Brian Williams CEO of Saxon Administration Ltd., speaks to the Kiwanis Club of Grand Cayman

Saxon Administration Ltd. (Saxon), client services agent for Silver Thatch Pensions, is continuing its ongoing efforts to educate residents about the various aspects of investing and Cayman Islands National Pensions Law. Brian Williams, CEO of Saxon, visited with the Kiwanis Club of Grand Cayman on the afternoon of 21 October to share insight and address hot topics.

Hosted at the Britannia Restaurant, Mr Williams spoke at the Kiwanis Club’s weekly members’ meeting, where the group usually discusses current and new projects as well as regularly invite guest speakers.

“The members of Kiwanis Club are instrumental in shaping the lives of the young people of Cayman and I can’t think of a better audience to share my knowledge of pensions. I can not stress how important it is that we as a community are informed about the local pension law. It was my privilege to meet with them and I hope that they continue to spread the importance of investing for retirement,” Mr Williams said.

Mr Williams covered various topics of interest including the intention of the National Pensions Law, investment scope of pension plans and the importance of long-term investing. He communicated that according to the law, employees have the power to change plans.

The most popular plans locally are the defined contribution multi-employer plans, similar to what exists globally. These plans require that employees (participants) and employers make a clearly-defined contribution to the participant’s account, and once the participant reaches retirement age, they can access the funds based on plan rules, the law and regulations. Most local employers opt for a multi-employer, defined contribution plan (several employers participating in the same plan) due to its relatively low cost and efficient infrastructure.

In addition, Mr Williams discussed some of the causes for the current financial market’s downturn and touched on the benefits Silver Thatch members receive by having access to highly-reputable fund managers globally. Those present were also welcome to ask further questions about the topic at hand, helping to clarify any misconceptions about pensions and investing.

With members from all walks of life, the Kiwanis Club actively promotes the well being of young children and also supports the four key clubs in local high schools. Key clubs are student-led organizations that teach leadership through serving others.

Saxon Administration Ltd. (Saxon), client services agent for Silver Thatch Pensions, is a pension services provider in the Cayman Islands powered by dynamic people using superior technology. Delivering client and administrative services to more than 13,500 individual account holders with assets in excess of $200 million, Saxon has gained an enviable reputation and is recognized as a leader in its market. Facilitated by investments in technology, Saxon is capable of providing flexible solutions in both the onshore and offshore pension environment while maintaining a personal approach to client relationships.