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National Insurance Fund

The National Insurance Fund (NIF) was formed pursuant to Section 39 of the National Insurance Act.

The NIF is funded by National Insurance contributions and is the source from which pensions and other benefits under the National Insurance Scheme (NIS) are paid.

The National Insurance Board an investment advisory board, came into existence in 1990. The then Minister of Labour welfare and Sport, Honourable Portia Simpson-Miller, thought that the diversification of the investments of the National Insurance Fund needed careful management.

The Board works closely with the investment secretariat (a unit within the Ministry) in making recommendations to the Minister of Finance and Planning, who has ultimate financial responsibility for the NIF under the National Insurance Act.

The board comprises 12 members with experience in banking, investment, finance, legal affairs, real estate and the social sector.

The Board also has subcommittees namely audit, investment and real estate.


The responsibilities of the Board include:

  • Ensuring the proper financial administration of the National Insurance Fund.

  • The adoption of a positive and vigorous investment policy.

  • The diversification of asset holdings.

  • The protection of the integrity of the fund.

  • Good financial management by the financial statements, which are audited annually.

The Fund now has a varied portfolio mix as follows:

  • Money market instruments – GOJ local registered stock (LRS), investment debentures, foreign currency bonds and deposits, GOJ land and infrastructure bonds, short-term money market investments

  • Equities – listed shares, unlisted shares and unit trusts.

  • Real estate – commercial, resort, residential properties.

The current net worth of the NIF is $53 billion.

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