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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.
Pension contribution suppression and withdrawal

FAQ: Pension holiday and withdrawals

Frequently asked questions regarding the Cayman Islands suspension and withdrawal of pension contributions.
Pension withdrawals

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.

Pensions law ‘needs more teeth,’ magistrate says

Cayman’s National Pensions Law “needs more teeth,” Magistrate Angelyn Hernandez declared on Wednesday, when she heard updates on four cases of employers charged with failing to make contributions to a pension plan for employees.
Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

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.
Cayman Compass is the Cayman Islands' most trusted news website. We provide you with the latest breaking news from the Cayman Islands, as well as other parts of the Caribbean.

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.
An aerial view of the business area of downtown George Town, Grand Cayman

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.
Deputy Director of Pensions Amy Wolliston

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.

This week