(CMR) Silver Thatch Pensions has started paying out emergency COVID-19 funds yesterday, Tuesday, June 10 to almost half of its members that have applied for the funds. To the best of our knowledge, they are the first pension company to begin the payments ahead of the 45-day deadline.
The pension administrators have over 20,000 members with some 9,900 emergency applications that have been approved to date. CMR exclusive sources indicate that members who have USD accounts are being paid out first and then those who requested funds in KYD will be processed. The vast majority of applications have requested payout in KYD. Less than 100 payouts have been requested from persons overseas.
Payouts are based on the May 2020 statements since the application process opened up in May. We understand that the value of those has increased compared to the April statements.
Silver Thatch pension employees are currently in the process of calling members to verify account details that have been provided. This verification process was an additional step to ensure fewer issues at payout.
Apparently, some members have not provided payment details. Some have provided inaccurate bank account numbers, closed accounts, or dormant accounts as well as even credit card details. Payment cannot be made to credit cards.
One person observed:
“It's important to take this extra step to prevent the return of funds and ensure that members receive payment as soon as possible.”
Cheque distribution will begin in earnest on Tuesday, June 16 at their offices on Eastern Avenue.
Silver Thatch/Saxon has long been applauded by the general public as being the forerunners in the handling of COVID-19 emergency funds. Many have observed on social media that their response time and automated notifications were well organized.