Tag: pensions
Pension firms face 14,000 requests in a week
(CNS): Pension administrators managing the nine different pension funds for private sector workers have faced a barrage of emails and messages in the wake of the new law passed by government to allow people access to their money during the COVID-19 health emergency. Deputy Director of Pensions Amy Wolliston said they were all in a […]
Pensions need ‘radical’ change
(CNS): The future of private pension plans looks distinctly shaky after Premier Alden McLaughlin warned that a national plan may be in the pipeline to replace the current inadequate system. With workers in the private sector being given the opportunity to take a chunk out of their pensions to see them through the economic slump […]
Miller argues alternative to pension withdrawals
(CNS): MLA Ezzard Miller (NS) has proposed an alternative to allowing people to access their pension funds as a way of injecting cash into the economy to battle the financial fallout from the COVID-19 panic. Speaking in the Legislative Assembly on Thursday, Miller said that while he supports the pension holiday he is the only […]
MLA urges pension raid to reset ‘ridiculous’ system
(CNS): Opposition MLA Chris Saunders (BTW) made a powerful argument on Thursday for everyone who has a private pension to raid it following changes to the law. He said that such a move might be the catalyst needed to reform the current “ridiculous system”. Saunders said he had never heard anyone who was satisfied with […]
Pension cash to take over six weeks to come
(CNS): Premier Alden McLaughlin has said that it will take several weeks for people to actually get their hands on the cash that they will be able to access from their pension funds when government amends the National Pensions Law on Thursday. Some pension companies have told their clients that it will take 60 days […]
Official opposition backs pension holiday
(CNS): Opposition Leader Arden McLean and his official members have said they will support the changes government will be making to the Pensions Law when the Legislative Assembly meets this week. The government is amending the legislation to create a ‘holiday’ period from the mandatory payments by employers and their employees and to allow people […]
A call for a PPP in retaining pension funds
MLA Ezzard Miller writes: Before I discuss how pension funds can be retained while funding employees in these desperate times, I take a moment to once again congratulate the premier and his government for consulting and following the advice of the medical fraternity on the handling of the coronavirus pandemic.
Opposition calls for pension access
(CNS): Opposition members are urging government to introduce a suspension on the mandated pension regime for six months and to amend the law to allow people in the private sector to take up to $850 per month from their own pension fund until September. They are also asking government to find a way to address […]
Rules change on pension refunds
(CNS): From the end of this year onward workers in the private sector will only be able to access refunds from their pension when they leave Cayman if there is less than CI$5,000 in the account. The changes made to the National Pensions Law, which will come into effect on 30 December, largely impact expatriate […]
Miller urges CIG to address social ills
(CNS): The opposition leader has identified eight priority areas that he wants government to address in the upcoming Strategic Policy Statement that will set out the goals for the final two years of the current PPM-led coalition. At a press briefing last week Ezzard Miller accused the government of not funding welfare, education and other […]
Poor Persons (Relief) Law under review
(CNS): Government has confirmed a review of the Persons (Relief) Law (1997 Revision), which governors the current social welfare support provided to people by the Needs Assessment Unit. Responding in a ‘government minute’ to the findings of the Public Accounts Committee on a report by the Office of the Auditor General, which found a number […]
