ADVERTISEMENT
  • About Us
  • Contact
  • Advertise
  • Privacy Policy
  • Terms and Conditions
Wednesday, October 4, 2023
No Result
View All Result
NEWSLETTER
Cayman Marl Road
  • Home
  • CMR Daily Buzz
  • Cayman’s Youth
  • Parliament
  • Live Show
  • COVID-19
  • Election 2021
  • Legal Notices
  • Entertainment
    • All
    • Events
    • Music
    Video game convention in Cayman this weekend

    Video game convention in Cayman this weekend

    Caymanian Matt Brown puts on new comedy show

    Caymanian Matt Brown puts on new comedy show

    Miss Universe removes upper age limit

    Miss Universe removes upper age limit

    Love & Hip Hop star fired after calling Spice ‘monkey’

    Love & Hip Hop star fired after calling Spice ‘monkey’

    Jimmy Buffett, ‘Margaritaville’ singer, dies

    Jimmy Buffett, ‘Margaritaville’ singer, dies

    Reggae artist Queen Ifrica accuses dad of rape

    Reggae artist Queen Ifrica accuses dad of rape

    Bob Barker, host of ‘The Price is Right,’ dies at 99

    Bob Barker, host of ‘The Price is Right,’ dies at 99

    Hollywood actors and writers strike

    Hollywood actors and writers strike

    Caymanian Jazz Pitcairn’s work nominated for Emmy award

    Caymanian Jazz Pitcairn’s work nominated for Emmy award

  • Lifestyle
    • All
    • Food
    • Health
    • Medical Experts
    Health Ministry names incoming Chief Medical Officer

    Pharmacy Bill consultation opens

    Public Health unveils Stage 2 vaccination plan

    COVID-19 policy discontinued

    Health Services announces closures

    Accident & Emergency entrance to temporarily relocate

    First local dengue case confirmed

    First local dengue case confirmed

    Government  approves blood donor eligibility change   

    Government  approves blood donor eligibility change  

    RUMOR: Dengue Fever in Cayman?

    Dengue fever reaches Cayman

    Accident & Emergency walk-in entrance now accessible

    A&E and Urgent Care Clinic temporarily relocate this weekend

    Food Hygiene training resumes this week

    Food Hygiene training resumes this week

    Health Ministry names incoming Chief Medical Officer

    CMO issues guidance on possession and use of Cannabinol

    German man cured of HIV

    HSA and Red Cross partner to offer free HIV testing

    Trending Tags

  • Home
  • CMR Daily Buzz
  • Cayman’s Youth
  • Parliament
  • Live Show
  • COVID-19
  • Election 2021
  • Legal Notices
  • Entertainment
    • All
    • Events
    • Music
    Video game convention in Cayman this weekend

    Video game convention in Cayman this weekend

    Caymanian Matt Brown puts on new comedy show

    Caymanian Matt Brown puts on new comedy show

    Miss Universe removes upper age limit

    Miss Universe removes upper age limit

    Love & Hip Hop star fired after calling Spice ‘monkey’

    Love & Hip Hop star fired after calling Spice ‘monkey’

    Jimmy Buffett, ‘Margaritaville’ singer, dies

    Jimmy Buffett, ‘Margaritaville’ singer, dies

    Reggae artist Queen Ifrica accuses dad of rape

    Reggae artist Queen Ifrica accuses dad of rape

    Bob Barker, host of ‘The Price is Right,’ dies at 99

    Bob Barker, host of ‘The Price is Right,’ dies at 99

    Hollywood actors and writers strike

    Hollywood actors and writers strike

    Caymanian Jazz Pitcairn’s work nominated for Emmy award

    Caymanian Jazz Pitcairn’s work nominated for Emmy award

  • Lifestyle
    • All
    • Food
    • Health
    • Medical Experts
    Health Ministry names incoming Chief Medical Officer

    Pharmacy Bill consultation opens

    Public Health unveils Stage 2 vaccination plan

    COVID-19 policy discontinued

    Health Services announces closures

    Accident & Emergency entrance to temporarily relocate

    First local dengue case confirmed

    First local dengue case confirmed

    Government  approves blood donor eligibility change   

    Government  approves blood donor eligibility change  

    RUMOR: Dengue Fever in Cayman?

    Dengue fever reaches Cayman

    Accident & Emergency walk-in entrance now accessible

    A&E and Urgent Care Clinic temporarily relocate this weekend

    Food Hygiene training resumes this week

    Food Hygiene training resumes this week

    Health Ministry names incoming Chief Medical Officer

    CMO issues guidance on possession and use of Cannabinol

    German man cured of HIV

    HSA and Red Cross partner to offer free HIV testing

    Trending Tags

No Result
View All Result
Cayman Marl Road
No Result
View All Result

Fidelity Pension Plan apologizes in YouTube video

Admits to being overwhelmed by process

by CMR
July 01, 2020
in Business
0
173
SHARES
Share on FacebookShare on TwitterShare on Whatsapp

“I would like to apologize to all Fidelity Pension Plan participants for any delays experienced. While both the Cayman and Bahamas based teams have worked tirelessly to deal with the massive volumes of emails, calls and applications received, they were often overwhelmed by the sheer numbers of persons requiring assistance”.

Michael Anderson, CEO RF Group

Michael Anderson, RF Group President & CEO

(CMR) Fidelity Pension Plan has issued an apology to its members on the heels of the Department of Labour and Pensions confirming that they will be seeking criminal prosecution for pension administrators that have not been in compliance with the law.

Fidelity, unlike other pension administrators, admitted in the Public Accounts Committee earlier in the month that they would not be meeting the 45-day deadline prescribed in the law. At the time Brett Hill,  CEO of Fidelity Bank (Cayman) as well as RF Cayman President and Country Head, jokingly shared that he expected to be incarcerated for some 3,000 days for non-compliance with the law. He partly blamed the Cayman Islands Government for not listening to him when he shared that he was unable to meet the 45-day deadline but realistically need 60 days instead. However, he promised that all May submissions would have been paid by the end of June.

Other pension administrators such as Silver Thatch and Chamber Pension appeared to have been well ahead of the game and paid out ahead of the deadline for most members.

The RF Group, which officially became the manager of the Fidelity Pension Plan on May 1 has now issued the apology and thanked pension members for their patience. Despite the group claiming that applications received before May 29 have now all been processed. However, many on social media continued complaining well into the later afternoon today that they have not yet received their money.

“The various processes required to facilitate the withdrawals created significant challenges for pension participants, pension regulators, and pension service providers,” he said, as he thanked those with Fidelity for their patience.

The issues have led to widespread speculation in the local community that Fidelity might be having some serious financial and CMR has received numerous requests about them filing for bankruptcy.

Back in February 2019, Royal Fidelity Merchant Bank & Trust Limited has announced that, as a result of a management-led buyout, RF Holdings Limited, a newly-formed Bahamian holding company, has agreed to acquire 100 percent of its issued and outstanding shares that were previously held on a 50/50 basis by RBC Royal Bank of Canada and Fidelity Bank (Bahamas) Limited.


Any pension members who have not received an email communication or late payments in accordance with the law from any pension administrators should contact the Department of Labour and Pensions [email protected] to lodge an official complaint.

Contact Fidelity Pension
Anyone who successfully applied for withdrawals after 29 May will begin to receive payments from 13 July, with confirmation of payments being dispatched by email. Those who have submitted applications during the month of May and have not yet received an email outlining necessary changes to the application or confirming payment are asked to email [email protected]

Related posts:

Jamaican company buys 36 units in Grand Harbour complex
AL Thompson's buys Cox Lumber
CUC seeks qualified natural gas supplier
Deputy chair breaches permit law
Share your vote!


No, thanks.
How do you feel after reading this?
  • Fascinated
  • Happy
  • Sad
  • Angry
  • Bored
  • Afraid
Tags: Brett HillCOVID-19 measuresMichael Andersonpension withdrawals
CMR

CMR

Related Posts

Jamaican company buys 36 units in Grand Harbour complex

Jamaican company buys 36 units in Grand Harbour complex

by Renae Stampp
September 23, 2023
0

(CMR) Jamaican company Kingston Properties Limited announced that it has purchased 36 units in the Grand Harbour Commercial Centre along...

AL Thompson’s buys Cox Lumber

AL Thompson’s buys Cox Lumber

by Renae Stampp
September 15, 2023
0

(CMR) Effective today, 15 September, Cox Lumber Ltd. has been purchased by A. L. Thompson’s and will join the A....

Premier calls for diversity and inclusion on Government-appointed bodies

Premier: Cayman is not broke

by Renae Stampp
September 12, 2023
0

(CMR) Premier of the Cayman Islands and Minister of Finance Wayne Panton said there is no plan to cut the...

CUC seeks qualified natural gas supplier

CUC seeks qualified natural gas supplier

by Renae Stampp
September 7, 2023
0

(CMR)  In an effort to reduce the cost of energy production and reduce carbon emissions, the Caribbean  Utilities Company, Ltd...

Deputy chair breaches permit law

Deputy chair breaches permit law

by CMR
August 31, 2023
0

(CMR) The Deputy Chair of the Business Staffing Plan Board has been called into disrepute after at least one of her...

Interest in Cayman Insurance Industry remains strong

Interest in Cayman Insurance Industry remains strong

by Renae Stampp
August 30, 2023
0

(CMR) The Cayman Islands Monetary Authority (CIMA) recently released licensing statistics for the second quarter of 2023, which demonstrate the...

Next Post
C&W Communications acquires IT Outsource – expanding into managed services business

C&W Communications acquires IT Outsource - expanding into managed services business

Recent News

Customs Declaration App available for Postal Services 

Customs Declaration App available for Postal Services 

October 4, 2023
Premier calls for diversity and inclusion on Government-appointed bodies

Premier: new level of criminal threat must be aggressively confronted

October 4, 2023
National Trust announces new Council

National Trust announces new Council

October 4, 2023
RCIPS reminds public of seriousness of child pornography

Florida law allowing death penalty in child rapes takes effect

October 4, 2023
TCHT: Breast Cancer Awareness Month

TCHT: Breast Cancer Awareness Month

October 3, 2023
US House Speaker ousted in historic vote

US House Speaker ousted in historic vote

October 3, 2023
  • About Us
  • Contact
  • Advertise
  • Privacy Policy
  • Terms and Conditions

Copyright © 2023 CMR Cayman's Premier News Source - All Rights Reserved

No Result
View All Result
  • Home
  • Ask The Marl Road
    • Consumer Protection
      • Scammers
  • Breaking News
  • Business
    • Finance
  • Cayman Crime Watch
  • Cayman Small Business
  • Cayman Wellness
  • Cayman’s Youth
  • Celebration of Life
  • Community Notices/Events
    • Accidents
    • Police
    • Weather
  • Consumer Protection
    • Scammers
    • COVID-19
    • What would you do?
  • CMR Videos
    • The Cold Hard Truth
    • Cayman Voices
  • Court Cases
    • Civil
    • Criminal
  • Election 2021
  • Entertainment
    • Events
    • Music
  • Events
  • Family
    • Education
    • Fury Friends
  • Government
    • Road Closures
  • Investigative Reports
  • Legal Notices
  • Lifestyle
    • Food
    • Health
    • Medical Experts
  • Live Show
  • News Roundup
  • Opinions
    • Polls
    • Cartoons
  • Politics
    • Parliament
  • Regional News
  • Rumor Has It
  • Science
  • Social Media Happenings
    • Jackass of the Day!
    • Lost & Found
  • Sports
  • Tech News
  • Weird & Unusual News
  • World News
  • Sponsored Content

Copyright © 2023 CMR Cayman's Premier News Source - All Rights Reserved