THE PENSION CASH ACCUMULATION SCHEME WAS WOUND UP AT 31 MARCH 2021.
The Pension Cash Accumulation Scheme was a cash accumulation scheme. The benefits payable by the scheme were guaranteed by the Government.
The Board resolved, with the approval of the Minister of Finance, to wind up the scheme on 31 March 2021. As part of the wind up of the scheme, the investment assets were realised on 31 March 2021. Between 31 March 2021 and 30 June 2021, all the assets were held in cash pending distribution to members by way of transfer to the Pension National Scheme. On 30 June 2021, the members and the assets were transferred to the Pension National Scheme.
The scheme administrator sent each member of the scheme a letter and a statement in August 2021 confirming the distribution of the assets of the scheme and confirming their new account balance with the Pension National Scheme.
The earnings rate declared by the Board for the scheme for the year ended 31 March 2021 was 4.0%. In addition, the Board approved a distribution to members from reserves of the scheme for this same period of 4.61%.
As part of the wind up of the scheme the remaining reserves held by the scheme, after payment of operating expenses for the quarter to 30 June 2021, were distributed to members on a pro rata basis and credited to member balances transferred to the Pension National Scheme.
