Your pension should be just that yours

Don’t add to someone else’s profit.


Chamber Pension is Cayman’s only not-for-profit pension plan. That means your money grows for you, rather than in someone else’s pocket.


I am a work permit holder and I am leaving the Island. Can I take my pension money with me?

Under the National Pensions Law, no member or former member is entitled to a refund; except under the following conditions:

 

If the value of the member's pension account is less than CI$5,000

 

OR

Where a member reaches age 65 and wants to but is unable to transfer their pension benefit to an approved pension plan, retirement savings account or similar arrangement, or life annuity

 

AND

 

The member's employment is terminated; and

The member no longer resides in Cayman.

 

If the value of the member's account is greater than CI$5,000 they may transfer their account (with the Director of Labour and Pensions' approval) to an approved retirement account in another country. The National Pensions Law requires a two-year waiting period before the member`s pension can be transferred.

 

The member's pension cannot be paid out or transferred until their employer makes the final contribution to their account. This may be two weeks or more after the member has stopped working. As a result, you should be aware that a refund or transfer may take three months or more, so do not plan on using a pension refund to leave the Island or to pay expenses.

 

To be sure, the member should contact the Administrator, to ensure they meet the requirements for a refund or transfer. If they do, the member can fill out an Individual Transfer Request Form and submit it to the Administrator. Administrative expenses incurred while executing the refund, such as draft and courier fees, will be deducted from the refund amount.