The Chamber Pension Plan remains dedicated to helping its members prepare for their future retirement horizon as well as their immediate financial needs arising from the COVID-19 pandemic. To this end, the Plan has given extensive consideration to the best means of putting into place an effective and efficient service at all levels to ensure members receive their funds in a timely manner under the COVID-19 Emergency Pension Withdrawal Programme.
The Trustees have been involved in numerous discussions and consultations with the Cayman Islands Government, the other private pension plan providers in the Cayman Islands and the Department of Labour and Pensions for several months to monitor and discuss the National Pensions (Amendment) Act, 2020. The Trustees have also initiated numerous and lengthy discussions with MUFG as Administrative Agent to the Plan and Mercer Investments as Investment Advisor to the Plan to identify and quickly resolve the issues and challenges the changes in the Law might give rise to.
The Plan’s website and social media channels are being updated regularly with new information and resources designed to help members stay up to date and make informed decisions about their financial future. The Plan has also developed an FAQ resource and implemented a user-friendly online application form to assist members with submitting their applications.
About one-quarter of the Plan’s membership has submitted withdrawal applications to date, which works out to over 8,000 applications.
“Thanks to our hard-working staff and newly added resources, we have paid out over $90 million in COVID-19 pension withdrawals since mid-June,” said Randall Fisher, Senior Manager of Business Management and Relationship Development at Chamber Pension Plan. “The team monitors between 1000-2700 emails and 600 phone calls and voicemails per day.”
“The Chamber Pension Plan was created with only the best interests of Cayman’s workers and businesses at heart, and will continue to put its members first during this unprecedented time and beyond.”