The Pension Industry Association of Jamaica (PIAJ) is calling on the government to expedite the passage of the Pensions Bill.

The Bill includes long-overdue provisions for hardship withdrawals and contribution holidays, which have become even more pressing given the severe financial strain caused by Hurricane Melissa.

Sanya Goffe, President of the PIAJ, noted that while the discussion on limited emergency access to pension savings has been ongoing for more than two decades, the current national situation demands swift action.

“Hurricane Melissa has placed thousands of Jamaicans under sudden financial strain. Families need immediate support, yet there is still no legal framework that allows controlled, emergency access to a small portion of their pension savings,” Goffe said. “These provisions were designed precisely for circumstances like this. We now need the legislation to match the reality on the ground.”

The proposed hardship withdrawal and contribution holiday measures would provide short-term relief for affected members and employers while maintaining the long-term integrity of the pension system. Other countries have adopted similar models, demonstrating that emergency access can coexist with strong pension fund management when the framework is narrow, well-supervised and backed by proper verification.

Goffe stressed that Jamaica must act with both discipline and urgency. “We are not advocating for unrestricted access. We are advocating for a clear, well-controlled mechanism that gives families temporary breathing room without compromising their retirement security,” she said.

The PIAJ acknowledged that early withdrawals carry risks, including reduced retirement balances and potential administrative pressures on pension funds. However, the Association emphasised that these risks can be responsibly managed through strict eligibility criteria, percentage caps and mandatory proof of hardship.

The Association stressed that pension funds have no legal authority to offer targeted relief, even where members have suffered severe losses and are urgently seeking temporary financial support. The absence of a mechanism also places employers under strain since contribution obligations continue despite widespread business interruption. The PIAJ noted that an expedited legislative solution would bring order, consistency and fairness to the relief process at a moment when Jamaicans need clarity and support.

With the need now heightened by the hurricane’s impact, the PIAJ is urging the government to prioritise passage of the relevant provisions. If advancing the full Bill quickly is not possible, the Association is recommending that the hardship withdrawal and contribution holiday components be extracted and brought forward separately on an expedited basis. The PIAJ says it stands ready to support the government to ensure that these critical relief measures can be implemented swiftly and responsibly.