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Looking at pensions changes and what the numbers say

Earlier this week we focused on Cayman’s figures at the Pensions office and pension exodus claims due to new law changes.
We want to clarify those numbers shared with us and what they mean.
The numbers shared with us pointed to 269 refunds applications last year, 68 more applications than that of 2016.
We’ve since clarified that those who left their jobs by the end of the year can still apply to get their pensions through 2019.
“We have 3 criteria. One of them is you have to have no contributions to your account for two years. In order to have no contributions to your account for two years by December 2019 employment had to be terminated by December 2017. So those criteria remain in effect, so a person can still apply at this point, but they would have had to have already terminated their employment when they apply,” said Amy Wolliston, Pensions Deputy Director.
Today (26 January) we also checked with pension providers, but they were hesitant to release figures since they said refunds or people leaving pension funds altogether could be for varying reasons besides the pension changes like people retiring or just changing jobs.

About the author

Reshma Ragoonath

Reshma Ragoonath

Reshma Ragoonath is a Trinidadian journalist with 18 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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