A total of 269 applications have been filed for pension refunds, that’s less than one percent of the current 23, 000 plus ex-pat workforce.
Last year there were claims of a mass exodus of workers due to the pension changes which kicked in on 31 December. Pension leaders say the numbers at the close of December peaked slightly with 68 more applications.
Deputy Director of Pensions Amy Wolliston said the department noted a minor increase in pension refund applications in 2017 over 2016.
“Thus far, based on the numbers we have seen there has only been an increase of 68 applications compared to the same time last year, there has been a slight increase, but not a significant increase thus far,” said Ms. Wolliston.
Ms. Wolliston said no dollar figure for the total amount to be refunded is available. She said so far only one of the three criteria needed to get refunds have been met and that’s termination of employment.
We will have further updates on this story as it progresses.
Editor’s Note: This article was updated after further clarification on the pension regulations and requirements for refunds. As it stands three requirements for the refunds are needed: termination of job, being off island and two years of no contributions. While applications as of the end of December stood at 269, the department says more applications can be made as the situation remains fluid.