Chamber boss claims pension system a hit

Cayman News Service

Chamber of Commerce President Mike Gibbs

(CNS): Cayman’s national pension system has faced significant criticism from politicians of all stripes but Chamber of Commerce President Mike Gibbs defended it at the organisation’s Legislative Luncheon last week, despite evidence that, 23 years after the system was introduced, few people are retiring with anything like a viable income from their investment.

The former premier, Alden McLaughlin, has blamed the Chamber on a number of occasions for pressing the government of the day into a private system rather than a national scheme, which he and other politicians now believe the country should adopt. Nevertheless, Mike Gibbs said the mass withdrawal of some CI$500 million from pensions last year was a reflection of its success.

However, the leader of the business advocacy group did accept that the withdrawals have placed the Cayman Islands in the challenging position of “determining what measures to enact to replace the…