Changes to be made to Cayman Islands pensions withdrawal schedule
- Amounts under $5,000 are paid in full as a lump sum;
- Amounts between $5,000 and $12,000 are paid out over 1 year;
- Amounts between $12,000 and $24,000 are paid out in portions of $12,000 each year until funds are exhausted;
- Thereafter, as the account balance increases by $12,000 the amounts paid out commence with $12,000 in year one and escalates by 2% each year until funds are exhausted;
- For amounts over $204,000 only interest is paid.
Published December 5, 2016
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