Pensions

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. 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.

Registered Pension Providers

British Caymanian Pension Plan

(administered by Colonial Private Trustees)

PO Box 74

BritCay House, 236 Eastern Ave

Grand Cayman KY1-1102

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

Chamber of Commerce Pension Plan

(administered by Butterfield Bank)

PO Box 1000

2nd Floor, MacDonald Square, Fort Street

Grand Cayman KY1-1107

Tel: (345)949 8090 Fax: (345)949 0220

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)

PO Box 31694

DMS Centre, 13 Saturn Close, Eastern Ave

Grand Cayman KY1-1207

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