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National Pensions Amendment Bill Passes

Updated: May 16

The National Pensions (Amendment) Bill, 2023 received approval in Parliament on 23 November 2023.




The amendments approved aim to increase the maximum amount permitted for withdrawals from pension plans for specific purposes such as:

  • making deposits on the purchase or construction of homes

  • purchasing residential property

  • making reduction payments on mortgages or residential land loans

  • paying off mortgages


The Government’s objective is to improve the overall quality of life for Caymanians by creating and enhancing varied pathways to home and/or property ownership.  With the increased inflation and interest rates, allowing withdrawals from pensions for strategic purposes, the Government aims to empower Caymanians to make decisions that are in the best interest of their long-term financial health.


Minister for Labour, Hon. Dwayne Seymour, said, “I extend my deepest gratitude to the esteemed members of Parliament for their unwavering support in endorsing the private member motion brought forward by my colleague from Bodden Town West to amend the National Pensions Act. This pivotal step forward reflects our shared commitment to enhancing the well-being of our citizens. Together, we stand united in our pursuit of a stronger and more compassionate society."


Persons are reminded that these pension withdrawals are not a way to receive immediate cash in hand; instead, these are strategic withdrawals aimed at specific life milestones. Funds withdrawn from pension plans for these purposes will require repayment of an additional 3% monthly contribution into the member’s pension as a way to safeguard funds being available after retirement.


Persons seeking to withdraw from their pension plan must complete the necessary paperwork and provide the required supporting documents for their application. Should any questions arise at any point during the process, those individuals may contact our office at 745 7630 or by email at admin@pensions.ky for assistance.


As a reminder, persons under the Public Service Pension Plan, Parliamentary or Judicial plans are not able to make withdrawals as they are governed by different legislation. 


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Persons seeking to withdraw from their pension plan must complete the necessary paperwork and provide the required supporting documents for their application. Should any questions arise at any point during the process, those individuals may contact our office at 745 7630 or by email at admin@pensions.ky for assistance.


Property Withdrawal Application MAY 2024 2
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Download PDF • 4.59MB


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