Once you reach your Entitlement Age, upon approval, you may begin drawing from your pension account, with your annual pension instalments beginning the first day of the month following your retirement date, unless you choose otherwise. Entitlement Age is 65, although early retirement may be reached at age 55.
Members who were 48 in 2017 or older may also choose 60 as their Entitlement Age; opting for an early Retirement Age of 50 (once they cease employment). You can receive benefit payments from your pension account in one of two ways:
a. Enter into a retirement savings arrangement or an individual retirement account with an insurance company or other company licensed by the Cayman Islands Monetary Authority to undertake pensions plans in the Cayman Islands; or
b. A life annuity that will not start before you can retire. This pays you a regular income for the rest of your life. How much you'll be paid will depend on a number of factors such as the size of your fund and the annuity rates at the time. The type of annuity purchased must meet the requirements set out in the National Pensions Law.