Topic: retirement age

Ombudsman Sharon Roulstone is taking legal action against Governor Jane Owen to try to prevent being forced to retire before her seven-year contract is completed.

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.

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.

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.