More than two-thirds of the respondents to last week’s cayCompass.com online poll said they either don’t have much faith or no faith at all in their Cayman Islands pension plans.
Of the 492 respondents, the largest segment of them – 167 people or 33.9 per cent – said they have no faith at all in their pension plan.
“I put my money in, my employer put money in and five years later I got half of what was put in out,” said one person. “Do you call that working?”
“It’s not nearly as much fun as gambling, but it gives me the same result: a big loss,” said someone else. “I guess someone is having fun playing with my money though.”
“I am writing the money off and don’t expect anything in return in the future,” said another respondent. “I wish I could take the money out and purchase more property as an investment.”
“My pension plan has lost about 20 per cent of the funds that I have been forced to pay in over the past nine years,” commented one person. “It’s an absolute disgrace.”
“The pension system needs to be revised,” said someone else. “Contributions should not be paid out to anyone until they are 65 years old. Hundreds of individuals, both expats and Caymanians, are allowed to get their contribution, once they can show proof that they now reside in another jurisdiction.”
Almost as many respondents – 166 people or 33.8 per cent – said they hadn’t too much faith in their pension plan.
“I strongly believe we should keep a close eye on these companies running the funds,” said one person. “There are some strange things going on.”
“Every statement I receive the funds keep decreasing instead of increasing as is expected,” said someone else.
“This answer would be the same in almost any country considering the state of the global economy,” said another person. “This is not just a Cayman problem.”
Another 69 respondents – 14 per cent – said they had some faith in their pension plan.
“I think it does a decent job of managing the funds despite the turmoil in the global financial world, but it does bother me when I send e-mails with questions that aren’t even responded to,” said one person.
“The guidelines are way too restrictive as to what and in which countries investments can be made,” said someone else. “This is not a plea for investments in Cayman Islands government financed affordable housing, rather for a wider geographic mandate for the fund managers.”
“People need to understand that the minimum contributions will not likely provide them with the retirement they anticipate,” commented one person.
“I left island and cashed it in, thank goodness,” said someone else.
Only 34 people – 6.9 per cent – said they had very much faith in their pension plan.
“The money held should be invested here in Cayman,” said one person.
Four people – 0.8 per cent – responded ‘other’ to the question.
“Mine is held overseas,” said one person.
“I’m not sure,” commented someone else. “I finally found employment in February of this year. Honestly, I do not understand too much about the pension plan.”
Next week’s poll question
Do you support organ transplants in the Cayman Islands?
Yes, but only from living donors
Yes, but only from non-living donors
Yes, from both living and non-living donors
No (write reason in comments)
I don’t know