Antigua and Barbuda Social Security Executive Director David Mathias says the government’s investment in the Jolly Beach Resort will generate reliable returns for the pension fund without drawing from contributors’ money.
Speaking on Government in Motion, Mathias emphasized that the arrangement is designed to boost Social Security’s cash flow through ownership and dividends rather than direct spending.
“It’s not that money is coming out of Social Security and going into Jolly Beach,” he said. “It is a commitment being made by the government of Antigua and Barbuda to put Social Security’s investment portfolio on the right footing by them making the investment in Jolly Beach.”
“It’s not that money is coming out of Social Security and going into Jolly Beach,” he said. “It is a commitment being made by the government of Antigua and Barbuda to put Social Security’s investment portfolio on the right footing by them making the investment in Jolly Beach.”
He explained that the government will finance and redevelop the property, then transfer equity to the Social Security Board, making it a major shareholder in the venture.
The fund would earn income from hotel operations and potential future dividends.
Mathias said the partnership reflects a shift toward sustainable, income-producing assets to offset growing pension liabilities as retirees live longer and average payments increase.
The investment, he noted, is part of a broader effort to stabilize the scheme’s reserves and ensure timely benefit payments.
