TWPS Onboards NCBIA as a New Investment Manager
The Jamaica Ministry of Tourism has taken another bold step toward securing the future of Jamaica’s tourism workers with the official onboarding of NCB Insurance Agency and Fund Managers Limited (NCBIA) as one of the investment managers of the Tourism Workers Pension Scheme (TWPS). The move, announced during a contract signing ceremony held earlier today (June 30), signals a stronger push by the government to align economic security with broader social development goals, including affordable housing for tourism workers.
While applauding the continued growth of the scheme, now valued at nearly J$4 billion, with around 10,000 registered members, Minister of Tourism, Hon. Edmund Bartlett, revealed a groundbreaking policy direction for the future of TWPS.
“When we get to J$10 billion in savings, we will seek to develop a framework to support tourism worker housing,” declared Minister Bartlett. “Our intention is to facilitate a strategic partnership between the National Housing Trust (NHT) and local commercial banks and mortgage entities, to offer the lowest mortgage rates in Jamaica for our tourism workers. That’s the kind of social mobility that structured savings can unlock,” he added.
Minister Bartlett emphasized that the TWPS is not just a social protection mechanism, but a strategic economic tool to fuel domestic investment, reduce capital leakage, and improve quality of life. He shared that this idea was inspired by an encounter with a 78-year-old tourism worker who, despite serving the industry for decades, had no retirement security.
“That was the moment that drove us to act.”
“We’re not just investing in pensions; we’re investing in people, in dignity, and in the promise of a better tomorrow for the men and women who have made Jamaica a tourism powerhouse,” Bartlett noted.
NCBIA, appointed under a three-year contract, joins the fund’s investment management structure to help maximize returns for scheme members and secure the fund’s long-term growth.
Ryan Parkes, Chairman of the TWPS Board of Trustees, underscored the importance of diversified fund management. He said: “This partnership with NCBIA helps ensure optimal fund performance while upholding our promise to Jamaica’s tourism workers—some of whom have served the industry for 40 or 50 years. They deserve a dignified retirement, and this scheme is making that possible.”
Antonio Spence, Head of NCBIA, reaffirmed the company’s commitment to responsible stewardship, saying: “This is more than fund management, it’s a mission.” Spence noted that: “At NCBIA, we want every tourism worker to retire with the peace of mind that their future is secure. We are honored to be part of this transformative national project.”
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The groundbreaking scheme, which became effective on January 31, 2020, is designed to cover all workers ages 18-59 years in the tourism sector, whether permanent, contract or self-employed. Seeded with J$1 billion from the Government of Jamaica, the scheme is administered by Guardian Life Limited.
The tourism minister further noted that with the TWPS now growing at a rate of approximately J$100 million per month, its future looks promising, not only as a pension fund but also as a nation-building engine. “We are not just welcoming visitors to Jamaica. We are building a society that values and empowers its workers through pensions, through housing, and through hope,” Minister Bartlett stressed.
SEEN IN IMAGE: Minister of Tourism, Hon. Edmund Bartlett (right, 2nd row), smiles as he witnesses the contract signing between Sheree Martin, Chief Operating Officer, NCB and Board Director, NCB Insurance Agency and Fund Managers Limited (NCBIA), (1st left, seated); Ryan Parkes, Chairman of the Tourism Workers Pension Scheme’s (TWPS) Board of Trustees (2nd left, seated); Jennifer Griffith, Permanent Secretary in the Ministry of Tourism (2nd right, seated) and Michael Francis, TWPS Board Trustee (1st right, seated) during a signing exercise on Monday, June 30, 2025. Standing and sharing in the moment is Antonio Spence, Head of NCBIA.
