Archive for April, 2011

Temporary Pension Holiday Ends in Cayman

Monday, April 25th, 2011

The Cayman Islands’ temporary 1-year pension contribution suspension is to end, which is to affect private sector both employers and employees, as well as self-employed individuals.

In April, 2010, this measure was introduced with an amendment to the National Pensions Law. The measure was to provide a temporary 1-year suspension of pension contributions and a temporary 2-year suspension period for non-nationals. According to the government of the Cayman Islands, it was implemented in response to the global economic recession. It was aimed at easing people’s financial burdens and stimulating the economy.

Recently, the Cayman government has issued a reminder that, as of April 26, Caymanians from their first day of employment are pensionable immediately, required to participate in a pension plan and pay pension contributions.

Rolston Anglin, the minister responsible for pensions, commented: “These contributions are extremely important to continue each employee’s long-term savings for retirement. It’s a critical part of their retirement planning”.

Cayman Finance names new Chairman

Tuesday, April 19th, 2011

Cayman Finance, a private-sector membership-based organisation that promotes Cayman’s financial services industry through public relations, public affairs and marketing initiatives has announced that Richard Coles has been voted in as its incoming chairman.

Coles is former Attorney General for the Cayman Islands with an impressive resume. He is currently an independent director for hedge funds, structured finance vehicles and investment and financial sector companies and had built a successful law firm in England before he moved to the Cayman Islands. So, he should be a good leader for Cayman Finance, which is the voice of Cayman’s financial services industry.

At an annual general meeting of Cayman Finance held on April 13, 2011, Coles was talking about his commitment and his capabilities to further develop Cayman Finance’s relationship with the Cayman Government.

Also, a new board was elected. The directors of Cayman Finance are Peter Cockhill (Ogier), Nick Freeland (PWC), Gonzalo Jalles (HSBC), Mark Lewis (Walkers), Roy McTaggart (KPMG), Conor O’Dea (Butterfield), David Roberts (Cayman Management), Daniel Scott (Ernst & Young), Henry Smith (Maples and Calder), Ian Wight (Deloitte).