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Cayman Islands Chamber Pension Plan Members ignite call for urgent pension education amidst uncertainty in Government Policies

George Town, Grand Cayman 9 December 2023 – Members of the Cayman Islands Chamber
of Commerce Pension Plan (“Plan”) met at their Annual General Meeting on 6 December. Those
presenting at the meeting included Chamber Pension Chairperson Giosino Colaiacovo, Mercer
Investments LLC (“Mercer”) representative Daniel Angello, and PricewaterhouseCoopers (“PwC”)
auditor Trevor Dunbar. Also in attendance was Ms. Amy Wolliston, Deputy Director of Pensions, who
fielded questions posed by members during a scheduled question and answer period.

Chairperson Giosino Colaiacovo welcomed attendees and introduced the newly elected Board of
Trustees: Ms. Brittany MacVicar and Mr. William Shaw, representing the Financial & Professional sector;
Mr. Nigel James Clifford and Ms. Cinthya Zerpa, representing the Hospitality & Tourism sector; Mr.
Pramod Joshi and Mr. David Mark Hindle, representing the Industry & Commerce sector; and Mr. Richard
Freeme, representing the Voluntary & Self-Employed sector. Mr. Colaiacovo gave special thanks to
outgoing trustees, namely, Mr. Grant Hiley, Mr. Bradley Kruger, Mr. Paul McGeough and Mr. Alessandro

“The Board of Trustees would like to thank them for their diligent work and dedication during their tenure.
Your individual and collective contributions will not be forgotten”, said Mr. Colaiacovo.

Mr. Daniel Angello, a representative from Mercer, presented an overview of the Plan’s investment
performance for the one year ending September 2023. Returns ranged from 5.59% to 22.40% across
the investment options.

Mr. Angello described the Plan’s investment strategy as being on the leading edge of industry best
practices. He noted the strategy operates within the boundaries established by the National Pensions
(Pension Fund Investments) Regulations, while still capitalizing on innovative portfolio construction
techniques. The approach aims to deliver competitive returns over the long-term for Plan participants
within a prudent risk management framework. Overall, Mercer is pleased with the Plan’s investment
results relative to market benchmarks over this period.

Mr. Trevor Dunbar of PwC noted a clean audit for the fiscal year ended June 30, 2023, with no areas of

Ms. Amy Wolliston provided a high-level overview of the Government’s strategic plan regarding Pensions,
which was from a Parliamentary Statement delivered by Minister Seymour in September 2023. An
actuarial study will be conducted in 2024 to review key factors such as the contribution rate, which is
currently set at 10%, as well as considerations around the normal age of pension entitlement. Following
the completion of the Study, a Select Committee comprised of all members of Parliament will be
appointed to examine the findings and recommendations of the Actuarial Study to help determine the
path forward for pensions. It is expected that a comprehensive review of the existing investment
regulations will also be undertaken, after the release of the Select Committee’s findings. This review
aims to modernize the regulations where needed.

The Chamber Pension Plan has played an active role in shaping the Cayman Islands’ pension landscape.
Through our involvement with the Cayman Islands Pension Administrators’ Association Ltd., we have
provided input and recommendations that will aid in modernizing the relevant laws and regulations. The
process will incorporate feedback and perspectives raised by our membership. As such, members are
strongly encouraged to contact any trustee to provide ideas and share thoughts or concerns regarding
these important issues.

The attendees advocated for boosting public awareness and education concerning pensions in the
Cayman Islands. They discussed issues with employer delinquencies in fulfilling their pension
obligations. The group also debated possible legislative or regulatory changes that could help curb
delinquent behavior. Overall, members are concerned by the ongoing access to pension funds which
undermines the very framework and intent of pensions. Members worried that without education on the
significance of pensions, members will remain disinterested in their retirement savings which could have
effects that cannot be remedied in time for retirement; thus, highlighting the urgent need for public
awareness on pensions.

The Plan will carefully consider the feedback received and will develop a formal action plan to directly
address the concerns brought forth by members of the Chamber Pension Plan. Additionally, the Plan
has issued this public statement to raise broader awareness of the observations and perspectives shared
by members.


For more information about the Cayman Islands Chamber of Commerce Pension Plan or what is coming in 2024, visit or its Facebook, LinkedIn or Instagram sites, email [email protected] or call 745-7630.


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