The Tourism Workers Pension Scheme (TWPS) added VM Pensions Management to its pool of investment fund managers in a move that will strengthen the scheme’s long-term sustainability through prudent risk management and portfolio diversification.

The inclusion of VM Pensions Management follows a May 16 contract-signing ceremony held at the Ministry of Tourism’s head office in New Kingston, marking another critical milestone for the pension scheme.

Tourism Minister Edmund Bartlett welcomed the addition of VM Pensions Management, lauding the TWPS’ growth trajectory and emphasising its transformative role in the lives of thousands of tourism workers. The groundbreaking scheme, which became effective in January 2020, is designed to cover all workers ages 18-59 years in the tourism sector, whether permanent, contract or self-employed. 

“Today’s signing is one of the critical steps that we are taking to strengthen the social safety net for Jamaica’s tourism workers,” said Minister Bartlett. “This fund is not just a pension plan; it’s a model for the world. The performance to date has been absolutely satisfactory, with the fund now valued at J$4.1 billion after just a few years. VM Pensions, you are now charged with helping us move this fund to J$5 billion — my immediate goal.”

Designed to provide financial security for all categories of tourism workers in Jamaica, the TWPS now has a membership of around 10,000. The inclusion of VM Pensions Management is part of a broader push to diversify the fund’s portfolio, with another investment manager expected to be announced shortly.

Ryan Parkes, chairman of the TWPS board of trustees, described the new partnership as a significant step in building a resilient and well-managed fund.

“This session commemorates the start of a new era in the management of the TWPS investments. The addition of VM Pensions is a key part of our effort to better the lives of Jamaicans who have contributed significantly to our tourism industry,” he said. “We look forward to prudent management, diversification, and the maximisation of returns, while carefully balancing risk and sustainability.”

Natalie Bennett, chief executive officer of VM Pensions Management, expressed pride in joining the TWPS as a trusted steward of workers’ investments.

“It is truly an honour for VM Pensions Management Ltd to officially join the TWPS as one of its trusted investment managers. We believe that everyone deserves to retire with dignity, and we are proud to play our part in securing the financial future of the countless individuals who serve this vital sector with pride. Our approach is grounded in integrity, care, excellence, value, and diversification,” said Bennett.

Minister Bartlett envisions the TWPS becoming the largest pension fund in the Caribbean within the next decade, pointing to projected tourism sector expansion, including the construction of 5,000 new hotel rooms and the creation of up to 15,000 new jobs. At present, there is growing interest from other nations eager to replicate the TWPS model and its success.

“This is not an ordinary development. With over 350,000 persons working directly or indirectly in the tourism sector, the TWPS is poised to become a major instrument of national development—supporting capital projects and deepening Jamaica’s social security framework,” Minister Bartlett added.