Private pension bill comments due today

The public comment period on the National Pensions Bill 2012 closes today.

On Wednesday, Cayman Islands Chamber of Commerce President-Elect Chris Duggan urged government officials to extend the public comment period before taking the bill to the Legislative Assembly. Mr. Duggan, who is also chairman of the Council of Associations, said people have not had enough time or information to fully consider the bill, which would overhaul the regulation of private sector pension plans.

“Providing one month for public comment is unreasonable and without the regulations there cannot be useful discussion on the revised law. We urge the minister to release the regulations for public review and then allow a further period for consultation before tabling the bill in the Legislative Assembly,” he said.

Mr. Duggan made his remarks at the beginning of a “Be Informed” session co-hosted by the chamber and the council at the chamber’s headquarters. Officials presented an overview of the proposed legislation and fielded questions from the audience. When asked if the government would heed Mr. Duggan’s request to release the regulations and extend the comment period, Ministry of Employment Deputy Chief Officer Vaughan Carter said, “The intention is to publish the regulations as soon as they become available from the Legislative Drafting Department.”

Regarding the public consultation process, documents and an online survey can be found at www.npo.gov.ky, and printed copies can be collected at the Department of Labour and Pensions, on the second floor of Midtown Plaza.

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