Topic: Amy Wolliston

Government is set to embark on a review of Cayman's pensions plans which could see existing pension contributions, as well as, the local retirement age increased.

Local workers withdrew almost $310 million from their pensions in May, using government’s COVID-19 emergency-withdrawal measure, according to statistics from the Department of Labour and Pensions.

Members of the Public Accounts Committee criticised pension providers on Wednesday for charging extra fees for emergency pension withdrawals on top of the regular administrative fees they are collecting every year.

Deputy Director of Pensions Amy Wolliston has called for patience as thousands of employees and employers seek to make withdrawals from private pension fund providers.