, leader of the parliamentary Opposition, makes a point to Oliver Jones, chief executive officer of Island Life Insurance Company, and R. Danny Williams, chief executive officer of Life of Jamaica, at the March 10, 1995 annual meeting and luncheon of the Life Insurance Companies Association at the Wyndham Kingston hotel. GLEANER PHOTO ‘I’m calling on all Jamaicans to support it, for it is one of the most far-reaching and beneficial legislation to be introduced, both for the benefit to us as individuals and for us as a nation’
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