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(1) These Regulations may be cited as the Public Service Pensions (Contribution Rates) Regulations, 2021. (2) These Regulations are deemed to have come into force on the 1st day of January, 2020.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Changes to contribution rates under the defined benefits part of the Plan 2. (1) Approval is given for changes recommended by the Board in respect of the rate of contribution payable to the Fund by an employer, under the defined benefits part of the Plan. (2) Pursuant to paragraph (1), the rates of contribution, by an employer, under the defined benefits part of the Plan, are as specified in paragraphs (3) and (4) and shall remain in force until superseded by the next funding actuarial valuation. Regulation 2 SL 60 of 2021 (3) The rates of contribution by the Government, under the defined benefits part of the Plan, are as follows \u2014 (a) an employer contribution rate of 6% of the pensionable earnings of the relevant member; (b) an additional normal cost contribution rate of 9.3% of the pensionable earnings of the relevant member; and (c) a $17.138 million annual contribution paid in twelve equal monthly instalments to amortize the defined benefit funding deficiency (past service liability). (4) The rates of contribution by the following employers, under the defined benefits part of the Plan, are the following respective rates of the pensionable earnings of the relevant member \u2014 Employer Employer Contribution Rate Additional Normal Cost Contribution Rate Amortization Cost as a Fixed Annual Amount (Past Service Liability) Cayman Islands Airports Authority 6% 5.5% $345,000 Cayman Islands Monetary Authority 6% 5.5% nil Cayman Islands National Insurance Company (CINICO) 6% 5.5% nil Cayman Turtle Conservation and Education Centre Ltd. 6% 7.2% $4,000 Civil Aviation Authority 6% 0.4% nil Health Services Authority 6% 5.8% $106,000 Maritime Authority of the Cayman Islands 6% 6.1% nil National Roads Authority 6% 4.8% nil Public Service Pensions Board 6% 8.1% nil University College of the Cayman Islands n\/a n\/a $103,000 Utility Regulation and Competition Office 6% 1.1% nil Water Authority 6% 6.1% $101,000 Regulation 3 SL 60 of 2021\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Changes to contribution rates under the defined contributions part of the Plan 3. (1) Approval is given for changes recommended by the Board in respect of the rates of contribution payable to the Fund by an employer, under the defined contributions part of the Plan. (2) Pursuant to paragraph (1), the rates of contribution by an employer, under the defined contributions part of the Plan, are as specified in paragraph (3) and shall remain in force until superseded by the next funding actuarial valuation. (3) The rates of contribution by an employer, under the defined contributions part of the Plan, are as follows \u2014 (a) an employer contribution rate of 6%; and (b) an additional normal cost contribution rate of 0.4%, of the pensionable earnings of the relevant member. (4) The Administrator, out of the amount contributed by an employer to the Fund on behalf of an active defined contribution member pursuant to paragraph (3), shall allocate to the member\u2019s employer contribution account an employer contribution equal in amount to 6% of pensionable earnings for the period for which the employer contribution relates.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Contribution to Fund 4. Contributions set out in regulations 2 and 3 shall be \u2014 (a) paid by an employer to the Administrator on a monthly basis for payment into the Fund; and (b) sent by an employer to the Administrator no later than the 15th day of the month immediately following the date when contributions are due. 5. Repeal of the Public Service Pensions (Contribution Rates) Regulations, 5. The Public Service Pensions (Contribution Rates) Regulations, 2019 are repealed with effect from the date upon which these Regulations are deemed to have come into force. Made in Cabinet the 7th day of September, 2021. 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Regulations\n\nc\nSL 60 of 2021\nPage 3\n\nCAYMAN ISLANDS\n\nPublic Service Pensions Act\n(2021 Revision)\nPUBLIC SERVICE PENSIONS (CONTRIBUTION\nRATES) REGULATIONS, 2021\n(SL 60 of 2021)\nArrangement of Regulations\nRegulation\nPage\n1.\nCitation and commencement .....................................................................................................5\n2.\nChanges to contribution rates under the defined benefits part of the Plan ..................................5\n3.\nChanges to contribution rates under the defined contributions part of the Plan ..........................7\n4.\nContribution to Fund ..................................................................................................................7\n5.\nRepeal of the Public Service Pensions (Contribution Rates) Regulations, 2019 .........................7\n\nPublic Service Pensions (Contribution Rates) Regulations, 2021\nRegulation 1\n\nc\nSL 60 of 2021\nPage 5\n\nCAYMAN ISLANDS\n\nPublic Service Pensions Act\n(2021 Revision)\nPUBLIC SERVICE PENSIONS (CONTRIBUTION\nRATES) REGULATIONS, 2021\n(SL 60 of 2021)\nIn exercise of the powers conferred by sections 4 and 12(3A)(a) of the Public Service\nPensions Act (2021 Revision), the Cabinet makes the following Regulations \u2014\n1.\nCitation and commencement\n1.\n(1) These Regulations may be cited as the Public Service Pensions (Contribution\nRates) Regulations, 2021.\n(2) These Regulations are deemed to have come into force on the 1st day of January,\n2020.\n2.\nChanges to contribution rates under the defined benefits part of the Plan\n2.\n(1) Approval is given for changes recommended by the Board in respect of the rate\nof contribution payable to the Fund by an employer, under the defined benefits\npart of the Plan.\n(2) Pursuant to paragraph (1), the rates of contribution, by an employer, under the\ndefined benefits part of the Plan, are as specified in paragraphs (3) and (4) and\nshall remain in force until superseded by the next funding actuarial valuation.\n\nRegulation 2\nPublic Service Pensions (Contribution Rates) Regulations, 2021\n\nPage 6\nSL 60 of 2021\nc\n\n(3) The rates of contribution by the Government, under the defined benefits part of\nthe Plan, are as follows \u2014\n(a)\nan employer contribution rate of 6% of the pensionable earnings of the\nrelevant member;\n(b) an additional normal cost contribution rate of 9.3% of the pensionable\nearnings of the relevant member; and\n(c)\na $17.138 million annual contribution paid in twelve equal monthly\ninstalments to amortize the defined benefit funding deficiency (past\nservice liability).\n(4) The rates of contribution by the following employers, under the defined benefits\npart of the Plan, are the following respective rates of the pensionable earnings\nof the relevant member \u2014\nEmployer\nEmployer\nContribution\nRate\nAdditional Normal\nCost Contribution\nRate\nAmortization Cost as\na Fixed Annual\nAmount (Past\nService Liability)\nCayman Islands Airports\nAuthority\n6%\n5.5%\n$345,000\nCayman Islands Monetary\nAuthority\n6%\n5.5%\nnil\nCayman Islands National\nInsurance Company\n(CINICO)\n6%\n5.5%\nnil\nCayman Turtle\nConservation and\nEducation Centre Ltd.\n6%\n7.2%\n$4,000\nCivil Aviation Authority\n6%\n0.4%\nnil\nHealth Services Authority\n6%\n5.8%\n$106,000\nMaritime Authority of the\nCayman Islands\n6%\n6.1%\nnil\nNational Roads Authority\n6%\n4.8%\nnil\nPublic Service Pensions\nBoard\n6%\n8.1%\nnil\nUniversity College of the\nCayman Islands\nn\/a\nn\/a\n$103,000\nUtility Regulation and\nCompetition Office\n6%\n1.1%\nnil\nWater Authority\n6%\n6.1%\n$101,000\n\nPublic Service Pensions (Contribution Rates) Regulations, 2021\nRegulation 3\n\nc\nSL 60 of 2021\nPage 7\n\n3.\nChanges to contribution rates under the defined contributions part of the\nPlan\n3.\n(1) Approval is given for changes recommended by the Board in respect of the rates\nof contribution payable to the Fund by an employer, under the defined\ncontributions part of the Plan.\n(2) Pursuant to paragraph (1), the rates of contribution by an employer, under the\ndefined contributions part of the Plan, are as specified in paragraph (3) and shall\nremain in force until superseded by the next funding actuarial valuation.\n(3) The rates of contribution by an employer, under the defined contributions part\nof the Plan, are as follows \u2014\n(a)\nan employer contribution rate of 6%; and\n(b) an additional normal cost contribution rate of 0.4%,\nof the pensionable earnings of the relevant member.\n(4) The Administrator, out of the amount contributed by an employer to the Fund\non behalf of an active defined contribution member pursuant to paragraph (3),\nshall allocate to the member\u2019s employer contribution account an employer\ncontribution equal in amount to 6% of pensionable earnings for the period for\nwhich the employer contribution relates.\n4.\nContribution to Fund\n4.\nContributions set out in regulations 2 and 3 shall be \u2014\n(a)\npaid by an employer to the Administrator on a monthly basis for payment\ninto the Fund; and\n(b) sent by an employer to the Administrator no later than the 15th day of the\nmonth immediately following the date when contributions are due.\n5.\nRepeal of the Public Service Pensions (Contribution Rates) Regulations,\n2019\n5.\nThe Public Service Pensions (Contribution Rates) Regulations, 2019 are repealed\nwith effect from the date upon which these Regulations are deemed to have come into\nforce.\n\nMade in Cabinet the 7th day of September, 2021.\nDavina Wilson\nActing Clerk of Cabinet","akn_extracted_at":"2026-06-22 15:39:58.147213+00","cms_id":"2021-0060","law_type":"subordinate","year":"2021","number":"60","title":"Public Service Pensions (Contribution Rates) Regulations, 2021","status":"revoked"},"provenance":{"files":[{"file_id":"6206","expr_id":"1348","kind":"akn_xml","filename":"2021-0060_SL 60 of 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