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This February, the Chamber Pension Plan once again demonstrated its robust strategic approach towards securing its members' future. With an array of funds designed to cater to different investment horizons and risk appetites, the Plan's performance metrics are a testament to its prudent management and forward-thinking philosophy. The Net Asset Value (NAV) as of February 29, 2024, showcased impressive growth across the board. From the Income Fund at $3.08570 to the 2060 Fund at $2.24890, each fund reflects a careful balancing act between risk and return. Particularly noteworthy is the one-year performance, ranging from a solid 8.68% in the Income Fund to a remarkable 24.26% in the 2060 Fund. Such figures underscore the Plan's capacity to deliver value and peace of mind to its members. As we traverse through 2024, the Chamber Pension Plan remains committed to its mission of providing a secure retirement foundation. With an eye on the future, the Plan continues to adapt, innovate, and thrive, ensuring its members' retirement years will be as fruitful and worry-free as possible. Stay tuned to our updates for more details on each fund's performance and the strategies propelling this success. Let's look forward to a future where financial security and retirement readiness are within everyone's reach. For more information, visit chamberpension.ky.

Supplement No. 8 published with Legislation Gazette No. 7 of 8th February 2024.

Witness Your Investment Grow with Chamber Pension Plan's Lifecycle Funds! The Chamber Pension Plan stands as a beacon of growth and security. The remarkable performance of our 2060 Fund is a testament to this promise. In 2023 alone, the fund has witnessed a phenomenal growth of 24.20%! 📈 Each of our Lifecycle Funds is tailored to fit different stages of your career, ensuring your retirement plan is as dynamic as you are! Whether you're a young professional or closer to retirement looking for stability, we have a fund for you. 🔹 Chamber 2060, 2050, 2040, 2030 - Perfect for long-term growth. 🔹 Income Conservative, Income Growth - Ideal for nearing retirement. The Chamber Pension Plan is more than a savings scheme; it's a pathway to a future where your retirement years are as golden as the Cayman sun. Join us today and let your retirement savings take flight. For more information, visit chamberpension.ky.

How can I withdraw money from my pension? 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, admin@pensions.ky for assistance. About Your Retirement 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. 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. Eligibility 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 six months, then your 9-month grace period starts over. The only people excluded are employees who are non-Caymanian or non-Permanent Residents who are employed as a "household domestic" (e.g. maid or a gardener) in a private residence. You can also visit www.dlp.gov.ky 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. 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. 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. Know Your Rights: National Pensions Law 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 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. 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 0.80% as of June 2020. How to Read Your Member Statement You can check your Chamber Pension Plan statement online at any time: just enter your user name and password on the Membership Log-In page. If you do not have a user name and password, contact the Administrator. Alternatively, you can review your semi-annual statement, which you will receive by mail. Read More Withdrawal Options Explore various withdrawal options for your pension funds to best suit your needs. Whether considering early withdrawal for smaller balances or understanding options for larger account balances, we provide guidance for every step. ​ For Funds Under $5,000 Members with account balances of under $5,000 may qualify for early withdrawal. For further details, please contact our administrative support team to find out how to apply. For Larger Balances Early Retirement: Access your pension starting at age 55, provided you have ceased working. Standard Retirement: Benefit from standard retirement options at age 65. Flexible Transfers: Move your pension funds to an approved pension plan, retirement savings account, or lifetime annuity. Overseas Transfers Pension funds can potentially be transferred overseas if certain conditions are met. These conditions include your employment has ended, you no longer reside in the Islands, and no mandatory pension contributions have been made on your behalf for two or more years. ​ Additional Voluntary Contributions (AVCs) Enhance your pension through AVCs, which allow for early access under circumstances like medical needs, temporary unemployment, housing, or educational expenses. For further details on accessing your AVCs, please review this documentation provided by the Department of Labour and Pensions. Your pension cannot be paid out or transferred until all contributions by your employer are completed, which might extend beyond your employment period. Processing a refund or transfer could take three months or more, so plan accordingly. Administrative fees incurred will be deducted from the refund amount. ​ For more detailed information, contact us at admin@pensions.ky or call 745-7630. We're here to help you navigate your options to achieve your retirement goals.

Latest Feb 19 January NAVs Available Feb 15 Empowering Women for a Secure Retirement Jan 18 December NAVs Available

Employer Contribution Records Paying pension contributions ​ We encourage employers to utilise online payments as a fast and easy method of completing your monthly contribution record. There are a few methods of paying online: About Your Retirement 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. 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. Eligibility 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 six months, then your 9-month grace period starts over. The only people excluded are employees who are non-Caymanian or non-Permanent Residents who are employed as a "household domestic" (e.g. maid or a gardener) in a private residence. You can also visit www.dlp.gov.ky 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. 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. 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. Know Your Rights: National Pensions Law 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 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. 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 0.80% as of June 2020. How to Read Your Member Statement You can check your Chamber Pension Plan statement online at any time: just enter your user name and password on the Membership Log-In page. If you do not have a user name and password, contact the Administrator. Alternatively, you can review your semi-annual statement, which you will receive by mail. Read More Calculate and record the contributions The Employer Contribution Record is used to calculate and record the contributions being made by and on behalf of each employee. Employers must complete this monthly, and send a cheque for the total contributions payable to the Cayman Islands Chamber of Commerce Pension Plan, along with two copies of the Contribution Record to the Administrator. ​ Payments can either be made in CI or USD, and Butterfield’s Deposit Slip for the Chamber Pension Plan has been designed to facilitate contributions in both CI and US dollars (available at the Administrator’s office or the bank branch). The deposit slip allows US dollars to be converted at a rate of 0.83333 CI dollars for each US dollar. ​ The most efficient way to make payments is through Butterfield online – if you have a Butterfield account, payment of your monthly contribution can easily be made with Butterfield’s online banking service. To set up payments, simply sign-on, select Register Utility / Common, Chamber Pension Plan for the list of registered companies, add references and save (register payee). Once you have registered the Chamber Pension Plan as a payee, you have the option of making payments either as a Third Party payment or a Utility/Common payment, then forward the supporting Contribution Record by email to admin@pensions.ky . ​ Alternatively, you can complete the contribution record, print two copies and bring your contribution cheque, along with a completed Butterfield Deposit Slip for the Chamber Pension Plan, to any Butterfield branch. You can also mail your contribution record and cheque, along with a completed Butterfield Deposit Slip for the Chamber Pension Plan, directly to the Administrator. ​ Note: While US dollar contributions are accepted, all correspondence (client statements, etc.) related to the Chamber Pension Plan and all withdrawals from the plan will be in CI dollars. Please ensure that the form correctly allocates the contribution between employee and employer; as well as any voluntary contributions made by on behalf of the employee. Download an Employer Contribution Record