A new report paints a bleak picture about the future of the fund, which pays the state pension, and says that although it is in a healthy position at the moment, there are serious problems ahead.
The review by the UK government actuary predicts that even allowing for immigration of more workers, an increase in the retirement age of three years and stopping supplementation for under-18s, the fund would be empty in 60 years.
At that point, instead of relying on a built-up fund, the money coming in would have to cover the money coming out. Without any changes, the fund would run out in 2036 and contribution rates would have to go up from 10.5% at present to around 16.3%.
Social Security Minister Ian Gorst says that Islanders have to decide how they want to deal with the problem. And he says that with people living longer, it might only be fair to expect them to work longer, too.
