Actuarial Valuation of Belize Social Security Board as at 31 December 2021

Executive Summary The Social Security Board (SSB), Belize, against the retirement of its actuarial consultant, wishes to engage the International Labour Organization (ILO) to conduct an actuarial valuation of the pension component of the national Social Security Scheme as of 31st December 2021. The valuation is primarily aimed at assisting the Board of the SSB in ensuring that the social security system operates on sound financial and actuarial basis, as well as to provide adequate and affordable levels of income protection for its membership. The actuarial valuation is mandated by statute, with these reports serving as public documents to inform stakeholders of the current and projected financial status of the Scheme. The 2021 valuation will consider an in-depth analysis of the retirement benefits branch, and the short-term branch (consisting of maternity and sickness benefits) to consider appropriate parametric changes, as well as to analyse the impact of the prospective inclusion of the Belize Defence Force to the Scheme. This valuation exercise will be progressed through the application of the ILO/Pensions model, to which the short-term benefits will be included as additional benefits. The valuation exercise further seeks to develop the actuarial capacity of the SSB through the application of the online ILO/PENSIONS Actuarial model, which will see the participation of SSB staff in the data collection and costing exercises. The actuarial valuation exercise of the employment injury insurance branch will be progressed as an independent undertaking with a specific project. The reasons for a project of its own are that the employment injury insurance model of the ILO is specific, requires separate modelling, presenting additional costs to be covered.

Project symbol

BLZ/22/01/BLZ

Admin unit

SOCPRO

Start date

22/09/2022

End date

28/02/2024

Total allocation

100000

Total expenditure

Status

Closed

96697

Development Partners

Belize, Social Security Board

Country/Countries

Belize

Outcomes

Outcome 7: Universal social protection