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Trinidad and Tobago to raise pension contributions and retirement age to avoid fund insolvency, affecting future retirees starting 2027.
Trinidad and Tobago will raise NIS contribution rates by 3% in January 2026 and again in January 2027, while gradually increasing the retirement age from 60 to 65 by 2036.
The changes, aimed at preventing insolvency, apply only to those retiring after 2027, with current pensioners and pre-2028 retirees unaffected.
The government cited rising payouts and asset depletion as reasons for reform, warning the fund could fail by 2034 without action.
A 0.25% levy on banks and insurers and tax-free private pensions will also take effect in 2026.
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Trinidad y Tobago elevará las contribuciones de pensiones y la edad de jubilación para evitar la insolvencia del fondo, lo que afectará a los futuros jubilados a partir de 2027.