Lettersto The Editor
What is goingon with pension funds?
Dear Sir,
I would be grateful if you would allow mespace in your most wonderful newspaper
To convey my discontent with the way ourhard-earned pension money is being invested.
Maybe through this medium some very importantquestions could be answered by the portfolio minister for pensions.Also through this medium the portfolio could take some suggestionsfrom us the owners of the pension funds.
I received my Member Statement for the periodJuly 01, 2001 to June 30, 2002. This account started out witha $11,440.35 balance with contributions of $6,563.69 and a deductionof $1,389.07 leaving a balance of $16,614.97.
This deduction was shown under the investmentgrowth column. My pension contributions (savings) should not begrowing downwards they should be growing upwards!
First let me state that I feel my pensionfunds contributions (savings) are being invested in the wrongproduct stocks and bonds a very fickle investmentto say the least!
I had a talk with an administrator/representativeof the Silver Thatch Pension Fund and voiced my concerns and also made some suggestions some of which in my opinionhe seemed to agree with.
These were: (a) do not invest in stocksand bonds; (b) keep the money here in Grand Cayman's economy;(c) lend it to Government's housing scheme, educational scheme,agricultural scheme.
I would be happy to get just one percentinterest instead of having my hard-earned funds decreasing. Anotheruse the money could serve would be to pay mothers to stay at hometo raise our children our future.
What about a new department government headed- under the portfolio of Community Service, Women's Affairs andSports. Funds loaned to this venture, I would like to see interestfree. If our pension funds are not going to increase I want tosee a sensible reason for it.
What purpose is the Superintendent of Pensionsserving? What is his job? I imagine a regulatory position. Shouldn'the be overseeing the administrators of the Pensions Funds andcontrol the risks they are taking?
I think Government should seriously reconsiderand run the Pensions Funds. It will provide more jobs for Caymaniansand our money will stay in the family. I'd rather know that JoeBloe built his house virtually interest free off my sweat moneyrather than some sophisticated American entity spending it onlawyers and political campaigns, calling it investment cost.
As much negative feelings that are beingexhibited towards our government, I'd rather see them use themoney for the benefit of the island, interest free. As long asthey gave me back what I put in, I would have no qualms aboutit.
If they can't give me back anything at all,at least I can sleep in the lobby of the LA, Glass House, Airportbuildings if I have to become a bag lady!
I am a very patriotic person. I defendedmy government when they were scoffed at when I mentioned lendingthe money to Government. I am asking that my Government displaythe same feelings towards me and the many other Caymanian pensioncontributors to these multi-million dollar funds that are affordingthe foreign work force a standard of lavish living that they neverhad before at our expense whilst we Caymanian nationals are forcedto live hand to mouth!
The Economy is so bad now and the cost ofliving housing, food, clothing, transport, education andsocial products are at their highest.
Put our own money back within our reach!It is going to be too late when the market crashes and all oursweat money is gone!
Put it in our local domestic banks they know what to do with it they can pay us 2-3% and lendit at 6-8% and everybody will be happy. With the market floodedwith this money, they can probably afford to lend it back at abetter rate thus reducing the cost of living for us.
They can offer no down payment to firsthomeowners etc.etc. Get our Caymanians who have nothing off toa good start give them a hand up instead of a foot down!
Like the Hon. McKeeva Bush's sentimentsin presenting the housing scheme to the House for passing intolaw that the most stable citizen is the homeowner he has a sense of belonging a sense of hope he achievedthis he can do more.
Let's put our money where our mouth is!
Andrea A.Martinez-Calderon