All Fidelity Pension Plan members who successfully applied on or before 29 May for an emergency withdrawal from their pension accounts have now been processed for payment, according to RF Group.
RF Group officially became the manager of the Fidelity Pension Plan on 1 May, the same day the changes to the Cayman Islands Pension Law came into effect. Plan participants have complained their payments had not been made within the 45-day period mandated by law. President of Fidelity Pension Services, Brett Hill, was criticised by some last week for comments he made before the Public Accounts Committee questioning members’ motivation for taking money out of their pension accounts.
In a statement, RF Group CEO Michael Anderson thanked all Fidelity Pension Plan participants for their patience over the last two months.
He said “the various processes required to facilitate the withdrawals created significant challenges for pension participants, pension regulators and pension service providers”.
The plan commenced payments during the week of 15 June but acknowledged delays in responding to and processing client queries and withdrawal applications.
“On behalf of the management and staff of the RF Group,” Anderson said, “I would like to apologise to all Fidelity Pension Plan participants for any delays experienced. While both the Cayman and Bahamas based teams have worked tirelessly to deal with the massive volumes of emails, calls and applications received, they were often overwhelmed by the sheer numbers of persons requiring assistance”.
Plan members who have successfully applied for emergency withdrawals from their pension accounts after 29 May will begin to receive payments beginning the week of 13 July.
Despite the initial challenges, Mr. Anderson confirmed that RF Group remains committed to the development and progress of the Cayman Islands. He said, “We look forward to the opportunity to bring new and innovative products to the market.”
All applicants should receive an email confirmation, RF Group said. Clients who have submitted applications during the month of May and have not yet received an email outlining necessary changes to the application or confirming payment are asked to contact [email protected].