The One Bermuda Alliance has accused David Burt, the Premier and Minister of Finance, of keeping negative news out of the public domain by failing to release reports.

Douglas De Couto, the Shadow Minister of Finance, first made the claim at a press conference last week when discussing pension increases.

Dr De Couto said that he did not know the financial position of the Bermuda Contributory Pension Fund because the latest actuarial review of the fund for 2023 had not been made available.

Dr De Couto added: “I really don’t know why they haven’t released the report. I suspect that it’s because it’s not a pretty picture.”

During a Senate sitting on December 4 last year, Robin Tucker, of the OBA, asked Arianna Hodgson, then the Junior Minister of Finance, whether the 2023 report was available.

Ms Hodgson replied that it had been compiled “and will be making its way to us very soon“.

The review is conducted every three years and the 2020 report is available on the Government’s website. The 2023 report is not.

Yesterday Dr De Couto again questioned why the report — along with the Public Sector Superannuation Fund, which pays civil service pensions — had not been released.

He said: “The most recently available actuarial reports on these funds date back to 2020 and indicated that without any changes, the pension funds will run out of money in the mid-2040s.

“This is due to Bermuda’s shrinking working population and increasing number of older people drawing on their pensions.

“Since 2020, the working population has further reduced, more retirees are relying on their pensions and the Government has increased pension payouts. These changes will further stress the funds and cause them to run out of money faster.

“Put another way, it’s our view that people working today cannot count on these funds for their retirement, unless important changes are made. The PLP Government has known about these issues for several years, but despite this knowledge and calls by the OBA, they have failed to address the issue.

“We know the Government has the latest actuarial reports dating up to 2023, but has chosen not to share them yet.

“It is our view that this is because the reports will present an even bleaker outlook for Bermudians’ pensions. Since the Government is running on a record of providing pensions increases, we call upon them to also inform the public of the health of the underlying funds by releasing these reports.

“Why haven’t the reports been released? There is no legislation preventing their release.

“Are the pension increases sustainable so they can be relied upon? What is the Government’s plan for addressing the structural issues in the funds?”

Ms Tucker also questioned why the reports were still unavailable.

She said: “The Government takes every opportunity to remind us that they have given seniors six pension increases between 2017 and 2024 but they fail to inform us of how they are paying for this.

“After receiving assurances in the Senate in December 2024 that the already delayed 2020-23 Contributory Pension Fund actuarial report had been completed, it is yet to be released.

“Bermudians can only surmise that it isn't being released before the election because the picture is bleak. If it was anything different it is unlikely that the Government would miss an opportunity to boast about good fiscal responsibility regarding our pension fund and would have released the report by now.

“Let’s think logically about the situation. There’s an existing large and increasing pension fund liability, insufficient number of workers contributing to the pension fund and unanticipated impacts from providing Covid relief funds from July 2020 to June 2021.

“Covid aside, it has been quite some time since pension contributions were increased to help build up the dwindling fund that we know is expected to run out in less than 20 years now.

“Does anyone remember the last time there were revisions to pension contributions which would help offset against promised pension increases? There has been talk of pension reform, but no updates on this have been forthcoming to date. So again, how is the Government funding the pension increases?”

She added: “While financially supporting seniors who need it is necessary, for whatever reason the Government continues to delay releasing the 2023 Actuarial Report that could give Bermudians some assurance that they are not robbing Peter to pay Paul, or brace for impact.

“This government has promised transparency so should not be delaying in letting the public know what the true picture of the future of our pensions is. The Government works for us, this is our money, and our retirement futures.

“With six pension increases already given and more promised annually, it is very concerning that this government hasn’t yet released the report to give assurance to Bermudians that they are not robbing Peter to pay Paul or betting on a corporate income tax windfall to fill shortfalls in the fund.”

When first questioned about the 2023 report by The Royal Gazette last week, a government spokeswoman said: “Responding to speculation isn’t productive in this instance, and the ministry won’t be drawn on Dr De Couto’s assertions.

“This has been shared with the Ministry of Finance. We cannot confirm if there will be a response … but will follow up in the event something is forthcoming.”

• Comments are closed on political content until February 19 to stem the flow of purposefully inflammatory and litigious comments during the General Election cycle. Users who introduce extreme partisan comments into other news content will be given a two-week timeout