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Lovell Defends UPP’s Record on Social Security, Blasts ABLP for Neglect Former Finance Minister says UPP paid ten times more into pension fund than Labour Party
Former Finance Minister Harold Lovell has defended the United Progressive Party’s (UPP) record on Social Security, contrasting it sharply with what he described as decades of financial neglect by the Antigua and Barbuda Labour Party (ABLP).
Speaking at a UPP town hall meeting at Freedom House on Monday night, Lovell presented figures showing that during the UPP’s 10-year term in office, the government paid EC\$122.7 million into the Social Security Fund—more than ten times the EC\$11.9 million contributed by the ABLP government over a 28-year period.
“For 28 years, the Labour Party treated the Social Security Fund as a source of cash, not a protected trust,” Lovell said. “They borrowed from it, failed to pay contributions, and left the fund in crisis. In contrast, the UPP acted responsibly and paid what was owed.”
Lovell accused successive Labour administrations of creating massive arrears and leaving the pension system nearly insolvent by 2004. He cited a total debt of EC\$464 million owed to the fund by the Labour Party government, including unpaid contributions, defaulted bonds, and treasury bills.
“These are not opinions—these are facts,” he told the audience. “When we came into office, we faced a broken system. We made hard decisions, introduced personal income tax to stabilise revenues, and ensured Social Security could meet its obligations.”
The former minister also reminded attendees that the Social Security Fund was never meant to be used for electioneering or political projects, pointing to the fund’s origin as a progressive reform established in 1973 under the PLM administration.
“We respected the purpose of the fund,” he said. “We understood it was not the government’s money. It belongs to the workers of this country—pensioners, the sick, the disabled, and mothers. Our record reflects that respect.”
Lovell’s remarks come amid growing controversy over a proposed government plan to invest Social Security funds into the Jolly Beach Resort—a move he strongly opposes as risky and mismanaged.
“After mismanaging the country’s finances and failing to account for NAMCO, the government now turns to Social Security for another bailout. It’s disgraceful,” Lovell said.
He urged the current Social Security Board to stand firm and ensure the fund is not further compromised. “Do not repeat the mistakes of the past. Protect the contributors. Protect the pensioners. That’s your duty,” he said.
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Mr. Lovell. Why are you bringing up NAMCO. Was it under the UPP administration that people were outside at 6 in the morning lining up at Social Security to see if there was money for them? Was it also under the UPP administration, that thing at the green space at the East bus station was built. Up to now, e carn use fu do nutten, but y’all think ABLP mus fix um. I was a supporter, but y’all do too much a chupitniss, and still want people support. Just what exactly are we supporting. So much inhouse fighting mek all the people who could have pushed the party forward, leave. Y’all make them leave. Get y’all shit together and come sensibly with proper innovative ways to build, and stop grasping at straws. It’s ALWAYS Gaston Gaston Gaston! I can’t waste my thought process on stupidniss y’all coming with anymore. It’s tiring. “Run de country Gassy”. UPP a waste time. Tiring.
The biggest failure as an opposition leader and a murderer of a young woman and her child, just STFU!
Hark, hark the dogs do barkl, the beggars are coming to town…..
The wagon keeps rolling on, however!
You know how I see this. Gaston Browne throw a bone to the opposition and they jump to it and try to eat it all before even smelling it and examine the bone. Gaston Browne has not revealed his entire plan as yet but they already showed their teeth. During Covid it was this Gaston Brown administration that ensured that Social Security continued to make payment. This was done through the transfer of funds from the very same CIU. Now this very same Gaston Browne is looking at the longterm sovelcy of the Funds and saying he will use the very same CIU to ensure Social Security has an investment throught the Jolly Beach renovation. As I understand unit will be sold thought the CIU and the beneficiary will be Social Security. Putting $75 million in to Social Security as a cash deposit will not reap the returns as he predicts that will come from the CIU. Where does the $75Million has to come from? If the government will float a bond for this the bond will have an interest rate of at least 4%. If Social Security take this money and placed it in a savings account they will get interest of 2%. One can see that this is therefore stupid. And not to mention that the inflation rate is about 5%. The sad thing in this country is we do not have many investment vehicles to invest our monies and get a good retrun. That is why most of our monies just sitting in the bank not multiplying fast enough. We do have lots of investment opportunities in the tourism sector, but these are risky. The PM has called up on the citizens to make these investments. Be it in AirBnB Properties or CIU units. We are yet to take up that space. Meanwhile FDI are taking up this space slowly but surley. Social Security funds are the People’s Funds and should always be put to work for the people, with the highest return possible. The UPP we should not forget allowed Social Security to invest in CLICO and they lost almosgt $7Million of our monies. So I do not know how Lovell wants to defend that record. Next under the UPP the indebtness to Social Security by the government grow by about $200 million. And he procrastinated to implement to actuary report to increase the pension age and to increase the contributions. Lovell you are just laughable. Just go back in retirement where you were. Don’t let your people fool you and tell you that you are still relevant. As Peter in Barbados said, You are a Spent Force.
… And don’t forget about the LACK of transparency YIDA and CIP …
Only FULL financial declarations and openness will appease hardworking Antiguans & Barbudans.
🎶” Open Up The Books, Open Up The Books … Open Up, Open Up. Open Up The Books”🎶
🎧🎤Wheeeel an’ come again … 🎛
Brixtonian the best of the best 😉
All I would say to FC and Faithful National # 1 is Where ignorance is bliss it’s folly to be wise. Both of you might be suffering from the same disease called “Shit Shankers”
@ Faitful National #2. Ok blind Bartimaeus. YOU are the one suffering, not me for sure and surely not from ‘Shit Shankers”. You’re funny. It seems like I mash you corn. I guess the truth is troubling. 5 more years on UPP. Dem better wake up!