Topic: pension
The new retirement reality in Cayman
Increasingly, many retirees may discover that pension savings alone are unlikely to fully support the lifestyle they once envisioned.
Christmas bonuses for civil servants, public service pensioners
Premier Juliana O'Connor-Connolly came bearing gifts for Cayman's public service pensioners and civil servants Thursday night as she announced increases in pension payments and a one-time bonus for government workers.
Retirement could be ‘unaffordable’ for many Caymanians
The so called ‘golden years’ are looking increasingly bleak for Cayman Islands residents with successive governments facing accusations that they have mismanaged pensions policy to the point where only a select few can afford to retire in the territory.
Pension contributions, retirement age to be reviewed
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.
Economist cautions against another pension fund raid
Economist Marla Dukharan has urged the government to think twice before allowing Cayman residents to make more early withdrawals from their pension funds to pay off their mortgages.
Retirees now allowed to withdraw $14,125 a year from pensions
The rising cost of living has led government to increase the amount pensioners can take annually from their retirement funds from $12,900 to $14,125 a year.
Can Cayman’s pension and health insurance schemes support an ageing population?
People across almost all the world are living longer and higher quality lives, but societies, as currently structured, simply won’t be able to afford to support the elderly.
Public Service pensioners get one-off cost of living payment
Public Service pensioners have received a one-off summer bonus payment of $450 in their accounts.
Scott: Businesses on ‘even keel’ to tackle cost-of-living hikes
The removal of the remaining COVID-prevention barriers in Cayman has left the tourism sector on an "even keel", even as the jurisdiction faces external factors inhibiting economic growth on a larger scale, according to Chamber of Commerce President Shomari Scott.
Gov’t pensioners to get extra $150 for Christmas
Government pensioners are set to get an extra $150 payment this Christmas.
Hearing reveals Cayman’s ‘broken’ pension system
A three-day Public Accounts Committee hearing concerning private pension plans in the Cayman Islands last week showed how the current system, subject to constant...
PAC: Cultural shift needed to increase pension transparency
A Public Accounts Committee meeting this week highlighted a lack of transparency regarding the performance, fees, administration and regulation of pension funds in the Cayman Islands.
Public Accounts Committee to question pension practices
The Public Accounts Committee is meeting from Wednesday until Friday this week to raise questions about pension practices, including the failure by the Department of Labour and Pensions to publish annual reports for the National Pensions Board.
BritCay asks for patience with pension withdrawals
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.
FAQ: Pension holiday and withdrawals
Frequently asked questions regarding the Cayman Islands suspension and withdrawal of pension contributions.
Pension cash-out hurts funds, savers and the taxpayer
The downside of cashing out your pension.
Europe’s pension funds shun blacklisted Cayman
Pension funds and institutional investors in Europe are putting the breaks on investments in Cayman-based entities following the decision by the European Union to add Cayman to its list of non-cooperative jurisdictions in tax matters.
Report: Pension liabilities to cost $368 million over 20 years
A valuation report on the territory’s public pensions calls for government to spend more than $368 million over the next 20 years – more than $18.4 million annually – to address the pensions’ combined funding shortfall of $197.2 million.
Employer faces ‘historical’ pension charges
An employer appeared in Summary Court on Tuesday facing eight charges of failing without reasonable cause to provide a pension plan or make contributions to a pension plan for employees, with one of the charges dating from Jan. 1, 1999.
Travel agency owner faces prison if pensions not repaid
The owner of a defunct travel agency was threatened with imprisonment on Wednesday by Magistrate Angelyn Hernandez if she does not repay former employees for deductions made from their salaries as contributions to a pension plan, but which were never placed in any plan.
Magistrate suggests civil proceedings for pension cases
It may be appropriate to recover unpaid pension contributions by way of civil proceedings, Magistrate Valdis Foldats suggested on Friday.
Champion House fined for labor violations
Magistrate Valdis Foldats on Friday ordered Champion House Ltd. to pay a $500 fine and $10,689 in wages that the restaurant owed to a former employee since at least October 2014.
Judge expresses frustration over companies’ pension failures
When Precision Landscaping owner Donald Thompson appeared in court Thursday for his alleged failure to make pension payments on the behalf of his employees, Magistrate Angelyn Hernandez was not pleased when he cracked a joke about his age from the defendant’s stand.
Extra cash for more than 300 pensioners
More than 300 retired Cayman Islands civil servants who do not make enough money each month to pay their bills are now receiving a $650-per-month payment from the government-run Public Service Pensions Board.
‘Final’ dates set for pension cases
Three employers charged with failing to contribute to a pension plan for workers appeared in Summary Court on Thursday, when Magistrate Angelyn Hernandez said she was marking two of the files “final adjournment.”
Employers make pension payments in two court cases
Two employers who have been coming to court since 2011 presented evidence on Thursday of payments made in partial compliance with obligations under the Labour and Pension Laws.
Decade of pension reports absent from public view
During the past decade, as successive Cayman Islands governments sought to amend laws related to private sector retirement savings plans, the government regulator for those plans was not able to release vital public information about the pension system.
Subtle legal change pushes for pension, healthcare compliance
The Cayman Islands government is seeking changes that would require local companies to have all outstanding pension, healthcare and other labor-related issues resolved before renewing their trade and business licenses.
Public pension payments to increase again
For the second time in as many years, the Cayman Islands government is expected to increase its annual pension payments to cover civil service workers’ retirement plans.
2017 editorials: The Compass’s voice on significant issues
Today we feature highlights from some of what we consider to be the most compelling and important editorials that appeared in the Cayman Compass in 2017, dealing with some of the most pressing matters facing our country.
EDITORIAL – Pension ‘exodus’: Bad idea, worse execution
We imagine that Moses’ leading the Israelites out of Egypt was a more orderly affair than Cayman’s “pension exodus” – where hundreds of expatriate workers are packing their bags and leaving, so as to avoid being swept up in last year’s changes to the National Pensions Law.
Champion House case delayed again
A case that has been pending for nearly a decade was extended again on Monday.
These are the most-read stories on CaymanCompass.com in 2016
A new Cayman Compass website debuted in January 2016. Here is a list of the most popular stories, measured by total page views, from the past year.
Pension law allows double-dip for employees aged over 60
Older workers in the Cayman Islands private sector will still be eligible to access their pension funds when they reach age 60 under the newly amended National Pensions Law, whether they have actually retired or not.
Tourism sector fears expat pension exodus
Cayman Islands tourism sector managers fear “skyrocketing turnover” within the next year, following government’s decision to set a cutoff date for when workers can receive cash refunds from their retirement accounts.
Developer sued over Little Cayman ‘house in a box’ deals
A U.K. pension administrator is suing Crown Acquisitions Worldwide, alleging the real estate developer took its money for several land lots in a Little Cayman subdivision and failed to transfer the land or get plans approved for homes.
Life insurance consolidator Phoenix to leave Cayman
Phoenix Group, the largest specialist closed life and pension fund consolidator in the U.K., has announced plans to restructure its business and leave both the Cayman Islands, where it is registered, and Jersey, where the group is headquartered.
Lawmakers’ pensions need $1.76M a year
It has been recommended that government pay about $35 million over the next 20 years to cover a severely underfunded retirement plan for Cayman Islands lawmakers, according to records obtained by the Cayman Compass.
Cayman’s 20-year pension bill: $320 million
The Cayman Islands government has been advised to pay an additional $16 million a year for the next 20 years to help settle funding deficiencies in one of its civil service pension plans.
Possible 2024 ‘depletion’ of gov’t retirement fund
Unless government increases employee contributions to the main civil service retirement fund, financial advisers estimate that the pension fund for most older government workers and current retirees could be depleted by 2024.
