Grand Cayman, Cayman Islands - June 12, 2023 - The Cayman Islands Pension Administrators’ Association (CIPAA) is aware of the recent parliamentary decision to allow increased withdrawals from pension funds. We acknowledge the essence of this decision, rooted in providing immediate relief to Caymanian families during these challenging times. The complexities of the current economic landscape necessitate such interventions, and we empathize with the immediate needs of our people.
However, we also see this as an opportune moment to fortify our collaboration with the Minister of Border Control and Labour, the Ministry responsible for Labour and Pensions. The CIPAA advocates for a more participatory decision-making process that ensures optimal outcomes for our members and the broader Cayman community. We maintain an open-door policy and remain committed to working in close partnership with the Government on matters concerning the private pension schemes and future savings of our members.
Considering this development, the CIPAA is actively evaluating the potential long-term implications of this change on the stability and health of the pension plan scheme in the Cayman Islands. Our objective is to comprehend and prepare for the possible effects this could have on the retirement savings of our members.
Once the law is officially passed and the necessary forms and guidance are received from the regulators, the CIPAA will promptly disseminate this information to our members. We understand the importance of clear communication and timely action in these circumstances. Our aim is to ensure our members have the most accurate and up-to-date information to make informed decisions about their pension funds.
As we navigate this evolving landscape, we want to assure all our members and the wider community of the CIPAA's steadfast commitment to serving their best interests. We are eager to deepen our partnership with the Government, the Department of Labour and Pensions, and all stakeholders, thereby cultivating an environment that promotes open dialogue and collaborative decision-making.
We are confident that by working together, we can build a more resilient future for our members and the broader community while preserving the longevity of retirement savings in the Cayman Islands.
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About the Cayman Islands Pension Administrators’ Association (CIPAA)
The CIPAA is an organization comprised of seven Multi-Employer Pension Plans committed to safeguarding the interests of pension plan providers and their members in the Cayman Islands. We strive to foster the development of effective pension policies and practices that ensure the long-term financial security of our members. For additional information, please contact info@cipaa.ky or press@story.ky
