Topic: pensions
Pension offenders facing business license crackdown
The Department of Labour and Pensions recovered $1.2 million in outstanding pension contributions from delinquent companies in 2025.
That figure includes a case in which...
Millions in unpaid pensions may never be recovered
Government has vowed to step up enforcement in an effort to recoup millions of dollars in unpaid pension contributions from non-compliant companies.
New pensions board unveiled
The National Pensions Board has a fresh look after 10 new members were appointed by government to the 11-strong group.
Peter Huber, global head at...
Opinion: 10 ready-made policies for the next government
Ten ideas for politicians to consider.
Opinion: Cayman’s broken pension system needs radical reform
Compass columnist Simon Cawdery argues for raising the retirement age and radically reforming the islands' pension system.
Secure retirement out of reach for many Caymanians
The vast majority of elderly people in Cayman will be unable to support themselves through retirement with COVID-era pension raids making a bad situation worse, industry experts have warned.
Fidelity Bank sells pension and insurance business
Fidelity Bank has undergone a corporate restructuring resulting in the sale of its Fidelity Pension Services and Fidelity Insurance businesses.
Public Accounts Committee questions fees for pension withdrawals
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.
Ask the Experts: Pension holiday and withdrawals
Join us on Facebook live at 12pm for an Ask the Experts roundtable discussion on pensions. Representatives from the Chamber Pension Plan, Island Heritage and Saxon Pensions will be answering your pension questions.
Pension access could pump ‘half-a-billion dollars’ into economy
Cayman Islands pension account holders will be allowed to withdraw a lump sum of $10,000 from their funds under proposed new legislation to help them get through the coronavirus crisis.
Plans for workers to access pensions in the works
Premier Alden McLaughlin says he would be in a position to announce a formal plan to allow workers to tap into their pension savings could be announced by next week.
Premier: Pension contributions need to increase
Monetary contributions to private sector pension funds need to be increased for both Cayman Islands employers and employees, Premier Alden McLaughlin said last week.
Government must approve pensions fund transfers
Cayman’s Department of Labour and Pensions is required to approve any transfers of pension funds to retirement savings accounts outside the territory’s borders, but thus far, local pensions administrators said they have received little or no guidance as to what criteria will be used by government to green-light those funds transfers.
EDITORIAL – What you don’t know can hurt your pocketbook
Around the globe, an astonishing number of people lack basic understanding about savings and investments. This collective ignorance is not without consequence.
Changes good for savers, say pensions funds
Cayman’s two largest private sector pension funds, Silver Thatch and the Chamber of Commerce Pension Fund, have suggested that changes to the Pensions Law, though a temporary inconvenience to businesses, will be good for Cayman savers in the long term.
Government pensions liability grows again
The unfunded portion of the Cayman Islands’ main public sector retirement plan rose from about $191 million in 2015 to $220 million in 2016, according to financial statements reviewed by the Cayman Compass.
EDITORIAL – Delinquent pensions: Mission accomplished? We think not
The problem of employers not paying their employees’ pensions (and, more despicably, sometimes stealing their employees’ contributions to their pension plans) has not been solved at all.
Government pays $18 million to fund pensions
The Cayman Islands government will give an extra $18 million to its Public Service Pensions Board to “catch up” what a 2014 financial evaluation said it should pay toward the main civil service retirement fund for most older government workers, Finance Minister Marco Archer said last week.
Bills: Confidentiality changes, civil service retirement age
Another raft of legislative changes, mostly related to Cayman’s financial reporting mechanisms and civil service work rules, are due to come before the Legislative Assembly this month.
Give Pensions Law a chance
It seems that those who are petitioning against the amendments to the National Pensions Law, which was recently passed in the Cayman Islands Legislative Assembly, may have a deficit of facts.
Stop Pension Law changes
I write this letter in response to some misconceptions I hear from the public about the proposed changes to the National Pension Law, with three in particular included in the (Amendments) Bill 2016 and about the National Pension Law (2012 revision) as it stands now.
Petition started against pension law changes
An online petition that started Wednesday is urging government to nullify several sections of the recently approved National Pensions [Amendment] Bill.
Parliamentary pensions plan may get new members
Cayman Islands lawmakers who served only one four-year term in parliament between October 1959 and August 2004 would be eligible to receive a pension under a proposed amendment due to come before the Legislative Assembly later this year.
Job transfers, new retirement age for civil service employees
The Cayman Islands deputy governor will be allowed to transfer or even assign lower pay grades to civil service employees in circumstances where a Caymanian job-seeker has applied for what is considered to be a “key” position, according to proposed legislation made public this week.
Key pension plan issues left to Cabinet
A number of critical issues regarding how private sector retirement plans will be managed, including when individuals who are now 60 to 65 years old can receive full retirement benefits and how much they can take out of their pension savings accounts each year have been left up to Cabinet to decide.
Public pensions urge government support for funding plan
Cayman’s Public Service Pensions Board said Tuesday that it is “looking forward” to government’s continued cooperation to ensure long-term stability in the three public sector retirement plans it manages.
Pension ‘refunds’ restricted by new law
Greater restrictions will be placed on the transfer of pension funds out of the Cayman Islands, particularly when those transfers involve lump sum “refunds” to individuals who have left the islands, according to legislative changes approved this week.
Employer fined for pension offenses
The owner of three businesses was fined $6,500 this week and ordered to perform 320 hours of community service after pleading guilty to 29 offenses against the National Pensions Law.
Health debts not to be counted in budget
The Cayman Islands government intends to change its financial management law to avoid the formal acknowledgement of a $1.18 billion projected liability in its public healthcare system that would otherwise appear in the government’s annual “net worth” figure.
Two-year-old pension report awaits Cabinet review
Representatives of the Finance Ministry have declined to release a Jan. 1, 2014 financial evaluation of the Public Service Pensions system twice in the last six months, citing a pending review of the documentation by Cabinet ministers to occur at a date in the future.
Public meeting to explain new Trade and Business License Law
The Ministry of Financial Services is hosting a public meeting Thursday night to explain the requirements of the new Trade and Business Law.
One family’s battle with foreclosure
Emily Seymour, 67, surveys the scene from the front porch of the home she has owned for 30 years.
