Role and Functions

The major function of the Treasury Division is to ensure that proper accounting can be given to Parliament. This will therefore include the provision of financial accounting services and systems and the production of the Consolidated Accounts of Trinidad and Tobago. The Division is headed by the Comptroller of Accounts and to facilitate its functions, the Division is structured into the following Branches: –

1. Financial Management
2. Treasury Management
3. Pensions Management

Financial Management Branch

One of the core functions of the Financial Management Branch is that of reviewing and updating Financial Accounting and Management Systems in the Public Service. The services this Branch provides to its clientele are as follows: –

1. Developing, implementing and monitoring financial management and accounting systems and procedures in the Public Service.
2. Investigating irregularities in the Financial Management and Accounting Systems.       
3. Training and developing personnel in financial management and accounting systems and procedures in the Public Service.
4. Providing advice to Ministries and Departments and to the Public Accounts Committee (PAC) in financial and accounting matters.
5. Developing and monitoring Internal Audit Units in the Public Service.     
6. Issuing instructions for the recovery of overpayments where appropriate and making recommendations for the write off of losses of cash and stores and overpayments where these are no longer recoverable.
7. Ensuring that Accounting and Administering Officers are appointed by the Minister of Finance.
8. Making recommendations to the Minister of Finance for opening Bank accounts and setting guidelines for the operation of public or official Bank accounts.

Treasury Management Branch

The Treasury Management function is the hub of the operations between the Treasury Division and Ministries/Departments in respect of the disbursement of Parliamentary funds and the final reporting to Parliament via the statutory Treasury Statements and Appropriation Statements.

Treasury Management encompasses the following sub-branches:

1. General Ledger Services
2. Public Debt Management
3. Loans Management
4. Finance and Accounts
5. Cash Monitoring

Services provided by the Treasury Management Branch

1. Encashment of government cheques;
2. Wire Transfers:-
   • Direct payments through the CBTT to foreign suppliers
   • Payments through the Overseas Missions
   • Payments through Other Governments and Administrations i.e. payments made by the Government of T&T on behalf of Caribbean Governments
3. Issue approved credits to Ministries/ Departments;
4. Provide Flight Insurance;
5. Counterfoil- Stock keeping of receipt books and blank cheque forms;
6. Reconciliation;
7. Maintain Deposit and Fund accounts and produce cheques;
8. Process motor vehicle loans (purchase, repair and insurance).

For further information, please contact us at:

Treasury Director, Treasury Management Branch – (868) 223-2941 ext. 2600
Senior Treasury Accountant, Treasury Management Branch – (868) 223-2941 ext. 2603

General Ledger Services

The General Ledger Services (GLS) Section is responsible for the accounting operations required to produce the annual financial statements of government relative to its revenue and expenditure. GLS interfaces with every Ministry and Department in producing, recording, maintaining and reconciling accounting records to permit them to produce their Appropriation Statements.

GLS also has the responsibility for the consolidation of the revenue collected by Ministries/Departments, District Revenue Offices and the Tobago House of Assembly for incorporation into the General Ledgers of the Republic. It is charged with the responsibility for reporting in detail, the revenue collected during any financial year.

The monthly processing of receipts and expenditure transactions emanating from each and every Overseas Embassies, High Commissions or Consulates. The conversion of transactions from each foreign currency to TT$ is also undertaken within GLS.

The main functions of this section are as follows:

1. The production of the Consolidated Financial Statements of Trinidad and Tobago (GLS consolidates the revenue and expenditure of all Ministries/Departments necessary for the production of such Accounts);
2. The provision of cashing facilities for the encashment of Government cheques;
3. The provision of flight insurance for public officials who travel overseas in the performance of their duties;
4. Making payments in respect of unclaimed lottery tickets (such claims to be first verified by the National Lotteries Control Board);
5. Issuing of counterfoil books and blank cheque forms to Ministries and Departments;
6. Funding Overseas Missions and arranging for overseas payments to be made on behalf of Ministries and Departments;
7. Fleet Card Facility – prepares monthly payment Vouchers and Schedule of Accounts based on the charges in the bank report for allocation by Ministries and Departments.

For further information, please contact us at:
Treasury Executive II – General Ledger Services Section – (868) 223-2941 ext. 2602

Public Debt Management (PDM)

The major function of the Public Debt Management (PDM) Section is the management of Government loans, both local and international. This includes:

1. Budgeting for loan payments;
2. Repaying Government loans, both local and foreign;
3. Creating and maintaining Sinking Funds to provide for future loan repayments;
4. Making investments on behalf of various Government institutions;
5. Maintaining the records of loans granted from General Revenue and from Long  Term Development Funds;
6. Producing the Statement of the Public Debt at the end of each Fiscal Year.

For further information, please contact us at:
Treasury Accountant II – Public Debt Management Section – (868) 223-2941 ext. 2813

Loans Management

The Loans Management Section provides loans to public officials who are required to keep/use a vehicle in the performance of his/her duties. These loans are dispersed for:

1. The purchase of motor vehicles;
2. Insurance of motor vehicles;
3. Repair of motor vehicles.

Additionally, Loans Management is responsible for collecting and accounting for payments under the Cess, Devaluation and Computer Loan facilities.

Loan Management Booklet

For further information, please contact us at:

Treasury Executive II – Loans Management Unit – (868) 223-2941 ext. 4302

Finance and Accounts (F&A)

The Finance and Accounts (F&A) Section provides the accounting services for the Treasury Division, other divisions of the Ministry of Finance and in certain areas (non-budgetary funds) for the entire Public Service. It is also responsible for the production of the Consolidated Appropriation Account of the Ministry of Finance and the detailed Appropriation Statements of the Comptroller of Accounts. F&A also provides a disbursement function on behalf of other Governments and Administrations. The delivery of quality service to its clientele is the main objective in this area.

In addition to the normal operations of an accounting unit, F&A also undertakes the following:

1. Issuing cheques in respect of Funds and Deposit Accounts of Ministries and Departments;
2. Requesting other Governments to make payments on behalf of Ministries and Departments and reimbursing these Governments for payments made;
3. Effecting payments on behalf of other Governments and making claims for payments made;
4. Payment of Costs/Damages in respect of successful High Court Actions against the State. These payments are made on the instructions of the Chief State Solicitor;
5. Insurance of government vehicles;
6. Dormant Accounts – Bank Accounts which remain inoperative for a period of 14 years and over are closed by the commercial banks and the balances are transferred to the Consolidated Fund.

For further information, please contact us at:
Treasury Executive II – Finance and Accounts Section – (868) 223-2941 ext. 1026

Cash Monitoring (CM) Section

This section is responsible for monitoring and reporting on the various bank accounts held by the Treasury Division, Ministry of Finance. CM is also responsible for payments and receipts made by Ministries and Departments.

For further information, please contact us at:
Treasury Accountant II – Cash Monitoring Unit  – (868) 223-2941 ext. 1200

The Pensions Management Branch

The responsibility of the Pensions Management Branch (PMB) is to manage the payment of pensions, gratuities and retiring allowances to public officers, as well as pensions to the widows and children of public officers in accordance with the Widows’ and Orphans’ Pensions Act, Chapter 23:54 (W&O Act).

The PMB requires the submissions of particulars of service and all supporting documentation from Ministries and Departments (MDs) to fulfil its commitment to process such submissions in order to facilitate the timely payment of the pensions, gratuities and retiring allowances.

The PMB’s process starts with collating the submissions and creating files for every officer/retiree. The PMB maintains the records of eligible male officers who are accepted as a contributor on special conditions as specified in the W&O Act.

The files facilitate the preparation of computations of pensions, gratuities and retiring allowances. The computations are done in accordance with various Pension Laws, Regulations as well as Memoranda of Agreement which relates to the Judicial, Legislative and Administrative Services for the Republic of Trinidad and Tobago.

Additionally, the PMB prepares computations of gratuity to specific eligible retired Daily Paid employees in accordance with the Pensions Act, Chapter 23:52. This action is also dependent on the submissions of records of service from Ministries in which the daily paid employees had served.  The PMB also assists in computing Retirement Benefits (RB) payable to daily paid retirees by the Ministry/Department in which they were employed.

The RB must be consistent with the provisions of the relevant Collective Agreement.

The PMB’s process also requires action from external Departments to ensure that the computations in the files are independently examined and all indebtedness are identified.

Despite the PMB creating files and preparing computations for previously monthly paid Public Officers and specific eligible retired Daily Paid employees, files are also created for examined computations on behalf of other services, such as the Trinidad and Tobago Defence Force, Police Service, Fire Service and Prison Service.

All files undergo an approval sub process before payments of pensions, gratuities, retiring allowances are made by the PMB/ Ministry/Service.

Further, the PMB facilitates payments of pensions through Overseas Missions/Embassies and other Governments on behalf of pensioners residing in those jurisdictions.

As part of the normal operations of the Treasury Division, the PMB is also involved in the preparation of Circulars and Circular Memoranda, that provide guidelines for the establishment of systems and internal controls as pertains to pension and leave matters, to all Permanent Secretaries and Heads of Departments, Chief Administrator, Tobago House of Assembly and Heads of Statutory Authorities subject to the Statutory Authorities Act, Chapter 24:01.

For further reading please click on the following links to view:

• Comptroller of Accounts (COA Circulars)
• Ministry of Finance Circulars (MOF Circulars)
• Legislation
• Presentations

Contact Information

Pension Management Branch (PMB)
Treasury Building
#1 St Vincent Street, Port of Spain.
Telephone: (868) 223 2941 exts. 1015 and 1018
Fax No: (868) 625 9603

Ministries and Departments are therefore ask to communicate with the PMB via its email treasurydiv.pensions@gov.tt

MONTHLY PAID OFFICERS BENEFITS

Eligibility for Benefits

INFORMATION REQUIRED FROM MINISTRIES/DEPARTMENTS FOR THE PROCESSING OF BENEFITS

The following information must be submitted by Ministries/Departments at least three (3) months prior to the date of retirement to facilitate the processing of benefits:

1. Full Pensions and Leave Records full;
2. Signed copy of your Memo to the Director of Public Administration (D.P.A.) noting the retirement (original not a photocopy);
3. Original signed letter of benefits option (signed before retirement date);
4. Original Birth Certificate with supporting Affidavit (if necessary);
5. Original Marriage Certificate (where applicable);
6. Director of Public Administration’s (D.P.A’s) letter of first permanent appointment (a signed/certified copy);
7. A letter of confirmation (a signed/certified copy);
8. National Insurance and Income Tax File;
9. Statement of all Indebtedness to Government re: Overpayment of Salaries etc.;
10. Address and telephone contact number.

NB: Please note that employees should ensure that their Pension and Leave Records are prepared, maintained and reviewed annually.

WIDOWS AND ORPHANS SCHEME

All male public officers holding permanent confirmed appointments in the Public Service including male members of the Police Service, Prison Service including male members of Police Service, Prison Service and Fire Services are eligible for acceptance to the Scheme.

Only notional contributions are applied to the Scheme in respect of serving male public officers.  (Contributions to Widows and Orphans’ Scheme absorbed wide NIS contribution with effect from September 1^st, 1980). Contributions cease to be payable after 35 consecutive years or an attaining age 65, whichever is earlier.

Who qualifies for benefits?

• Widows;
• Orphans (or children of marriage under the age of 18 years).

When to Claim:

• On the death of the Contributor.

How to Claim:

Submit an application to the Pensions Management Branch supported by the following original documents:-

• Death Certificate of the Contributor;
• Birth Certificate of Contributor;
• Birth Certificate of Contributor, widow and Children under 18 years;
• Marriage Certificate.

Cessation of Widows and Orphans Pension:

Widow

• Her death;
• Remarriage;
• Bankruptcy.

Orphans

• On the attainment of age 18 (except in cases of eligible disabled orphans);
• Female orphan married prior to age 18, then benefit ceases on the date of marriage.

Legislation

1. The Constitution of the Republic of Trinidad and Tobago (Chapter 8)
2. The Exchequer and Audit Act
3. The Financial Regulations to the Exchequer and Audit Act
4. The Financial Instructions 1965

Contact Information

Treasury Division
Ministry of Finance
Treasury Building
#1 St. Vincent Street
Port-of-Spain

Telephone: (868) 223-2941 (Pensions Hotline extensions: 1015 & 1018)

Treasury Director, Treasury Management Branch                              (868) 223-2941 ext. 2600

Senior Treasury Accountant, Treasury Management Branch             (868) 223-2941 ext. 2603

Treasury Executive II – General Ledger Services Section                   (868) 223-2941 ext. 2602

Treasury Executive II – Loans Management Unit                               (868) 223-2941 ext. 4302

Treasury Executive II – Finance and Accounts Section                       (868) 223-2941 ext. 1026

Treasury Accountant II – Public Debt Management Section              (868) 223-2941 ext. 2813

Treasury Accountant II – Cash Monitoring Unit                                 (868) 223-2941 ext. 1200

Fax: (868) 627-6625