For more than 46 years, the Chamber of Commerce has been dedicated to promoting a positive business climate in Cayman and representing the best interests of the local commercial community.
The high-profile champion of business has also been dedicated to providing a secure financial future for all people living and working in the Cayman Islands, through the Chamber Pension Plan.
Established as a non-profit entity in 1992, the plan features several unique characteristics that make it especially beneficial to its members.
First and foremost, the Chamber Pension Plan is operated as a not-for-profit business, which enables it to return all of the profits to its members, unlike every other pension fund in Cayman. Professional management, good customer service and protection of the assets of the membership are the priorities of the Chamber Pension Plan.
Through careful and rigorous selection of their investment managers the Plan’s portfolio is managed by Butterfield Bank–Fixed Income, Epoch Partners -Global Equities, McKinley Capital–Global Equities, Vanguard–Global Equities; affording the plan superior investment results and excellent administrative support.
As an example of an investment offering the Chamber Pension Plan also offers L Funds, or “Lifecycle” funds, which use professionally determined investment mixes that are customized to meet investment objectives based on a range of time horizons.
The objective is to strike the most favourable balance between the expected risk and return associated with each fund.
This strategy assumes that the greater number of years until retirement the more able a member can tolerate risk/fluctuations and thus assumes a more aggressive investment strategy which helps younger members pursue a higher rate of return and then allows them to invest more moderately while they are older and approaching retirement age.
The Plan is also the only one managed by members of the community, and they are uniquely qualified to understand and meet the needs of Cayman’s workers, a significant advantage over foreign-domiciled pension schemes. An elected board of trustees, comprised mainly of members, monitors the Plan’s performance and makes changes as necessary.
In addition, the Plan has been set up to require the lowest administrative fees possible so that more money can remain invested. For an even greater economic advantage, these fees are deducted from the assets of the fund, not from members’ contributions, and pay only for its management and administration.
For more info
T: (345) 745-7630
E: [email protected]