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New rules release pensions for mortgages and homebuying

New rules release pensions for mortgages and homebuying

New rules release pensions for mortgages and homebuying

New rules, unanimously passed by MPs on Thursday 23 November, will allow Caymanians to withdraw pension money to pay off mortgages or help to buy or build new homes, subject to conditions. MPs voted in favour of the National Pensions Amendment Bill on the third reading. There were significant amendments made to the bill during the committee stages which increased the maximum withdrawal allowable for construction or home purchase from $35,000 to $50,000, while increasing the amount to pay off an existing mortgage to $100,000.

For more information contact the Cayman Islands Department of Labour and Pensions here: https://archives.gov.ky/sites/dlp/dlp.gov.ky/portal/page/portal/dlphome.html

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