With amendments to the National Pensions (Amendment) Act 2016 now coming into effect we are reaching out to ensure that as Administrator of the Cayman Capital Trust Pension Plan, we can maintain our compliance and meet all obligatory requirements.
Importance should be placed to ensure that contact information for all employees enrolled in our plan is current, with consent to deliver communications and statements electronically. Therefore we ask that you remind your employees to notify us immediately if there are changes to their personal information. Please contact [email protected] for a Member Change Form.
Important Notes for Employers:
- At the minimum, all employers must contribute 5% of their employees earnings to a pension plan up to the year’s maximum pensionable earnings of CI$87,000.00.
- Self-Employed persons must contribute a minimum of 10% of their year’s maximum personal earnings to a pension plan.
- Pension Contributions are due on the 15th of the month following their deduction. For example, May contributions are due on the 15th of June.
- Employers are legally required to keep proper books and records for a minimum of 5 years in relation to their pensionable employees and make those documents available to obtain information.
- Employers must advise the Pension Plan Administrator when an employee becomes eligible and when the employee terminates their business.
- Employers must advise the Pension Plan Administrator of changes in the business information such as mailing or e-mail addresses and phone numbers.
If you have any questions, concerns or need clarity on any aspect of your obligations as an Employer, or if your Employees have any questions, please do not hesitate to e-mail us at [email protected].