Government’s debt restructuring in 2018 wiped out more than $1 billion in the National Insurance Scheme’s (NIS) assets, it was revealed Wednesday by the fund’s consultant actuary.Derek Osborne, who recently completed the 17th Actuarial Review of the NIS, which was laid in Parliament on Tuesday night, said the NIS needs urgent reform given the number of challenges being confronted by the social security scheme.“Government saw it necessary to reduce its debt obligations, and like other bond holders, the NIS lost some of its assets. In this case, just over $1 billion,” he disclosed.“When Government decided to have a haircut on its bonds, the NIS lost $1billion. NIS assets were reduced by $1 billion but government’s obligations to NIS were also reduced by $1 billion,” he however noted.
