Cayman is different from most other countries regarding pensions. The pension system is privately funded in Cayman, but Government-mandated. The Cayman Islands Monetary Authority is responsible for the regulation of pension plans and pension providers.
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The Department of Labour and Pensions (Tel: (345) 945 8960) oversees the employer compliance of pensions in the Cayman Islands.
All employers in the Cayman Islands must provide pension plans for their employees— this is the law. The National Pensions Act requires employers to remit a total of 10% of the employee’s monthly earnings to an approved pension plan, with no more than 5% coming from the employee and no less than 5% coming from the employer. Pension providers in Cayman provide varied plans, so it is important discuss your pension benefits with your employer.
The Cayman Islands Government has set up its own arrangements to administer pension contributions to civil servants. See the Government Pensions section below for more information.
In 2016, changes were made to Cayman’s pension law. See below the 10 important revisions employers and employees in the Cayman Islands must know.
Private (Non-Government) Pensionskeyboard_arrow_right
The Cayman Islands is different from other jurisdictions when it comes to pensions. There are two pension sectors in Cayman, privately funded pension plans and Government funded pension plans for civil servants.
Registered Pension Providerskeyboard_arrow_right
Read more for a list of reputable Pension Providers in the Cayman Islands. They can offer you a range of plans to suit your needs and help your money work harder for you.
Read MoreGovernment Pensionskeyboard_arrow_right
Civil servants and other public servants are members of the Public Service Pensions Plan (PSPP), which is administered by the Public Service Pensions Board (PSPB). This means that 15 Ministries and Portfolios of the Cayman Islands Government, along with 13 Statutory Authorities and Government Owned Companies are actively participating in the PSPP. As the largest pension administrator in the Cayman Islands, the PSPB oversees pension accounts for over 10,000 individuals, with over 1,800 of these members being pensioners.
Read MoreChanges to Cayman’s National Pension Law 2016keyboard_arrow_right
For a list of rules regarding the pension laws in the Cayman Islands please see this section.