The Treasury Minister says the Island's pensions and benefits system is in urgent need of reform, in order to avoid funds becoming exhausted.
The Island's latest actuary review doesn't make happy reading.
The report suggests that, on current projections, the Island's National Insurance Fund will be exhausted by 2054-55, assuming contribution rates and existing benefit arrangements remain in their current form.
That is five years earlier than suggested in the last review carried out in 2007.
Eddie Teare says a long-term view has to be taken after a previous measure to stop the erosion of the fund failed to deliver.Clip 1
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