Pensions
Private pensioners get access to more of their cash
(CNS): Residents living on private sector pensions can now access marginally more of their own money this year as the Department of Labour, in consultation with the National Pensions Board, approved an increase in the 2024 Retirement Savings Arrangements (RSA) disbursement figure from CI$14,125, the current maximum annual payout, to CI$15,000, effective 1 June.
Public service retirees to get 3.8% pension rise
(CNS): Retired public sector workers who are members of the government pension scheme will be receiving a 3.8% increase for 2024 based on the current inflation rate, the Public Service Pension Board (PSPB) has said. CNS has confirmed that MPs and judges who receive pensions are also receiving the cost-of-living increase on their payments, despite […]
Payments for 600 ex-CS pensioners may be stopped
(CNS): Pensioners in the government’s public pension scheme who haven’t completed their 2024 annual Pension Continuation Confirmation Certificate (PCCC) will have their payments stopped next month, the Public Service Pensions Board (PSPB) said in a press release Tuesday. Earlier this year, over 2,600 PCCCs were sent to pensioners, but around 600 people have not returned […]
Locals get more access to pensions to buy property
(CNS): Caymanians with private sector pensions can now gain access to more of their funds in order to pay down mortgages, raise deposits to buy a home or land, or pay off strata debts, after an amendment to the National Pensions Act was steered through parliament Thursday. Minister Dwayne Seymour, who has returned to the […]
Pensioners given access to more of their cash
(CNS): Pensioners in the private sector are being given access to more of their funds at retirement each year. The Department of Labour and Pensions (DLP) has announced that the annual disbursement of funds under a Retirement Savings Arrangement (RSA) has increased by 9.5%, from $12,900 per year to $14,125.
New pension raid justified by poor performance
(CNS): A proposal to allow people to use their pensions to pay down mortgages or for a deposit to buy their first property is justified because of the poor performance of private pension funds that non-government workers are forced to pay into each month, Chris Saunders MP said in parliament last Friday. Despite some reservations, […]
Seven years on, key parts of pensions law rolled out
(CNS): Cabinet has approved a new commencement order that will bring most of the outstanding parts of the National Pensions (Amendment) Act into force this year, some seven years after the law was passed. The provisions pave the way for more transparency and accountability on the part of the pension providers, naming and shaming of […]
Plans afoot for phased increase to pension contributions
(CNS): Employees in the private sector will need to increase the amount of money they pay into their pension funds because of the inadequacy of the current amounts set out in law, as well as the withdrawals made from the schemes during the COVID-19 lockdown and the freeze on mandatory payments for the last two […]
Chamber boss claims pension system a success
(CNS): Cayman’s national pension system has faced significant criticism from politicians of all stripes but Chamber of Commerce President Mike Gibbs defended it at the organisation’s Legislative Luncheon last week, despite evidence that, 23 years after the system was introduced, few people are retiring with anything like a viable income from their investment.
