NCB Insurance Agency & Fund Managers Limited (NCBIA) is now one of the investment managers for the groundbreaking Tourism Workers Pension Scheme (TWPS), following an appointment by the scheme’s trustees.

Under a three-year contract that began on June 30, 2025, NCBIA started managing a portion of the fund, which currently stands at approximately $3.7 million. With the scheme expected to grow as contributions increase, NCBIA said its appointment as an investment manager reinforces its role as a trusted steward of retirement savings.

Antonio Spence, head of NCBIA, welcomed the appointment, expressing his gratitude on behalf of the company to serve the tourism workers of Jamaica.

“This partnership represents more than just fund management; it’s about helping to build and secure a better future where our tourism workers can retire with dignity and peace of mind. Our team is deeply committed to safeguarding and growing the pension funds entrusted to us,” he stated.

Spence added, “NCBIA is proud to be recognised as one of the region’s multi-year awardee pension fund managers. We were named Best Pension Fund Manager in the Caribbean by World Finance for 11 consecutive years, from 2013 to 2024, with a 10-year net yield composite of 11.4 per cent across all managed funds over the period 2015 to 2024. As part of NCB Financial Group Limited, we benefit from the strength and scale of a wider investment team managing over J$1.8 trillion in assets. This gives us a unique advantage in delivering consistent, long-term value to contributors of the scheme.”

Adding NCBIA to the TWPS fund managers’ pool marks a significant development in the growth of the national retirement scheme for Jamaica’s tourism sector employees. With tourism as a major driver of Jamaica’s economy, securing long-term financial solutions for industry workers is essential.

Established in January 2020 by the Government of Jamaica through the Ministry of Tourism, TWPS was created to close the financial security gap for thousands of formal and informal tourism workers, including hotel staff, tour operators, craft traders and others in related services, particularly those in non-traditional or seasonal roles. The scheme is designed to ensure that employees, independent contractors and self-employed individuals alike within the industry have access to a structured retirement benefit plan.

Through this partnership, NCB reaffirms its mission of building a better Jamaica by fostering greater financial inclusion and stability. Its appointment signals a major step in strengthening the TWPS by ensuring that those who dedicate their careers to hospitality and tourism can retire with confidence.

Chairman of the TWPS Board of Trustees, Ryan Parkes, remarked: “NCBIA brings strong expertise in pension fund management, and [its] strategic approach aligns well with our mission of expanding the scheme’s reach. We look forward to a successful partnership that will enhance the retirement prospects of Jamaica’s tourism workforce.”

Minister of Tourism Edmund Bartlett expressed his support for the appointment of NCBIA.

“The Tourism Workers Pension Scheme is a game-changer for the industry, ensuring that the individuals who have contributed to Jamaica’s economic success can look forward to financial stability in retirement,” Bartlett stated, adding: “NCBIA’s role as an investment manager strengthens our ability to safeguard these funds and build a more sustainable, inclusive future for our committed tourism workers.”

The TWPS, administered by Guardian Life Limited (GLL), is designed to benefit over 350,000 workers in the tourism sector, making it one of the most impactful pension initiatives in Jamaica’s history. The scheme is mandatory for all workers in the formal tourism sector and voluntary for those in the informal sector, ensuring greater financial inclusivity.