Pension Questions
What are the investment options for pensions?
Can you confirm what products in Cayman are approved to transfer pensions into? Would be good for the public to know their options, if any, and if there are no options, why has the government sat on this? People are suffering! Auntie’s answer: This question came in a comment on a CNS story last month […]
How do I complain about a pension plan?
I worked in Grand Cayman for 18 months, and contributed to the XXXX pension fund. I waited the requisite amount of time, and then submitted scans of my documents prior to mailing them to verify that they were the ones required. It has been over four months, and no one has responded to my request. […]
Bank charges cutting into pension transfers
I recently applied for my retirement pension and wanted the amount paid monthly into my bank account. However, I was mystified to learn that my pension provider does not do domestic bank transfers for pensions. If you want your pension paid into your bank account, they only offer international wire transfers. So, the money goes […]
Can mother access her deceased son’s pension?
The mother of a Jamaican man working in Cayman who died last year wants to know how does she go about getting his pension? Is she entitled to his pension? He died in the Cayman Islands but his body was brought back to Jamaica. What documentation would she need to provide? His mother is still in […]
Paying pension for a small business
I have a question on small business pension requirement. If you are working but not receiving a salary as you are putting everything into making the company a success, what are your pension responsibilities and how do you determine the amounts? Auntie’s answer: To clarify this question, I confirmed with the reader that he is […]
Allocating pension benefits after death
If I die before I receive my pension what happens with that money? Auntie’s answer: Your question actually lends itself to several scenarios, all of which were explained by an official with the Department of Labour and Pensions (DLP). If you are married, then under the law your spouse automatically becomes your beneficiary. In the […]
Pension payouts under the new law
I’m writing to you to ask about the new pension law in regards to people getting their money when they leave the island. Up to this point, when people left the island, if they had $5K or less they were able to get their money in six months, and for over $5K the wait was two […]
