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Pension concerns raised

Cayman’s pension law changes will be rolling out starting in January.
And while some are grateful for the revision foreign workers like security officer Rigoberto Bryan are not happy with having to wait over two years after retirement age to access their pensions if they opt to return to their home country.
He says the provision should be revisited and a more fair time period considered.

“What happen if I get sick, what happen if my wife gets sick and my money in Caymans. No, I need my money back home,” Mr Bryan says.

It’s a problem expatriate workers like Mr Bryan face with the new changes to the pension law increasing the period those who reach retirement age have to wait to receive their lump sum pension payment.

“Instead of they try to help you they want to keep we back because you have people when they go back home at 60 years they cannot work, nobody wants to hire you,” Mr Bryan says.

Under the changes he can get a lump payment two years after his final pension contribution once he reaches 65. Mr Bryan can get the money before 65 only if he transfers it to a different retirement fund.

“Ms Tara trying to do the best for the country, for its people here but she have to consider we when we have to go back home we have to wait so much time to get back your money,” Mr Bryan says.

At 56 Mr Bryan says all he wants to do is to enjoy the fruits of his labour when he returns to his family in Colombia.

“It might work for Caymanians, but not for me,” he says.

He hopes government takes his view into consideration and revisits the age and wait period requirement so he could receive his lump sum pension. We reached out to the Department of Pensions for a response to Mr Bryan’s concerns, we are yet to hear back from them.

About the author

Reshma Ragoonath

Reshma Ragoonath

Reshma Ragoonath is a Trinidadian journalist with 16 years media experience with a strong background in print with her most recent stint at The Cayman Reporter. She has a BA in Mass Communications, as well as, an Associate degree in Journalism and Public Relations.

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