Seven of nine members on the Cayman Islands National Pensions Board have been reappointed to one-year terms even though it seems likely that the oversight body won’t be around for that long.
If Cayman Islands lawmakers approve the revamped National Pensions Bill, the duties maintained by the National Pensions Office and its board members will be split between the Cayman Islands Monetary Authority and the newly formed Department of Labour and Pensions.
“The latest version of the National Pensions Bill does not have either a board, a Superintendent of Pensions or the National Pensions Office continuing after re-alignment of pensions regulation,” said board Chairman Orren Merren, himself one of the reappointed board members.
Mr. Merren said the year-long reappointments for most of the members was largely done to maintain operations of the pensions office in the interim period.
It was not clear when government intended to bring the redrafted version of the National Pensions Bill. Employment Minister Rolston Anglin said earlier this year that he had hoped to bring it before the Legislative Assembly in November, but acknowledged that it could come later than that.
The LA is set to be dissolved in late March ahead of the May elections.
“The reappointments were necessary, because the appointments of all but two of our members expired last month,” Mr. Merren said. “The board still needs to function until the new law is passed and takes effect by Order in Cabinet. If the re-appointments were not made, there would be no board in place until the new law takes effect.”
The National Pensions Bill makes massive changes to existing legislation, not just by getting rid of the pensions board and National Pensions Office. The proposal will raise the retirement age from 60 to 65 for private sector pension plans. It is also expected to remove the requirement for companies to give at least a five per cent matching contribution for employee earnings into the retirement funds of work permit holders.