(CMR) The Department of Labour and Pensions (DLP) is currently reviewing multiple Pension Plan Administrators with regards to processing timelines to ensure they are in compliance with the National Pensions (Amendment) Law 2020.
This announcement comes a week after the pension administrations appeared before the Public Accounts Committee (PAC) where some companies such as Fidelity Pensions admitted to likely making thousands of breaches. President & CEO, Brett Hill joked about going to jail for some 3,000 days.
There had been numerous complaints that Fidelity did not meet any of the stipulated deadlines per the law with most pension members being left to turn to social media to vent and obtain advice.
Hill later indicated that he would be having drinks with Premier Alden McLaughlin in order to make recommendations to him about improving pensions in the Cayman Islands.
The NP (Amendment) Law 2020 states that an administrator who does not comply with subsections (9), (11) or (13) commits an offense and is liable on summary conviction to a fine of ten thousand dollars or to imprisonment for a term of one year, or to both.
While it is largely believed that a significant portion of the applications are being processed in a timely manner, where there are breaches of the timelines set out in the Law, DLP is actively preparing files to be submitted to the Office of the Director of Public Prosecutions.
Any applicant who has a complaint in relation to their application being processed or whose application has been refused can file an appeal to the Director and should do so in writing and include their details along with supporting documents and email them to [email protected]
This announcement comes a week after the pension administrations appeared before the Public Accounts Committee (PAC).