Ask Sandy: Banking questions

I am working a full-time job; have a second job that I work six to eight hours per week; and I work about four hours on the weekend at a third job. I have been told I have to pay pension on my second and third jobs even though I only work a few hours a week. Is this true?

Every employer in the Cayman Islands is responsible for providing a pension plan for its employees. You do have to pay pension contributions with every employer. Think of it as a bonus as you are contributing more to your pension than the average person and hopefully will be able to maintain the same lifestyle you are accustomed to when you reach retirement.

My employer has been taking pension out of my pay for the past year and a half now. I noticed some of my co-workers get mail from a pension plan. When I asked someone what it was he told me it is a statement and I should be getting one. I am angry and upset but I’m afraid I’ll lose my job if I confront my manager. What can I do?

The first thing you should do is contact your pension provider. They may have an incorrect address on file for you and that may be the reason for your lack of mail. If your pension provider has your employer’s postal box as your personal address then you should ask your employer if they have received any mail for you. You can always request a pension statement from your pension provider at any time. This information should be at their finger tips.

Sandy Chapell is the manager of pensions for The Fidelity Pension Plan. Sandy is a Chartered Accountant with more than 15 years experience in the pension & fund administration, auditing and finance fields. She can be reached for questions at 949-7822 ext. 2206 or at [email protected].

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