Below you can find the most frequently asked questions by our plan holders.

Click on each question below to view an answer.

About Silver Thatch Pensions

1. When was Silver Thatch Pensions established?

Silver Thatch was established in 1997 to meet the requirements of the new legislation enacted by the Cayman government in 1998 that requires all employers to provide their workers with pension benefits. Today, the Silver Thatch Pension Plan is one of the largest pension plans in the Cayman Islands. Click here to learn more.

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2. Who ensures that the plan is administered lawfully and in the best interest of the members?

The Silver Thatch Pension Plan is governed by a Board of Trustees that is elected by the membership at an Annual General Meeting (AGM). The role of the Trustees is to ensure the Plan is administered in accordance with applicable legislation and in the best interests of members. In carrying out its duties, the Board of Trustees can – and does – appoint agents to handle various administrative, management and investment functions. Click here to see list of current trustees.

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3. Who manages the Silver Thatch investment portfolios?

Our investment portfolios are managed by a team of 35 world-class investment managers under the direction of Deutsche Bank Trust Company Americas, care of Deutsche Bank (Cayman)  Limited. Together, they offer the breadth and depth of experience needed to produce winning results.  Deutsche Bank (Cayman) Limited has been engaged to carry out investment management services.

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4. When are redemptions paid?

No later than the 15th of the month following the month of approval

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Benefits

1. Can I get any pension benefits if I can no longer work?

If you stop working before your 50th birthday due to ill health, you can retire immediately. You will have the same benefit options that you would if you retired on your normal retirement date. Click here for more information on retiring.

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2. I am leaving the Cayman Islands, can I get my pension contributions?

If you stop working in the Cayman Islands and leave the islands, you can:

  • transfer the cash value of your Silver Thatch investments to another pension plan; or
  • cash in your Silver Thatch investments and receive the proceeds as a one-time, lump-sum payment.

Keep in mind that you can cash in your investments only if, in the preceding two years:

  • you have not been a resident of the Cayman Islands,
  • you have not worked in the Cayman Islands, and
  • no contributions have been made to Silver Thatch on your behalf.

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Contributions

1. What are Additional Voluntary Contributions?

Additional voluntary contributions (AVCs) are contributions over and above the required basic contributions. The employer can also make AVCs on behalf of an employee. AVCs are deposited in the employee’s existing member account.

The employee decides how to invest his/her additional voluntary contributions AVCs. The employee can pick from five available investment portfolios. These include the three portfolios available for basic contributions, plus an ultra-conservative income portfolio and an aggressive growth portfolio for AVCs. To Learn more about AVC’s click here

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2. I am leaving my current employer, can I keep making contributions to my Silver Thatch Pensions Plan account?

If you stop working for your current employer and your new employer does not participate in Silver Thatch, you will have two options:

  • You can leave your investments in the Plan where they will continue to accumulate investment earnings. At retirement, the money will be used to provide an income. If you leave your investments in Silver Thatch, you can continue to make additional voluntary contributions (AVCs) until you retire.
  • You can transfer the cash value to the pension plan of your new employer (provided that plan complies with the National Pensions Law).

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3. I am leaving the Cayman Islands, can I get my pension contributions?

If you stop working in the Cayman Islands and leave the islands, you can:

  • transfer the cash value of your Silver Thatch investments to another pension plan; or
  • cash in your Silver Thatch investments and receive the proceeds as a one-time, lump-sum payment.

Keep in mind that you can cash in your investments only if, in the preceding two years:

  • you have not been a resident of the Cayman Islands,
  • you have not worked in the Cayman Islands, and
  • no contributions have been made to Silver Thatch on your behalf.

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General Info

1. Who ensures that the plan is administered lawfully and in the best interest of the members?

The Silver Thatch Pension Plan is governed by a Board of Trustees that is elected by the membership at an Annual General Meeting (AGM). The role of the Trustees is to ensure the Plan is administered in accordance with applicable legislation and in the best interests of members. In carrying out its duties, the Board of Trustees can – and does – appoint agents to handle various administrative, management and investment functions. Click here to see list of current trustees.

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2. How do I reset my online password?

Silver Thatch issues the username (member number) and initial password for all members. Members can then log in to www.mysilver.ky with the initial password. The system will prompt for a new password, a security question, and will require you to update your contacts. Should you forget your password in the future, the system will prompt you for an answer to the security question, and once answered correctly, will email a new password to your email address on record.

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3. Who manages the Silver Thatch investment portfolios?

Our investment portfolios are managed by a team of 35 world-class investment managers under the direction of Deutsche Bank Trust Company Americas, care of Deutsche Bank (Cayman)  Limited. Together, they offer the breadth and depth of experience needed to produce winning results.  Deutsche Bank (Cayman) Limited has been engaged to carry out investment management services.

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Retirement

1. Who will get my pension benefits if I die before retirement?

If you have a spouse and die before you start receiving retirement benefits, your Silver Thatch investments will be re-registered in the name of your spouse. If you do not have a spouse , your investments can be cashed in by your personal or estate representative. Click here for more information on retiring.

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2. Can I get any pension benefits if I can no longer work?

If you stop working before your 50th birthday due to ill health, you can retire immediately. You will have the same benefit options that you would if you retired on your normal retirement date. Click here for more information on retiring.

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3. When can I retire?

The normal retirement date is the first of the month on or after your 60th birthday. However, you can retire earlier. You can retire on the first of any month on or after your 50th birthday. It is also possible to retire after your normal retirement date. Click here for more information on retiring.

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4. Can I retire early and start receiving my pension benefits?

Yes, you can retire early and receive your pension benefits.

If you want to retire early you will need to notify Saxon Administration, the Plan’s client services agent, and your employer as soon as you choose a retirement date. Click here for more information on retiring.

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