Senate approves pension investment rules, insurance fix and shipping pollution regulations

The Senate on July 10, 2026 approved several regulatory measures and gave a first reading to new consumer legislation, with pension reform drawing the longest debate of the sitting.

Lawmakers passed the Pensions Superannuation Funds and Retirement Schemes Registration, Licensing and Reporting Amendment Regulations 2026, which were laid on the table on March 27, 2026. The changes raise the limit on private-equity investment from 5% to 7.5%, with a further increase to 10% by April 2027. Senator Kavan Gail said Jamaica's pension industry managed roughly J$847 billion in assets as at September 2025 and argued the phased approach would channel more capital into businesses and infrastructure while protecting workers' retirement security.

Senator Kay Anderson, citing Financial Services Commission data, said pension assets stood at J$861 billion at December 31, 2025, but only about 174,000 Jamaicans — roughly 12% of the working population — were saving through pension plans. She warned that a 0.1% assets-under-management fee could collect about J$861 million annually and may be passed on to pension beneficiaries, and she called for clarity on possible double charging when pension assets are invested through pooled funds.

Government senators defended the fee structure, noting FSC charges had not changed since 2008 and the regulator recorded losses in the two preceding years. Senator Mara Morgan and Senator Floyd Small Ferguson welcomed the higher private-asset limits but urged clearer guidance and further reform, including phase-two measures such as portability and broader coverage.

The Senate also approved the Insurance Amendment of 20th Schedule Number Two Regulations 2026, correcting a duplicated insurance class in the schedule so motor vehicle insurance and accident insurance appear separately. Senator Anderson's broader concerns about insurance supervision costs were ruled out of order as already addressed in an earlier committee report.

Members further affirmed the Shipping Prevention of Garbage Pollution Regulations 2026, made on January 29, 2026 under the Shipping Act to give effect to Annex V of the International Convention for the Prevention of Pollution from Ships, and laid on March 27, 2026.

Standing orders were suspended to allow the first reading of the Jamaica Consumer and Competition Authority Act 2026, with notice of a second reading given. The Senate then adjourned to a date to be fixed, with Mr Cohen serving as acting clerk during Miss Low's absence.