As a business owner or HR manager, you wear many hats. You typically handle a wide range of duties; including recruitment, information management, company culture, safety, employee relations, and setting up employee benefits – like pensions.
But what makes a great pension plan, and how do you make the switch? Here is a checklist of things to consider.
This is arguably the most basic and important function of any pension plan. After all, your employees want to know that their pension savings are growing and their future is secure.
Our performance is communicated on a quarterly basis in our Fund Fact Sheets.
You have enough on your plate, so simplicity is what you’re looking for.
When a new business joins the Chamber Pension Plan, its employees are automatically allocated to a Lifecycle Fund based on their age and expected retirement date.
You don’t have to monitor any accounts – it’s all done for you.
Micro businesses make up nearly 25% of Cayman’s employed population, yet many of these won’t qualify for a plan with our competitors simply because they are too small.
As a pension plan sponsored by the Chamber of Commerce, we believe that all businesses are important contributors to society regardless of size. We are proud to support our 18,000 members, both big and small.
Pension plans in the Cayman Islands are guided by a board of trustees, who are ultimately responsible for the plan’s management and administration.
Chamber Pension’s trustees are all well-known, active members in the business community. Together they pool their varied skills and expertise to ensure the plan operates in the best interests of its members.
At the end of the day this is your money, so open dialogue and communication matters.
Chamber Pension provides our employers with regular email updates on market performance. We come to you – giving presentations and answering any questions you may have on your rights as a member. And each December, our annual general meeting (AGM) gives everyone a chance to participate in important decisions regarding the plan the direction it is heading in.
We are also active on LinkedIn to share helpful tips and insights similar to what you’re reading now.
In this era of instant messaging and artificial intelligence, it’s nice to speak to a human from time to time.
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