New Resident. A guide to living and working in the Cayman Islands
Cayman Islands New Resident Magazine Jul 3, 2009 
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Pension Requirements

Pension contributions are compulsory in the Cayman Islands so in this chapter we explain the legal requirements for pensions: What the law requires, what you can expect to have deducted from your monthly paycheck and when you leave the Island, how you can take your pension with you.

PENSIONS
In this chapter we explain the legal requirements for pensions in the Cayman Islands: What the law requires and what you can expect to have deducted from your monthly paycheck. Cayman is different from other jurisdictions regarding pensions. The pension system is privately funded in Cayman, but government regulated. There is no government scheme. The Cayman Islands Pension Law provides that 10% of an employee’s monthly salary must go into a pension. The legislation requires employees to contribute 5% and employers contribute 5% up to a maximum of CI$60,000 of annual earnings. Most plans allow for additional (voluntary) contributions to be received. Pensions are transferable from one registered pension plan to another when changing jobs. There is usually no transfer charge. If you leave Cayman and the sum in your pension account is under CI$5,000 you can take the funds with you within 6 months of leaving the Island. If it is over CI$5,000 and you leave the jurisdiction, there is a waiting period of two years or, subject to the approval of the Superintendent of Pensions, you can transfer to another regulated pension fund. Private money managers manage most funds. Please note that under the Cayman Islands Pensions Law, if you are married your spouse is automatically your beneficiary unless otherwise denoted.

Registered Pension Providers

 

British Caymanian Pension Plan

(Administered by Colonial Private Trustees)

BritCay House, 236 Eastern Ave

PO Box 74, Grand Cayman KY1-1102

Tel: (345) 949 8699 Fax: (345) 949 0538

 

 

Chamber of Commerce Pension Plan

2nd Floor, MacDonald Square, Fort Street

PO Box 1000, Grand Cayman KY1-1107

Tel: (345) 949 8090 Fax: (345) 949 4322

www.chamberpension.ky

 

The Fidelity Pension Plan

PO Box 914

Cayman Financial Centre, Dr. Roy’s Drive

Grand Cayman KY1-1103

Tel: (345) 949 7822 Fax: (345) 949 6064

 

Silver Thatch Pension Plan

(Administered by Saxon Administrators)

DMS Centre, 13 Saturn Close, Eastern Ave

PO Box 31694, Grand Cayman KY1-1207

Tel: (345) 943 7770 Fax: (345) 943 7771


Copyright 2009 New Resident Magazine©®. All rights reserved.
Acorn Publishing Co, PO Box 31403, Grand Cayman  KY1-1206, Cayman Islands,
Tel: (345) 946 3200 Fax: (345) 946 2830 Email: Acorn@candw.ky
     

 

 

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