Silver Thatch Pensions has issued a press release in response to recent media attention concerning issues arising with pension services in the Cayman Islands, saying it wishes to reiterate its best practices, reassuring members that it is a name in pensions to be trusted.
Silver Thatch Pensions believes in the importance of full transparency, and as such, is pleased to confirm that its annual statements are always filed on time with the National Pensions Office and that its pension assets are, and have always been, fully segregated.
Furthermore, to keep members updated on the plan and as required by the National Pensions Law, Silver Thatch Pensions continues to conduct Annual General Meetings, a public forum granting the opportunity for members to address outstanding issues or queries as well as review pension performance. Silver Thatch Pensions prides itself on its low operating costs, with expense ratios decreasing every year since inception, effectively improving net returns for its members.
Additionally, the cumulative returns of their portfolios since inception in 1998 have been positive. Between 30 June 30 1998 to 31 December 2008 – the conservative portfolio returned 53.36%, the balanced 39.22%, and the growth 24.49%.
Silver Thatch Pensions has the longest-serving board of trustees, boasting distinguished members of the local community. Since its inception, Carlyle McLaughlin Jr. has led the board. Mr. McLaughlin is the former Chairman of the Cayman Islands Monetary Authority, as well as previously serving as Deputy Chairman of the Immigration Board, Council Member of Cayman Islands Society of Professional Accountants, Director of the National Drug Council, and Chairman of the National Pensions Board.
Trustees also include Deputy Chairman, Charles Farrington, Managing Director of Julius Baer Bank and Trust Company Ltd.; Harry C. Chisholm, former Royal Bank of Canada Vice President and Country Head for the Cayman Islands; Richard G. Saxton, Comptroller of Arch and Godfrey (Cayman) Limited; Errol Bush, former Director of the Port Authority of the Cayman Islands; and Aaron Knapik CFA, Vice President of Treasury, Dart Enterprises.
‘We place a great emphasis on the importance of keeping our members informed and ensuring that we provide a superior pension product,’ said Mr. McLaughlin.
‘Accordingly, as the media spotlight has been focused on pension providers regarding their performance and perhaps the safety of members’ accounts, Silver Thatch members should find comfort in our best practices and full transparency. We encourage those who are evaluating their current pension provider to discover the Silver Thatch advantage.’
Established in 1997, the Silver Thatch Pensions Plan is a defined contribution plan and is one of the largest pension plans in the Cayman Islands. It is set up as a trust, which is domiciled in the Cayman Islands.