GRAND CAYMAN, Cayman Islands (25 June 2026) – The Department of Labour & Pensions (DLP) has announced an update to the guidance regarding the maximum annual withdrawal amount for Retirement Savings Arrangement (RSA) accounts. Effective 1 July 2026, the maximum RSA payout will increase by 5.2%.
This adjustment raises the annual figure from $15,400 to $16,200, equivalent to $1,350 per month. The decision to increase the payout follows consultative discussions with the National Pensions Board and a thorough review of economic data provided by the Economics and Statistics Office.
DLP Director Bennard Ebanks explained that while the overall Consumer Price Index recorded a 1.3% year-on-year increase, specific sectors impacting retirees—such as housing, utilities, food, and day-to-day expenses—saw higher quarterly spikes.
“Retirees are often living on fixed incomes, so increases in these essential costs can have a real impact,” Mr. Ebanks stated. “This adjustment is intended to better reflect those pressures and provide additional support where it is needed.”
Hon. Michael Myles, Minister for Caymanian Employment and Immigration, supported the move as a crucial measure for maintaining financial stability among the retired population.
“Our retirees deserve to feel secure and supported after years of contribution to our community,” Minister Myles said. “This increase recognizes that even modest changes in daily living costs can affect household budgets... It is a practical step to ensure the RSA continues to provide meaningful support to those who rely on it.”
The DLP confirmed that members who received RSA disbursements between 1 January and 30 June 2026, will be eligible for an additional payment to reflect the new maximum. All approved RSAs are entitled to the new maximum figure of $16,200 at their next disbursement.
Members with specific questions regarding the increase should contact their Pension Plan Administrator.