Why choose the Chamber Pension Plan?

Lowest cost

  • The real costs to members of the various plans in the Cayman Islands are very poorly understood.
  • The simplest example of this is in "layered fees"; the majority of our competitors, for example, have substantial investments in mutual funds or hedge funds. Some are even invested in Hedge Funds of Funds. What this means is that you, if you were a member of one of those plans, are paying for at least three levels of operating expenses (the Plan, the hedge fund of funds, and the sub-hedge funds that the fund of funds invests in, and you would be bearing the cost of management fees and performance fees at both of the two lower levels). The result of all of those layers of fees, if you were a member, is essentially less of a return to you. 
  • The Chamber Pension Plan does not invest in fund of funds or hedge funds, so our Plan has only ONE layer of operating costs. In addition, the Chamber Pension Plan charges no performance fees, management fees, or account-level charges. 

Best Product

  • Lifecycle Funds simply provide a better product than our competitors.
  • Automatically reduce the risk that you are taking as you get older, for example, you are much less likely to have a sudden drop in value of 40%+ (as happened Worldwide in 2008) just before you retire. This scenario could easily happen in a plan that provides only a single fund for all investors, but this could not happen in the Chamber Pension Plan, as you will have had your equity exposure reduced as you approach retirement age.
  • Your investment will not be switched around amongst units of different classes, which can be confusing and difficult to know what exactly you are being invested in.


Best Service

  • Your statement will be clear and easy to read.
  • You can get web access to your statement and account details at any time.
  • In-person or telephone contact available on-island.
  • Customer service team to assist you.

Competitive, Conservative risk-adjusted returns

  • Returns have been competitive with a world-class asset management team maximizing the net return to members.
  • Lifecycle Funds contain a portion of fixed income securities which, while dampening the up-side gain of the portfolio in an increasing equity market, will buffer losses in those months that equities drop (and stocks do drop from time to time, although the history of equities is that they have always gone on to achieve new highs). This is what we mean by conservative, and the risk-adjusting factor is in the Lifecyles.


  • Our goals are your goals. We are a not-for-profit organisation that was created by its members.
  • We function independently from a profit-motivated bank or insurance company.
  • We do not work for commission, performance fees, management fees, or the like.
  • If the membership of the Plan wants to hire a different asset manager or service provider we can do it.


  • We aim to be the most transparent plan in the Islands.
  • We are proud of our product and have nothing to hide, so we are all in favour of disclosure, particularly balanced and fair disclosure among all competitors in the market; we will continually seek ways to deliver better transparency to you, our members. 

Fees and Charges

We 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 0.83% as of 30 June 2018, and can be found on our current Fund Fact Sheet.


















How to Enroll

Your employer will ask you to complete and sign an Employee Enrollment Form (if they do not, please ask them for a form). They will also ask you to provide a copy of your passport. If you have worked for an employer in the past that was part of the Chamber Pension Plan at the time (not just your last employer, but any employer in their past) it is important to advise your new employer so they can complete the form with your membership number. This will ensure that your new contributions will be added to your previous contributions. Your employer will then send the signed form to the Administrator, to complete the enrollment process. New applications are processed within 30 days (subject to review and receipt of all necessary documents). Upon completion, notification of membership will be sent to both the employer and member.

Know Your Rights: National Pensions Law

Know your rights – National PensionS Law


  • Every employee in the Cayman Islands must have a pension provided by their employer
  • The self-employed, those working part-time, casual workers, probationary staff and people on short-term contracts are included
  • If someone has more than one employer then each employer must pay into the employee’s pension plan
  • Expatriates who have been in continuous employment for more than nine months must have a pension plan
  • The only people excluded are employees who are non-Caymanian or non-Permanent Residency that are employed as a “household domestic” (e.g. maid or gardener) in a private residence.
  • Employees and employers must contribute a total of 10% of the employees’ earnings to a pension plan


You can also visit and click here for more information about pension laws in the Cayman Islands.



As 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 refer to for further information. 


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.

Self Employed

All self employed persons must contribute a sum equivalent to 10% of their earnings up to CI$87,000 at a minimum.

There are a number of special considerations that relate to self employed members of the Chamber Pension Plan.

Enrolling as a self-employed member

To join the Chamber Pension Plan Plan, contact the Administrator to request the necessary forms. The main form is the New Employer Application Form. This is the same form that is completed by employers joining the pension plan. The Employer Application is supplemented by the Deed of Adherence which, when signed by the self employed person, binds the person to the terms and conditions laid out in the Declaration of Trust for the pension plan.

After completing the forms, return them to the Administrator. The Administrator will liaise with the Department of Labour and Pensions to then complete the application process. 

Making contributions as a self-employed member

Contributions can be made in three ways:

a.  By setting up a standing order with your bank to transfer a fixed amount of money from your account to the Chamber Pension Plan account automatically each month. The amount transferred must comply with the minimum contribution rates outlined in the Law. When setting up the standing order, the name of the account at Butterfield Bank (Cayman) Limited is “The Cayman Islands Chamber Of Commerce Pension Plan” and the account number for KYD is “02-201-070310?; and for USD is “01-201-070310”.

b.  By completing a Butterfield Bank (Cayman) Limited Chamber Pension Plan Deposit Slip (available at the Administrator’s office – 90 North Church St. 2nd Floor or the bank branch) and mailing it, along with your contribution cheque, to the Administrator. When completing the Deposit Slip, use reference number "1111" in place of Company number, as well as your membership number. Your name should also be entered in place of Company Name;

c.  By completing a Butterfield Bank (Cayman) Limited Chamber Pension Plan Deposit Slip (available at the Administrator’s office – 90 North Church St. 2nd Floor or the bank branch) and making your contribution in person by cheque or at the bank.

To become a member of Chamber Pension Plan, please fill out and return the New Employer Application Form.

Account Changes

Account Changes

To make any changes to your account (example: address, phone number, email, etc), a Change of Member Information Form must be filled out and submitted to the Administrator with a copy of your valid passport photo page.

If you would like to change your name and/or beneficiary (either due to marriage or divorce), a Change of Member Information Form must be filled out and submitted to the Administrator with a copy of your marriage certificate or divorce decree, as well as a copy of your valid passport photo page. 

Also, in order to change a beneficiary, complete the Change of Member Information Form.

Withdrawal Options

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




If the value of the member’s pension account is greater than CI$5,000 all contributions must have ceased by December 31, 2017




The member's employment is terminated; and

The member no longer resides in Cayman.


A waiting period and/or proof of non-residency may be required (for example, a current letter from an employer confirming the member's address or a sworn affidavit of non-residency.)



If the value of the member's account is greater than CI$5,000, The National Pensions Law requires that after the completion of a two year waiting period members may transfer their account (with the approval of the Director of the Department of Labour and Pensions') to an approved retirement account in another country, or apply for a Retirement Savings Arrangement (RSA) to receive annual payments. Additional information and specific requirements are included in each of the refund packages. 


Refund Forms

As there are additional requirements based on the circumstances of members receiving a refund, there are different forms available, depending on the situation of the member. Please review each one to determine your best option, or contact the administration team, for assistance.  

Transfer to/from another Cayman Pension Provider

Transfer to an Overseas Pension/Retirement Plan (Account must be inactive for two years)

Additional Voluntary Contributions (AVCs) Redemption (For withdrawing AVCs only)

Early Retirement (Age 50 if born before 1970 OR age 55 if born January 1, 1970 or later)

Retirement Application (Age 60 if born before 1970 OR age 65 if born January 1, 1970 or later)

Refund Application Over CI$5,000 (Only applicable if no pension payments were made for any period after December 31, 2017)

Refund Application Under CI$5,000

Special Consideration Under CI$5,000

Disability Benefit

Death Benefit

Government Housing Application


Members should contact the Administrator should they have any questions concerning meeting the requirements for a refund. The Administrator can be contacted at



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.


Administrative expenses incurred while executing the refund, such as draft and courier fees, will be deducted from the refund amount.

How To Access Your Additional Voluntary Contributions

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.

See Guidance Note for more information


The member should apply directly to their pension plan administrator and there is no need for the application to be submitted to the Department of Labour & Pensions unless the administrator needs to clarify if the request is permissible.


There is no requirement for a pension plan member to repay the AVCs that are withdrawn for any of the four categories.


A member is permitted access to their AVC up to 4x per calendar year, for the four categories permissible in the National Pension (Amendment) Law 2016.


The pension plan administrator will be required to file a report with the Department of Labour and Pensions by the 10th of each month.



Government Housing Withdrawal Application

Basic Requirements for Government Withdrawal Scheme

  • All Government Housing applications take approximately 7 days for approval. Incomplete applications will not be accepted.
  • Once approved, drafts are made payable to the bank no later than 45 days after approval.
  • All original documents MUST be received to facilitate the process.
  • The Chamber Pension Plan reserves the right to request additional information and/or documentation to support all applications.

Government Housing Application

About Your Retirement

There’s no time like the present to protect your future

People 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.

When thinking about how much income you will need when you retire, here are a few important details to bear in mind:


  • How much you have saved so far.
  • How you have invested your savings.
  • When you’d like to retire.
  • Other income you expect to receive in retirement.
  • How will your medical expenses be paid.
  • How long you think you’ll live; and
  • Your spouse or partner’s situation – does he or she have a source of retirement income?

Calculate different scenarios with our Pension Calculator so you can plan ahead for retirement.

What to Expect When Retiring



As of January 1, 2017 the “Normal Age of Pension Entitlement” increased from 60 to 65 - however any person born in 1969 or earlier may choose to maintain their “Normal Age of Pension Entitlement” at age 60. Once you reach the age of 60/65 (age 50/55 in the case of early retirement) there are certain options you are eligible for in respect of your account, beginning the first day of the month following your retirement date for early retirement or the first day of the month following your 65th (or 60th for members born in 1969 or earlier) birthdate.

Pension payments


The purpose of The National Pensions Law is to provide and mandate a means for members to contribute to their retirement savings during their working career. On retirement, these savings are used to provide an income stream to allow members to support themselves once they are no longer working. In other words, a member contributes to their pension plan each month so they can receive a regular income payment after they retire.

The Chamber Pension Plan is a Defined Contribution Plan. In short, this means that an account is opened for each member and the amount of money they receive after retirement is based on the amount of money contributed to their individual account while they were working, including both the employer and employee portions, plus or minus the net return that has been earned on those funds during the life of the member's account.

Unless a member's retirement savings are less than CI$5,000, a lump-sum cash payout of retirement savings is NOT an option. The retirement savings must be used to provide an income stream.

Joint and survivor


The National Pensions Law dictates that all pensions must be “joint and survivor” with a member's spouse if the member is legally married on the date of their retirement or death. If this scenario is relevant to you, please contact the Chamber Pension Plan Hotline for additional details.

Options on retirement


When a member reaches retirement eligibility age there are three options, outlined below, which allows them to begin drawing their pension as income. If you are approaching retirement age and would like to discuss these options in more detail please contact the Chamber Pension Plan Hotline.



This option is ONLY available if the total value of a member's retirement savings is less than CI$5,000. In this case, the Trustees of the pension plan may allow the member's pension to be paid in one lump-sum. Please see Withdrawal Options for additional information.

Retirement Savings Arrangement


A Retirement Savings Arrangement (RSA) is simply the member’s same account they had at retirement date, but which has now been approved by the Director of Labour and Pensions to begin making retirement payments.

As a general rule of thumb, the RSA is the best alternative if a member's retirement savings are less than CI$200,000. Unlike a life annuity, an RSA will not necessarily provide a life time pension as it is structured to pay out a member's pension by a set amount per year until the account is depleted. An RSA is more cost efficient than a life annuity since there is no element of profit to a life insurance company built in.

The Director of Labour and Pensions must approve all RSAs to ensure they comply with The National Pensions Law.

Life annuity


On retirement, a member's retirement savings can be transferred to a life annuity. Life annuities are typically offered by life insurance companies. The member's retirement savings are invested by the life insurance company and used to provide a regular income stream to the member for the remainder of their life (and their spouse's life if the member is married at the date of retirement). The amount of income paid will depend on the size of a member's retirement savings. The larger the retirement savings, the larger the retirement income.

The Director of Labour and Pensions must approve all life annuities to ensure they comply with The National Pensions Law. If you are considering a Life Annuity, please contact Chamber Pension Plan Hotline for the detailed list of criteria set out in The National Pensions Law.

RSA Drawdown Schedule

The Department of Labour and Pensions provides a guidance note on retirement savings arrangements. 

Click here to view the drawdown schedule. 

Your Contributions

If 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.


By 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 three months, then your 9 month grace period starts over.

The only people excluded are employees who are non-Caymanian or non-Permanent Residents that are employed as a "household domestic" (e.g. maid or a gardener) in a private residence.

You can also visit for more information about pensions in the Cayman Islands and download a copy of the National Pensions Law.

Basic Contributions

The 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 (read more about 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.


Save through your employer by payroll deduction, or set up a Chamber AVC account and send in your contributions as you’re able.

To begin making contributions towards your AVCs, please fill in an AVC application form and submit by email to   

You can make a one-time election to have your basic or mandatory contribution allocated to a more conservative Lifecycle Fund.

What to Expect When Expatriating

Many members live in Cayman for a period of time working as an expat. After an expat leaves Cayman, there are certain guidelines that must be followed in order to get a refund from your Pension account.

Please see the Withdrawal Options section for more detailed information.

Trustee Volunteer Form

Ever consider being a trustee of the Chamber Pension Plan?

Your time and expertise could be a valuable asset to the annual performance of the Plan. 

Download the form here: Trustee Volunteer Form

Why choose the Chamber Pension Plan?

Fees and Charges

How to Enroll

Know Your Rights: National Pensions Law

Self Employed

Members FAQ's

Member Forms

Account Changes

Withdrawal Options

How To Access Your Additional Voluntary Contributions

Government Housing Withdrawal Application

About Your Retirement

What to Expect When Retiring

RSA Drawdown Schedule

Your Contributions

What to Expect When Expatriating

Trustee Volunteer Form