- June 30, 2020
- General
A message from RF Group President & CEO, Micahel Anderson
FOR IMMEDIATE RELEASE
June 30, 2020 (Georgetown, Grand Cayman): President and CEO of RF Group, Mr. Michael Anderson, announced today that viritually all persons who successfully applied for Emergency Pension Withdrawals from the Fidelity Pensions Plan on or before May 29th, 2020 had been processed for payment.
RF Group officially became the manager of the Fidelity Pension Plan on May 1st, 2020, the same day the changes to the Cayman Islands Pension Law came into effect. Mr. Anderson thanked all Fidelity Pension Plan participants for their patience over the last two months and noted that “the various processes required to facilitate the withdrawals created significant challenges for pension participants, pension regulators and pension service providers”.
The Plan commenced payments during the week of June 15th but acknowledged delays in responding to and processing client queries and withdrawal applications. “On behalf of the management and staff of the RF Group,” Mr. Anderson said, “I would like to apologize to all Fidelity Pension Plan participants for any delays experienced. While both the Cayman and Bahamas based teams have worked tirelessly to deal with the massive volumes of emails, calls and applications received, they were often overwhelmed by the sheer numbers of persons requiring assistance”.
Persons who have successfully applied for withdrawals after May 29th will begin to receive payments beginning the week of July 13th, 2020. Email confirmations of payments can be expected by clients. Persons who have submitted applications during the month of May and have not yet received an email outlining necessary changes to the application or confirming payment are asked to contact pension@fidelitycayman.com.
Despite the initial challenges, Mr. Anderson confirmed that RF Group remains committed to the development and progress of the Cayman Islands.“We look forward to the opportunity to bring new and innovative products to the market”, he said. “We also look forward to resuming the professional and customer-friendly service that our clients have become accustomed to over the years”.
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About RF
Since inception in 1997, the RF Group has been committed to helping clients create and manage wealth. We are a regional private bank connecting our clients with the best in local and international investments. Collectively, we have helped clients raise in excess of USD $1.8 Billion in capital and we have $2 Billion plus in assets under administration. Offering a wide range of investment products and services, our financial solutions are designed to help individuals and corporate clients meet and achieve their investment goals.
These include Mutual Funds, Investment Management, Investment Banking, Group and Personal Pension Plans, Personal Retirement Accounts, Stock Brokerage, Trust and Estate Planning and Educational Investment Accounts.
For more information, please visit www.rfgroup.com and follow us on Facebook @rfbanktrust
For more information contact:
Rachael Allahar
Marketing Manager
RF Group
T 242.603.6016
E Rachael.allahar@rfgroup.com