Both Caymanian and non-Caymanian employees and self-employed persons will be allowed to withdraw funds from their pension accounts with the exception of persons that have claimed normal or early pension entitlement aka "normal or early retirement".
The other exception relates to public servants with pension contributions under the National Pensions Law that were paid by a statutory authority or a government company.
Eligible persons can withdraw from each pension account, a single lump sum of:
then persons can withdraw CI$10,000 and up to 25% of the remaining balance.
If the person is a CURRENT public servant who holds contributions in a pension account that relate to the person’s past employment in the private sector, then the person IS able to withdraw as long as the funds were NOT contributed by a public sector entity (i.e.: a statutory authority or a Government owned company.)
If the person was previously employed with the public sector and has now left that employment (i.e.: working in the private sector or unemployed), then any contributions, regardless if the person was paid by a public sector entity, can be accessed.
Eligible members are able to apply to/through their Pension Plan Administrator.
The application form is available on the Department of Labour & Pensions’ website as well as the websites of each pension plan Administrator. Hard copies can also be obtained from the Pension Plan Administrator.
In order to apply, the member will be required to provide a copy of the member’s Government issued photo identification with the member’s signature that has been Notarized by a Notary Public or Certified by a Justice of the Peace. A list of Notaries is published on the Judicial Administration website (www.judicial.ky) and a link to that information is in the process of being posted on the Department of Labour & Pensions’ website.
The member will need to complete the application form and provide it along with the Notarized or Certified copy of the member’s identification to the Pension Plan Administrator. Each Administrator will be accepting the completed applications and the supporting documents by various methods including but not limited to via email with attachments, drop box or, in some cases, in person, where possible.
If the applicant is no longer in the Islands and has departed on and after the 1st February, the applicant will also need to include a copy of the applicant’s airline ticket with the application submission.
In order to file an appeal, the member will need to send an email to the email@example.com indicating in the subject line that it is an Appeal to the Director. Alternatively, if the member wishes to provide the information in hard copy, the member should prepare a letter to the Director, and deliver it to the Department. Due to the pandemic and ongoing curfews, until the Department reopens, please call 345-945-8960 and leave a voicemail (which should also include an email address, if possible). A Department representative will contact the member to arrange delivery of the document.
In the email or the letter, the member will need to clearly explain the reason that the member is filing the appeal, i.e. why the member is of the view that the Administrator’s decision is not in line with the National Pensions (Amendment) Law, 2020.
In the appeal submission, the member is also requested to provide a copy of the member’s submission to the Administrator which the Director will review as part of the appeal.
The appeal submission to the Director will be receipted within two business days and a decision will be communicated to the applicant and the Administrator.
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