Tag: pensions

Pension break rolls on after $400M fund ‘raid’

Pension break rolls on after $400M fund ‘raid’

| 24/12/2020 | 43 Comments

(CNS): The Cayman Islands Government is extending the freeze on mandatory pension payments until June next year to help ease the strain for employers and workers, as they continue to navigate the difficulties of the COVID-19 economy. Pension holders can no longer withdraw funds from their accounts, but officials revealed this week that more than […]

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Gov’t rejects MLA review of pension regime

Gov’t rejects MLA review of pension regime

| 23/10/2020 | 37 Comments

(CNS): Problems with the Cayman Islands private sector pension regime became a political football on Thursday, when the government rejected a call to establish a committee to take a deeper a look at what can be done with it. Opposition MLA Chris Saunders (BTW) had presented a motion to the Legislative Assembly calling for members […]

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Over $400 million taken from pensions

Over $400 million taken from pensions

| 08/10/2020 | 25 Comments

(CNS): With just a few more weeks to go before the emergency pension fund withdrawal opportunity ends, Caymanians and residents have already taken over $400 million from their funds. Almost 34,000 successful applications were made to take money from pensions and over 71% asked for the full amount, which was $10,000 plus 25% of the […]

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Pension holiday extension confirmed

Pension holiday extension confirmed

| 30/09/2020 | 8 Comments

(CNS): Both employers and employees have been given a reprieve on mandatory pension payments for another three months. Government has extended the ‘pension holiday’ on the 10% payment on salaries until the end of the year. However, the emergency withdrawal scheme will not be extended and anyone who wants to access their pension cash must […]

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Pension payments paused until year-end

Pension payments paused until year-end

| 11/09/2020 | 20 Comments

(CNS): The current holiday from the mandatory pension contributions by employers and workers in the private sector will now continue until at least the end of the year. However, the window of opportunity for people to access the funds they have in their pensions will not be extended and there will be no second go […]

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Fidelity pays up on pension withdrawals

Fidelity pays up on pension withdrawals

| 07/09/2020 | 22 Comments

(CNS): A pension provider that faced significant criticism for its delays in responding to members who applied under the law to withdraw their money says it is now paying up and everyone should be paid by the middle of this month. Fidelity Pension Plan was the biggest vocal critic of the legislative change that allowed […]

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Public service pension exceeds $1B

Public service pension exceeds $1B

| 15/07/2020 | 59 Comments

(CNS): The success of the Public Service Pension Plan was heralded by Deputy Governor Franz Manderson recently after the plan became the first in the Cayman Islands to exceed $1 billion. According to the 2019 annual report for the plan, which provides pensions for government workers, the fund grew by more than $228 million and […]

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7MB resort under pension probe

7MB resort under pension probe

| 06/07/2020 | 158 Comments

(CNS): The Department of Labour and Pensions has confirmed it is investigating the Margaritaville Beach Resort Grand Cayman for not paying its workers’ pension contributions. But the department has refused to release any details because of the ongoing probe into the issue. The hotel is believed to be one of several employers that were exposed […]

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Fidelity paying out pension, says CEO

Fidelity paying out pension, says CEO

| 01/07/2020 | 46 Comments

(CNS): The president and CEO of RF Group, which now manages the Fidelity pension fund, has claimed that “virtually all” the successful applications from members wanting to withdraw from their accounts that were made before 29 May have now been processed for payment and people should have received their cash. Michael Anderson apologised for the […]

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DLP investigating Pensions Law breaches

DLP investigating Pensions Law breaches

| 26/06/2020 | 39 Comments

(CNS): Following the recent Public Accounts Committee hearings and a number of public complaints about some pension plan administrators not following the law in relation to the pension withdrawal scheme, the Department of Labour and Pensions (DLP) has said it is reviewing the situation. “Multiple pension plan administrators” were being checked, officials said, to ensure […]

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Fidelity CEO admits breaking law

Fidelity CEO admits breaking law

| 24/06/2020 | 160 Comments

(CNS): Brett Hill, the CEO of Fidelity, has said it has not been possible to meet the requirements of the amended Pensions Law, which allows members to take cash from their pension fund to help them through the COVID-19 crisis, because the company needed more time.

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