The national pension holiday comes to an end on 30 September 2022. Employers, employees and self-employed persons will once again resume mandatory pension contributions as required by the National Pension Act (2012 Revision).
The National Pensions Holiday was established by the National Pensions (Amendment) Act, 2020 and occurred from 1st April 2020 to 30th September 2022, as a result of several subsequent Orders issued by the Cabinet.
The Department of Labour & Pensions has increased the annual disbursement of funds under Retirement Savings Arrangements (RSA) by 3.3 percent to match the 2021 rise in the Cayman Islands' cost of living. This means that individuals who receive funds through an RSA, will get access to more funds annually.
As the Cayman Islands Government continues its COVID-19 recovery plan, a Cabinet Order, in accordance with section 1(3) of the National Pensions (Amendment) Act 2020, has extended the national pension holiday for an additional three months through 31 March 2022.