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Ex-pat exodus? Pension Dept says no numbers to show that’s happening

Cayman pension officials said they have no numbers to show ex-pat workers are applying en masse to refund their pensions ahead of law changes at year’s end.
Deputy Pensions Director Amy Wollinston told Cayman 27 there has been an increase in queries into how to get a refund, but checks show no jump in refund applications.
Ms Wolliston said, “We have conferred with the multiple employer pension plan administrators and they have not experienced an increase in the refund applications, which is expected since the employees have yet to fulfil the three criteria.”
Those criteria being; Employment must be terminated, no contributions to pension accounts for 2 years and applicant must be off island for six months.
Ms Wolliston said it’s too premature to estimate how many refunds and the amount to be refunded. Currently there’s $1.1 billion in pension assets under management in Cayman.

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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