Tag: pensions
Pension holiday extension confirmed
(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 […]
Pension payments paused until year-end
(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 […]
Fidelity pays up on pension withdrawals
(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 […]
Public service pension exceeds $1B
(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 […]
7MB resort under pension probe
(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 […]
Fidelity paying out pension, says CEO
(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 […]
DLP investigating Pensions Law breaches
(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 […]
Fidelity CEO admits breaking law
(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.
Pension boss justifies withdrawal fees
(CNS): Varying fees being charged by private sector pension funds to people accessing their cash to help them weather the COVID-19 economic collapse, in line with the recent change to the law, were defended by government’s pensions boss on Wednesday. Concerns have been raised that some pension administrators are taking advantage of members by charging […]
‘Culture change’ needed on private pensions
(CNS): Public Accounts Committee member Chris Saunders made it clear to regulators today that the culture surrounding Cayman’s mandatory private sector pension funds needs to change. Saunders, who has been a vocal advocate against the system, said the Department of Labour and Pensions (DLP) did not have the resources to police the plans where administrators […]
Pension fund fine, says Fidelity boss
(CNS): Concerns over the Fidelity pension fund have been dismissed by the president of Fidelity Bank (Cayman), Brett Hill, who told CNS on Monday that all valid applications made by its 11,000 members to take money out as part of the emergency withdrawal will be met. The form is now available on the website and […]
