Here we detail changes to the Cayman Islands' private pension schemes in response to the COVID-19 pandemic.
The amendment to the National Pensions (Amendment) Law, 2020, was passed by Government to relieve some of the financial strain caused by the COVID-19 pandemic. Changes to the law allowed pension holders to make an emergency one-time withdrawal of funds from their pension plan, which was in effect between 1st April 2020 and 31st October 2020. This was open to both Caymanian and non-Caymanian employees, as well as to self-employed people, but not those who had already claimed normal or early retirement and no government civil servant or those employed in a government company could apply.
During this period, those who were eligible could make a withdrawal under the following parameters: Those with less than CI$10,000 in their pension could withdraw 100% of the balance. Those with more than CI$10,000 in their account could withdraw up to CI$10,000 and then up to 25% of the remaining balance.
A voluntary pension holiday on contributions was also introduced from April 1st, 2020 and remains in effect until December 31st, 2021. This allows private pension holders to abstain from making otherwise mandatory monthly pension contributions. If you and your employer choose not to take the government up on this option, then all your contributions from April 2020 to June 2021 must be applied on your pension contribution form as Employer Voluntary and Employee Voluntary (not Employer Mandatory and Employee Mandatory).
For a recommended list of Cayman Islands Notary Publics along with their contact details, please see here: https://caymanresident.com/live/services/notary-public
For a government issued list of Notary Publics see here (NB there are no contact details): https://www.judicial.ky/general-public/notaries-public