It is our aim to provide the best-performing, most trusted pension plan for employees and businesses in the Cayman Islands in an efficient and cost effective manner.
Our vision is to be the recognised leader for the provision of pension plans in the Cayman Islands. We will achieve this by focusing on providing maximum risk-adjusted returns for our members through prudent and shrewd investing, tailored to the individual’s specific needs and goals, while also excelling in customer service because we always put our members first.
The Chamber Pension Plan is driven by individuals whose core values include integrity, prudence and creating peace of mind for members.
How it all started
Our story started in 1992 when the Chamber of Commerce spotted the need for an affordable pension plan that was run for the benefit of the Cayman Islands' community, rather than for profit. Today the Chamber Pension Plan is the most cost-effectively run plan in the Cayman Islands when all relevant expenses are taken into account.
As a not-for-profit entity, we do not charge the management fees or account-level charges that many of our competitors impose on their members. Our cost base is very low, which benefits each and every member, as more of your dollars are invested in your future.
The Plan is a defined contribution pension plan and is registered under the National Pensions Act. It is available to all Caymanians and residents who either work for an employer participating in the Chamber Pension Plan or are self-employed.
Today the Chamber Pension Plan is one of the largest multi-employer pension plans on the island with over 18,000 members and over 1,600 employers participating. The local financial industry has shown its confidence in the Plan, with banks, law, accounting, and investment companies among our member firms.
Accountability and Transparency
Volunteering as a trustee
Cayman Islands Chamber of Commerce
The Plan is controlled by its members through an elected board of trustees who are all senior-level executives and professionals from the Cayman Islands' business community. These volunteer trustees, all fellow members, constantly monitor the performance of the investment managers, fund administrators and partners. Click here for more information about our Trustees.
The Plan’s investment portfolio is managed by professional international money managers, as described under the Investment Managers section.
Low administrative costs, efficient management and sound investment policies are combined so our members can rest easy, knowing that their money will be working hard for them until they retire. Click here for more information about the Plan structure.
Ever consider being a trustee of the Chamber Pension Plan?
Your time and expertise could be a valuable asset management of the Plan. Download the form here.
Sponsored by the Cayman Islands Chamber of Commerce, the Chamber Pension Plan was created with only the best interests of workers in the Cayman Islands at heart. It is a plan designed for and managed by the community which means it meets our local needs better than any foreign plan ever could.
The Chamber of Commerce, as the sponsor to the Chamber Pension Plan, participates in the management of the plan by appointing two Trustees to the Board.
Visit caymanchamber.ky for further information about the Cayman Islands Chamber of Commerce.
Board of Trustees
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About Your RetirementPeople are generally living longer, healthier lives than in the past, which means if you retire at age 65, you may spend more than 25 years in retirement. That’s a long time to live on a “basic” retirement income, so now, more than ever before, it's vital that you start saving for your retirement as soon as you can. By starting to save today, you’ll be better prepared to grow your future income and enjoy more security during all those years after you stop working. Your retirement income needs will depend on what your expenses are likely to be, but it is generally accepted that you will need between 70% and 85% of your pre-retirement income to live comfortably in retirement.
Your ContributionsIf you are employed in the Cayman Islands, both you and your employer must contribute towards your pension. The contributions that both of you make are related to your total earnings. Total earnings include salary, wages, leave pay, fees, commission or gratuity, as well as bonus payments that are more than 20% of your basic pay. Earnings do not include severance payments, retirement long service recognition payments, and health insurance premiums that are paid by the employer. Anyone earning more than CI$87,000 is not required to make pension contributions on the amount of earnings above CI$87,000 in a calendar year, although they may choose to do so voluntarily. Employers are only obligated to make contributions on the first CI$87,000 of income. Every self-employed person must contribute a sum equivalent to 10% of their earnings up to CI$87,000 at a minimum. Employers are required by law to contribute an amount that is no less than 5% of your earnings. As an employee, you should not be required without your consent to pay more than 5% of your earnings. The employee’s contributions must be deducted at regular intervals, and together with the employer’s contribution, paid directly into the pension fund. Contributions must be made within 15 days of the last day of the month in which the contributions were due. Late contributions will be subject to interest.
EligibilityBy law, every employer in the Cayman Islands has to provide a pension plan for its workers. Those that don’t are committing an offence and can be heavily fined. This means that anyone working between the ages of 18 and 65 must be a member of a recognised pension plan, even if they are self-employed, working part-time, are casual workers, probationary staff or on short-term contracts; in fact, anyone working must have a pension plan. If someone has more than one employer, then each employer must pay into the employee’s pension plan. Expatriates are allowed an initial nine months (grace period) before legally having to begin paying pensions. If you leave the island between employers for more than six months, then your 9-month grace period starts over. The only people excluded are employees who are non-Caymanian or non-Permanent Residents who are employed as a "household domestic" (e.g. maid or a gardener) in a private residence. You can also visit www.dlp.gov.ky for more information about pensions in the Cayman Islands and download a copy of the National Pensions Law.
Basic ContributionsThe money that each of you deposit into your pension is called your basic or mandatory contribution. When you are a member of the Chamber Pension Plan, the contribution automatically gets deposited into an account in your name, and then it’s invested into one of our Chamber Lifecycle Funds. Which Fund your money gets deposited into depends on your age on the date you join the Plan. Your contributions will continue to be placed into this account until you retire, or elect to transfer your assets, if you are eligible. How your money is invested changes over time, with the type of investments reflecting how long you have until you reach the normal retirement age, according to the National Pensions Law. Lifecycle funds take the guesswork out of investing, because they automatically adjust the allocation of assets they invest to reflect your evolving investment needs and goals.
Additional Voluntary Contributions (AVCs)If you want to take less risk than the asset allocation suggested for your target year, you could allocate your Additional Voluntary Contributions (AVCs) to a more conservative lifecycle fund. You also have the option to invest your AVCs in a more aggressive portfolio if you are willing to take more risk. With AVCs, you contribute as much – or as little – as you like. There’s no maximum and no minimum. Plus, you can save a different amount each month if you want, based on what you can afford. You decide how to invest your AVCs. Choose from one of our Lifecycle Funds, all run by world-class investment managers. The National Pensions (Amendment) Law, 2016 was published in the Gazette in June 2016, however these legislative changes to the National Pensions Law did not come into effect until the date listed in the Commencement Order. In accordance with the National Pensions (Amendment) Law, 2016 (Commencement) Order, 2016, section 47 (10), which permits access to additional voluntary contributions ("AVC"), came into effect on the 31st March, 2017. Section 47 (10) allows pension plan members to access their AVC, prior to reaching the normal age of pension entitlement, under four categories: medical purposes, temporary unemployment, housing purposes and educational purposes. If the member has AVCs that they have not accessed prior, the AVC can be paid as a lump sum when the member reaches the normal age of pension entitlement.
Know Your Rights: National Pensions LawAs you may be aware, the National Pensions (Amendment) Law 2016 passed in the Legislative Assembly and has now been published in the Gazette. Specific aspects of this Amendment as indicated by the National Pensions (Amendment) Law, 2016 (Commencement) Order 2016 are in force. Please note the National Pensions Law (2012) remains in effect and employers, employees, as well as pension plan administrators and members are expected to comply with those requirements in addition to those sections of the National Pension (Amendment) Law 2016 that are in force.
Fees and ChargesWe do not charge fees to join or leave the Chamber Pension Plan. In addition, we don’t charge monthly account maintenance fees. As a not-for-profit entity, the only fees we charge are used to pay expenses related to the management and administration of the Plan. The performance of the Chamber Pension Plan is reported after all fees. There are no hidden fees. The most recent audited expense ratio containing all expenses of the Plan, was 0.80% as of June 2020.
How to Read Your Member StatementYou can check your Chamber Pension Plan statement online at any time: just enter your user name and password on the Membership Log-In page. If you do not have a user name and password, contact the Administrator. Alternatively, you can review your semi-annual statement, which you will receive by mail. Read More