British Caymanian Insurance Company Limited has asked its customers for patience as it processes thousands of pension-withdrawal applications triggered by the COVID-19 pandemic.
“We’d like to assure clients that we will honour all withdrawal requests that meet the criteria for pension withdrawals as prescribed by the National Pensions (Amendment) Law 2020,” said Neil Wright, BritCay pension and life operations manager.
In the meantime, he appealed to clients for patience.
Wright said the company has redeployed staff to respond to “the extraordinarily high number of client queries” received since the Cayman Islands government announced its intention to allow pension withdrawals. He said BritCay is reviewing and processing more than 6,000 pension-withdrawal applications since the law came into effect on 1 May.
“Our job is to meet the urgent needs of clients experiencing financial pressures and uncertainties caused by COVID-19 job losses,” he said. “Our mission is to do so in a timely manner that enables them to meet their ongoing financial demands, from rent and medical bills to groceries and other household supplies.”
BritCay said in a press release that managers and staff had been working nonstop to eliminate lengthy response times and to process and release the pension funds that can help clients manage their way through the pandemic.
The pension provider is working on online forms to speed up processing for the release of funds. An announcement on this is expected in the near future.