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Back to Pensions

Pension Plan Member Services

CONTACT OUR SPECIALIST

Manage your pension with CG

We provide a variety of services for CG Pension Plan members. Contact CG to find out more about:

Education and guidance

We believe in empowering our members through continuous education. Every year we offer review sessions and free investment seminars to assist members with retirement planning.

Additional voluntary contributions

Personal voluntary contributions to your pension plan are encouraged. The funds contributed by the member can be accessed at the Normal Age of Pension Entitlement upon approval by the Department of Labour & Pensions. However, prior to normal retirement members can access their AVCs for medical treatment, housing, education, or temporary unemployment.

Ready to retire?

Once you reach early or normal age of pension entitlement, our specialist assists you with making a suitable retirement plan. Early age of pension entitlement may be taken if you are within ten years of your normal age of pension entitlement and no longer employed in the Cayman Islands

Tools to manage and grow your investment

Our in-house Investment Policy Committee’s approach to investing allows you and your employees to get competitive long-term returns with access to a global selection of funds to diversify market risks.

SEE FUND PERFORMANCE

Members can monitor their pension accounts, view fund information, and check fund performances, anytime and anywhere. Through our online portal, you can also change your personal or investment information and utilise our online calculators.

GO TO CUSTOMER PORTAL

Withdrawal and Termination

Additional Voluntary Contributions

Members can access all their Additional Voluntary Contributions (AVCs) at the Normal Age of Pension Entitlement upon approval by the Department of Labour & Pensions. However, prior to normal retirement members can access their AVCs for medical treatment, housing, education, or temporary unemployment.

Retirement Savings Arrangement

Once you reach your Early or Normal Age of Pension Entitlement. You may begin drawing from the penison account upon approval by the Department of Labour & Pensions. The annual pension payment instalment begins on the first day of the month following your retirement date, unless you choose otherwise.

Housing Withdrawals

Caymanians or Caymanian Status Holders can withdraw mandatory pension contributions as follows:

Deposit to purchase an existing dwelling unit, to construct a new dwelling unit, or purchase a residential land, if they do not currently own land or an existing dwelling unit in the Cayman Islands
Reduction payment on a residential land loan
Reduction payment on an existing mortgage and if applicable, arrears in strata fees related to the mortgaged property
Pay off an existing mortgage and if applicable, arrears in strata fees related to the mortgaged property.

Repayments of 3% of your earnings from the month following the withdrawal is required. Other terms & conditions apply.

If You Have Terminated Employment

Should you leave employment you may keep your pension funds with CG or transfer your accumulated balance as follows:

To the pension fund of a new employer
To an approved overseas pension plan
Apply for a refund if your balance is less than CI$ 5,000, if you are not currently employed in the Cayman Islands

Frequently asked questions

Employees between ages 18 and 65 are required by law to be enrolled in a pension plan. There are 3 exceptions to this requirement: Non-Caymanians who have been working in the Cayman Islands for less than nine months Caymanians who are full-time students under the age of 23 Non-Caymanians employed in a private home as a household domestic or gardener

This is the amount per year which employees and employers are required by law to pay pension contributions. Anyone earning more than CI$87,000 is not required to make pension contributions on the amount above CI$87,000. Payments made in excess are deemed additional voluntary contributions. 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.

For members born after December 31, 1969: Your normal age of pensions entitlement is the first of the month on or after your 65th birthday. You can begin to receive these benefits whether or not you have ceased to be employed. You could also start receiving your benefits as early as age 55 but only if you have stopped working. For members born before 31st December 1969: Your normal age of pension entitlement is age 60. You could therefore start receiving benefits at age 60 whether or not you have ceased to be employed. If you have stopped working and are over the age of 50 you can begin to receive benefits now. However, if you return to work, you and your employer must resume making mandatory contributions until the age of 65.

If you are using the pension funds to buy or build a home, you must not already own a dwelling unit in the Cayman Islands. If buying land, you must not own any other land in the Cayman Islands. If you are using the funds to pay off an existing mortgage on a home, the amount must be enough to pay off the loan in full

You can change your beneficiaries or investment selections online or by speaking to a CG specialist. Login and click on the desired tab, My Investment Options or My Personal Information, to make the changes. A married member can only add their spouse and children as a beneficiary.  Under Cayman Law if a member is married with no children the member can only state their spouse as a 100% beneficiary. If a member is married with children the member can only state their spouse as a 50% beneficiary and the other 50% is split equally across the number of children who must under 18 years of age.

Yes, You can make Additional Voluntary Contributions to your account via payroll deductions.

Once you have enrolled and your first contribution has been received, you will receive your online account set up instructions. After setting up your account, you can view your information or make changes online.

You can view our various Fund Fact Sheets, as well as fund performance information on this website.

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Pension Plan Member Services