Grand Cayman was the fifth location of a 14-stop tour, which headed to the Domincan Republic shortly after Cayman. The winners of the women’s title in this leg were Betsi Flint and Kelley Larsen of United States-A – it was a close victory over Karen Cope and Nathalia Alfaro of Costa Rica. Taylor and Trevor Crabb of United States-A claimed the men’s title, with Cameron Wheelan and Michel Plantinga coming second.
It was an excellent tournament – one of many great events in the Cayman Islands.
As you already know there are a substantial number of pension types available. How we came to have them, or what they actually are, still remains a mystery to many of us since these were thrust upon us (to some extent) by well meaning employers way back when. This week we´re going to bust the Pension Jargon for the types of Pensions available.
Cash Balance Pension
A Cash Balance Pension is a pension arrangement, where your employer promises you a pension pot of a specified amount, when you reach retirement age. Typically, the amount is calculated as a proportion of your salary for each year of service. You know how much your pot will be, but there is no promise as to the amount of pension you will be able to buy (or take) from it.
British people are living longer than ever before – according to the Office of National Statistics, life expectancy is likely to rise to 85 by 2040. And this figure is an average; if you are physically healthy you can realistically expect to live one or more decades longer, particularly if you have a family history of longevity.
And what if you live abroad in a warm and agreeable climate? Well, chances are that your life expectancy could be even higher. This is good news of course, but it brings with it important expat wealth management and retirement planning implications.
Perhaps chief among these is the need to ensure that your retirement assets are sufficiently valuable to last you through a long and healthy old age, and this means making sure you factor in the likelihood of inflation eroding the purchasing power of your assets over time.