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Pension withdrawals increases

Come January 9th pensioners can take out more from their retirement savings arrangements $480 more to be exact. Previous the maximum was $12,000 now from January it will increase to $12,480.
That number, $12,480 is either the maximum or minimum amount you can withdraw depending on how much you have saved.
The change is to reflect inflation. Pensioners with more money can withdraw an increasing amount on a yearly basis above that amount.
As well as have the option to withdraw a lump sum amount any time after the age of 90.
For more information on the law changes you can visit  http://www.dlp.gov.ky

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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