Topic: retirement
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.
From a celebrity arrest to Golden Globes gifts: Cayman earns spots in ‘best of’...
Named a top retirement destination and having one of the world's smallest airports, among other distinctions, Cayman has again ranked high in numerous publications' end-of-year lists.
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.
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.
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.
Chamber pension plan released from government oversight
A government order issued more than two years ago, putting the Cayman Islands’ largest private sector retirement savings plan under increased monitoring by government regulators, has been “concluded.”
Former administrator retires after more than 33 years
Henry Parchment has retired from his post as financial administrator for the Ministry of Planning, Lands, Agriculture, Housing and Infrastructure after serving more than 33 years in the civil service.
Third senior customs officer takes early retirement
Customs Department training manager Langley Powery will become the third senior department official to take early retirement this month, as a shift in personnel continues there.
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.
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.
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.
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.
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.
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.
