Chamber Pension Plan Announces New Administrator’s Agent
Members of the Cayman Islands Chamber of Commerce Pension Plan received good news about the Plan’s performance when they met at their Annual General Meeting on 1 December. In addition to updates on the Plan’s performance and activities, members learned that Saxon Administration Ltd., in conjunction with Intertrust Group, will provide the administrative services to the plan effective 1 March 2022.
Those presenting at the meeting included Chamber Pension Chairperson Giosino Colaiacovo, Mercer Investment Consulting LLC partner Amy Labanowski, Daniel Agnello and PricewaterhouseCoopers auditor Trevor Dunbar.
After undergoing a Request for Proposal process for prospective administrator’s agent, the Plan’s Board of Trustees decided to make a change from MUFG Fund Services (Cayman) Ltd., which has provided administrative services for over a decade, including monthly valuation services since 2018.
Plan Chairperson Colaiacovo said The Plan engaged LifeWorks (formally Morneau Shepell) to run a market assessment to confirm viable alternatives to provide administrative services, and that two finalists were identified. “The Board interviewed both finalists and after careful consideration, it determined that Saxon Administration Ltd., in conjunction with Intertrust Group, was the most suitable choice for the Plan,” he said. “This decision in no way is a reflection on the quality or value of the services provided by MUFG Fund Services, but rather made with regard to the future vision and strategies of the Plan. The Board thanked MUFG Fund Services for its many years of service.”
Chairperson Colaiacova said goals for the new provider include IT, system enhancements, staffing succession and resiliency, and customer service agility.
Saxon Administration Chief Executive Officer Scott Wallace said “I am delighted and proud that Saxon Administration has been chosen as the new administrative agent for the Chamber Pension Plan. Our passionate and talented pension experts look forward to delivering best in class administrative solutions and building new personalized relationships with the members and trustees of CPP.”
2021 Plan Performance
Members heard that for the year ended 30 June 2021, the Chamber Pension Plans’ various funds provided investment returns between 8.56% and 36.86%, with an expense ratio of only 0.80%. This low rate of expenses allows Plan members to maximise the amount of their pension at retirement.
The Chamber Pension Plan is a not-for-profit entity that does not charge monthly account maintenance fees or fees to join or leave the Plan. The only expenses are related to the management and administration of the Plan and performance percentages are reported after the deduction of Plan expenses.
“It is our aim to provide the best-performing, most trusted pension plan for employees and businesses in the Cayman Islands in an efficient and cost-effective manner,” said Chairperson Colaiacovo.
Another announcement made during the AGM was about the new website launched for the Chamber Pension Plan as part of an initiative to enhance customer service. Among other elements, the new website features a real-time chat service that will provide faster service and answers to questions.
For more information about the Cayman Islands Chamber of Commerce Pension Plan or what is coming in 2022, visit chamberpension.ky or its Facebook, LinkedIn or Instagram sites, email firstname.lastname@example.org or call 745-7630.
Issued by: Cayman Islands Chamber of Commerce Pension Plan