Topic: pension reform

The government is seeking public feedback on proposed amendments to the National Pensions Act, which would allow Caymanians to withdraw money from their pension plans to buy or build homes or pay off their mortgages.

Local legislators have unanimously voted for government to consider increasing existing withdrawal limits for Caymanians to be able to access more money from their pension funds to pay towards mortgage or land loans.

Almost seven years after the lawmakers approved changes the National Pensions Law  Cabinet has approved a new Commencement Order to bring into force part of those reforms.

Premier Alden McLaughlin has called for a “radical rethink” when it comes to how Cayman’s current private pensions system operates.