Topic: Public Service Pensions

Parliament has amended the Public Service Pensions Act by confirming the definition of credited rate of return used by the administrator of the plan.

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.

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.

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.