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information from administrator\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_16\", \"num\": \"16.\", \"text\": \"Repeal and substitution of section 22 - annual statement of pension benefits\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_17\", \"num\": \"17.\", \"text\": \"Amendment of section 23 - inspection of administrator\u2019s documents\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_18\", \"num\": \"18.\", \"text\": \"Amendment of section 25 - eligibility for membership\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_19\", \"num\": \"19.\", \"text\": \"Repeal and substitution of section 26 - normal retirement date\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_20\", \"num\": \"20.\", \"text\": \"Amendment of section 27 - deferred pension for past service\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_21\", \"num\": \"21.\", \"text\": \"Amendment of section 28 - deferred pension\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_22\", \"num\": \"22.\", \"text\": \"Amendment of section 30 - minimum benefit\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_23\", \"num\": \"23.\", \"text\": \"Amendment of section 33 - early retirement option\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_24\", \"num\": \"24.\", \"text\": \"Repeal and substitution of section 34 - transfer Amendment of section 39 - pre-retirement death benefit\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_26\", \"num\": \"26.\", \"text\": \"Amendment of section 41 - commuted value\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_27\", \"num\": \"27.\", \"text\": \"Amendment of section 43 - payment on breakdown of marriage\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_28\", \"num\": \"28.\", \"text\": \"Amendment of section 47 - contribution rate\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_29\", \"num\": \"29.\", \"text\": \"Repeal and substitution of section 48 - notice to superintendent of arrears of contributions\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_30\", \"num\": \"30.\", \"text\": \"Repeal and substitution of section 50 - accrual\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_31\", \"num\": \"31.\", \"text\": \"Amendment of section 52B - withdrawal of amount from pension account as a deposit\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_32\", \"num\": \"32.\", \"text\": \"Amendment of section 52C - withdrawal of amount from pension account to pay off an existing mortgage\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_33\", \"num\": \"33.\", \"text\": \"Amendment of section 52D - additional contributions\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_34\", \"num\": \"34.\", \"text\": \"Repeal and substitution of section 53 - refunds\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_35\", \"num\": \"35.\", \"text\": \"Amendment of section 69 - adoption of a new pension plan The National Pensions (Amendment) Law, 2016\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_36\", \"num\": \"36.\", \"text\": \"Amendment of section 74 - quorum and votes\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_37\", \"num\": \"37.\", \"text\": \"Amendment of section 78 - National Pensions Board\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_38\", \"num\": \"38.\", \"text\": \"Repeal and substitution of section 79 \u2013 Superintendent\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_39\", \"num\": \"39.\", \"text\": \"Insertion of section 79A - Powers of Director and Deputy Director\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_40\", \"num\": \"40.\", \"text\": \"Amendment of section 80 - duty of Superintendent and Board\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_41\", \"num\": \"41.\", \"text\": \"Amendment of section 81 - research\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_42\", \"num\": \"42.\", \"text\": \"Amendment of section 82 - information\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_43\", \"num\": \"43.\", \"text\": \"Amendment of section 85 - annual report\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_44\", \"num\": \"44.\", \"text\": \"Amendment of section 87 - entry onto business premises by the Superintendent\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_45\", \"num\": \"45.\", \"text\": \"Amendment of section 88 - obstruction\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_46\", \"num\": \"46.\", \"text\": \"Amendment of section 90 - offences\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_47\", \"num\": \"47.\", \"text\": \"Insertion of section 90A - liability of directors, etc. where offence is committed by a body corporate\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_48\", \"num\": \"48.\", \"text\": \"Amendment of section 94 - conflict\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_49\", \"num\": \"49.\", \"text\": \"Insertion of section 94A - victimization\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_50\", \"num\": \"50.\", \"text\": \"Amendment of section 95 - regulations\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_51\", \"num\": \"51.\", \"text\": \"Insertion of section 95A - verification of compliance The National Pensions (Amendment) Law, 2016 Law 17 of 2016. I Assent Helen Kilpatrick Governor. 6th June, 2016 A LAW TO AMEND THE NATIONAL PENSIONS LAW (2012 REVISION) TO INCREASE THE REQUIREMENTS FOR THE EDUCATION OF MEMBERS; TO EXTABLISH THE DEPARTMENT OF LABOUR AND PENSIONS; TO ESTABLISH THE NORMAL AGE OF PENSION ENTITLEMENT AND TO IMPROVE COMPLIANCE; AND FOR INCIDENTAL AND CONNECTED PURPOSES ENACTED by the Legislature of the Cayman Islands. 1. (1) This Law may be cited as the National Pensions (Amendment) Law, 2016. (2) This Law shall come into force on such date as may be appointed by Order made by Cabinet and different dates may be appointed for different provisions of this Law and in relation to different matters. 2. The National Pensions Law (2012 Revision), in this Law referred to as the \u201cprincipal Law\u201d, with the exception of section 3, is amended by deleting the word \u201cSuperintendent\u201d wherever it appears and substituting the word \u201cDirector\u201d. 3. The principal Law is amended in section 3 as follows - Short title and commencement Amendment of the National Pensions Law (2012 Revision), except section 3 - substitution of \u201cDirector\u201d for \u201cSuperintendent\u201d Amendment of   section 3 - definitions The National Pensions (Amendment) Law, 2016 (a) in the definition of the word \u201cactuary\u201d by deleting the word \u201cGovernor\u201d and substituting the word \u201cCabinet\u201d; (b) in the definition of the words \u201cadditional voluntary contribution\u201d as follows - (i) by inserting after the word \u201ccontribution\u201d the words \u201cand the earnings thereon\u201d; and (ii) by inserting after the words \u201cpension fund by\u201d the words \u201cor on behalf of\u201d; (c) by inserting in the appropriate alphabetical sequence the following definitions - \u201c\u201ccustodian\u201d means the person entrusted with the safekeeping of the assets of the pension fund; \u201cDirector\u201d means the Director of the Department of Labour and Pensions established under section 79; \u201chousehold domestic\u201d has the meaning assigned to those words in the Labour Law (2011 Revision); \u201cinvestment manager\u201d means a person that manages the investment of a pension plan; and \u201cnormal age of pension entitlement\u201d means sixty-five years of age except that a person who attains sixty years of age, within the time prescribed by Order made by Cabinet, may opt for a normal age of pension entitlement of sixty years of age;\u201d; (d) in the definition of the word \u201cemployee\u201d by inserting after the words \u201cbut does not include a Caymanian as defined in the Immigration Law (2015 Revision) who is under twenty-three years of age and pursuing full time education\u201d; (e) in the definition of the word \u201cfile\u201d by deleting the word \u201cSuperintendent\u201d and substituting the word \u201cDirector\u201d; (f) by deleting the definition of the word \u201cGovernor\u201d; (g) in the definition of the word \u201cregulations\u201d by deleting the word \u201cGovernor\u201d and substituting the word \u201cCabinet\u201d; (h) by deleting the definition of the word \u201cSuperintendent\u201d; and (i) in the definition of the words \u201cyear\u2019s maximum pensionable earnings\u201d as follows - (i) by deleting the word \u201csixty thousand dollars\u201d and substituting the words \u201ceighty-seven thousand dollars\u201d; and (ii) by inserting after the words \u201cas may be prescribed\u201d the words \u201cby Order, made by Cabinet, containing the amount and the period for which that amount applies\u201d. 4. The principal Law is amended in section 4 as follows - Amendment of section 4 - establishment of pensions plans The National Pensions (Amendment) Law, 2016 (a) in subsection (1) by inserting after the words \u201cor a defined contribution pension plan\u201d the words \u201cand the specific pension plan shall be selected in the prescribed manner\u201d; and (b) by repealing subsection (3) and substituting the following subsections - \u201c(3) The Director shall cause to be published, in the Gazette or via any other media as the Director determines, notice of each pension plan registered under this Law together with the details of any persons who will carry on the functions of administrator, investment manager, investment adviser, or custodian of the pension plan. (4) An employer who fails without reasonable cause to comply with the requirements of subsection (1) commits an offence and is liable - (a) in the case of a first offence, on summary conviction to a fine of twenty thousand dollars or to imprisonment for a term of two years, or to both; (b) in the case of a second offence, on summary conviction to a fine of fifty thousand dollars or to imprisonment for a term of three years, or to both; or (c) in the case of a third or subsequent offence, on conviction on indictment to a fine of one hundred thousand dollars or to imprisonment for a term of five years, or to both.\u201d. 5. The principal Law is amended in section 5(2) by deleting the word \u201cGovernor\u201d and substituting the word \u201cCabinet\u201d. Amendment of  section 5 - greater pension benefits and previous pensions The National Pensions (Amendment) Law, 2016 6. The principal Law is amended in section 6 by repealing subsection (5) and substituting the following - \u201c(5) If an employer to which subsection (4)(a) refers employs a Caymanian employee, then the employer shall enroll that employee in a plan registered in accordance with subsection (1). (6) A person who contravenes subsection (1) commits an offence and is liable on summary conviction to a fine of ten thousand dollars or to imprisonment for a term of one year, or to both. (7) In this section - \u201cCaymanian\u201d has the meaning assigned to it by the Immigration Law (2015 Revision); \u201d. 7. The principal Law is amended in section 7 by repealing subsection (3) and substituting the following - \u201c(3) A person who contravenes subsection (1) commits an offence and is liable on summary conviction to a fine of one hundred thousand dollars or to imprisonment for a term of five years, or to both.\u201d. 8. The principal Law is amended in section 8 by inserting the following subsection after subsection (6) - \u201c(7) A person who contravenes subsection (1) or (4) commits an offence and is liable on summary conviction to a fine of one hundred thousand dollars or to imprisonment for a term of five years, or to both.\u201d. 9. The principal Law is amended in section 9 as follows - (a) by repealing subsection (2) and substituting the following subsection - \u201c(2) An application for the registration of a pension plan shall be made in the prescribed form and accompanied by - (a) the prescribed fee; (b) two certified copies of the document constituting the pension plan and the relevant pension fund; (c) a certified copy of any reciprocal transfer agreement related to the pension plan; (d) a statement of investment policy in the prescribed manner; Amendment of   section 6 - prohibitions of administration of an unregistered pension plan (2015 Revision) Amendment of section 7 - refusal or revocation of registration Amendment of section 8 - administrator Amendment of section 9 - registration The National Pensions (Amendment) Law, 2016 (e) evidence of the method utilised to address on-going administrator training; (f) details of the person that has accepted the appointment as auditor of the pension plan; (g) details of any persons, including evidence of the knowledge and skill of the persons, who will carry on the functions of administrator, investment manager, investment adviser, agent of the administrator or custodian of the pension plan; (h) details of all the individuals to be appointed to the pension committee, the board of trustees or the trust company acting as administrator; (i) in the case of a defined benefit pension plan, an original or certified copy of an actuarial report; (j) any other prescribed information respecting the pension plan and pension fund; (k) a certified copy of the explanation and any other information required under section 20(1); and (l) any other information and particulars including copies of any actuarial report or advice given to the administrator or employer in connection with the establishment of the plan as the Director considers relevant.\u201d; and (b) in subsection (3) by deleting the word \u201cGovernor\u201d and substituting the word \u201cCabinet. 10. The principal Law is amended in section 12(2) by deleting the word \u201cGovernor\u201d and substituting the word \u201cCabinet\u201d. 11. The principal Law is amended by repealing section 16 and substituting the following section - \u201cDuties of the administrator 16. (1) An administrator shall - (a) administer the pension plan and pension fund in accordance with this Law and Regulations; and (b) administer the pension plan and any amendment to the pension plan in accordance with the documents filed with the Director upon registration of that plan or amendment. (2) An administrator shall - Amendment of section 12 - registration of amendment Amendment of section 16 - duties of administrator The National Pensions (Amendment) Law, 2016 (a) where more than one pension plan is administered by the administrator, segregate the assets, bank accounts and records of each pension plan from the other; and (b) segregate the assets, bank accounts and records of a pension plan from any other business in which the administrator may be engaged. (3) An administrator shall use that administrator\u2019s best efforts in the administration of a pension fund using all relevant knowledge and skill that, by reason of the administrator\u2019s profession or business or calling, that administrator ought to possess. (4) The administrator of a pension plan shall - (a) pay the prescribed fee to the Director in respect of the pension plan within three months of the end of the financial year of the pension plan; (b) file with the Director each year during the continuation of the  pension plan an annual information return relating to the pension plan in the prescribed form within three months of the end of the financial year of the pension plan or within any longer period the Director may approve; (c) within six months of the end of a financial year of the pension plan or within any longer period that the Director may approve, file with the Director audited financial statements of the pension plan prepared in the prescribed manner by an independent auditor approved by the Director, together with a copy of any management letter issued by the auditor; (d) every three years during the continuation of a defined benefit pension plan with the assistance of an actuary, review the financial operation of the pension plan and file with the Director an actuarial report within six months of the completion of the review, or any longer period the Director The National Pensions (Amendment) Law, 2016 may allow; (e) provide returns and expense ratios for the pension plan, in the prescribed format, which shall be provided to the Director within six months of the end of a financial year of the pension plan or within any longer period that the Director may approve; (f) provide the Director, within three months of the end of the financial year, evidence of annual administrator training; (g) file with the Director a list of all active and inactive employers in the pension plan annually when filing the annual information return under paragraph (b) and on a monthly basis, thereafter, file with the Director all employer movements in or out of the pension plan; (h) hold annual general meetings dealing with prescribed information and provide a record thereof to the Director within three months of the meeting and to the members with the statement required under section 22; (i) file with the Director any additional reports required under this Law; (j) publish the pension plan or details relating thereto in the prescribed manner; (k) ensure that all documents and records of the pension plan are maintained in a central location and notify the Director of that location and any changes to that location; and (l) prepare and submit to the Director, together with the audited financial statement each year - (i) confirmation that the statement of investment policy is in compliance with the prescribed requirements; and (ii) a register of the members of the pension plan, and the register shall specify - (aa) the name of each member; (bb) the date of birth of each The National Pensions (Amendment) Law, 2016 member; (cc) the employer of each member; and (dd) the value of the accrued benefit of each member. (5) If an administrator fails to comply with any requirement under this section, the Director may dismiss the administrator and act as or may appoint another administrator of the plan. (6) The reasonable administration costs of the Director or the administrator approved by the Director of any action taken under subsection (5) shall be paid by the pension fund. (7) A person who contravenes this section commits an offence and is liable on summary conviction to a fine of one hundred thousand dollars or to imprisonment for a term of five years, or to both.\u201d. 12. The principal Law is amended by inserting after section 16 the following section - \u201cFunctions of the administrator 16A. (1) An administrator shall ensure that the administration, custodianship and investment of a pension plan or pension fund are undertaken by persons qualified and experienced to be administrators, custodians, investment advisers and investment managers, as the case may be. (2) An administrator shall exercise the care, diligence and skill in the administration of a pension plan and in the management and investment of the pension fund that a person of ordinary prudence would exercise in dealing with the property of another. (3) An administrator shall not knowingly permit that administrator\u2019s private interests to conflict with that administrator\u2019s duties and powers in respect of a pension plan or pension fund. (4) An administrator is not entitled to any benefit Insertion of section 16A - functions of the administrator The National Pensions (Amendment) Law, 2016 from a pension plan other than - (a) pension benefits or ancillary benefits or a refund of contributions under the plan to which the administrator is entitled as a member, former member or claimant under the plan ; (b) ancillary benefits; and (c) the administrative fees and expenses as are provided by a pension plan. (5) Subsection (4) applies with necessary modifications to a member of a pension committee or board of trustees that is the administrator of a pension plan and to a member of a board, agency or committee made responsible by this Law or any other law for the administration of a pension plan. (6) If an administrator fails to comply with any requirement under this section, the Director may dismiss the administrator and act as or may appoint another administrator of the plan. (7) The reasonable administration costs of the Director or the administrator approved by the Director of any action taken under subsection (6) shall be paid by the pension fund. (8) A person who contravenes this section commits an offence and is liable on summary conviction to a fine of one hundred thousand dollars or to imprisonment for a term of five years, or to both. 13. The principal Law is amended in section 17 as follows - (a) in the marginal note by deleting the words \u201cdiligence, care and skill\u201d and substituting the words \u201cadministrator may employ agents\u201d; (b) by repealing subsections (1), (2), (7) and (8); and (c) in  subsection (6), by deleting the words \u201csubsections (1) and (2)\u201d and substituting the words \u201csubsections 16 (1), (2) and (3) and 16A (1), (2) and (3) \u201d. Amendment of section 17- diligence, care and skill The National Pensions (Amendment) Law, 2016 14. The principal Law is amended by inserting after section 18 the following section - \u201cObligations of employer 18A. (1) An employer shall cause to be kept proper payroll accounts, books and records with respect to all sums of money paid by the employer to a pension plan. (2) For the purposes of subsection (1), proper payroll accounts, books and records shall not be deemed to be kept if there are not kept such payroll accounts, books and records as are necessary to give a true and fair view of the state of affairs of the employer with regards to a pension plan and to explain its transactions. (3) An employer shall cause all books of account required to be kept under subsection (1) to be retained for a minimum period of five years from the date on which they are prepared. (4) For each employee, except an employee for whom an employer is not required to provide a pension plan or to contribute to a pension plan under section 25, an employer shall keep and maintain records showing - (a) the name of and current contact information for the employee; (b) the date the employment commenced and the duration; (c) whether the employment is part time or full time; (d) the rate of pay and salaried arrangements; (e) gross and net amounts of pay; (f) bonuses; (g) resignations and terminations relating to the employee; (h) the name of the pension plan; (i) all deductions from earnings of the employee for pension contributions; (j) all contributions made by the employer and on behalf of the employee and evidence of payment to the pension plan; (k) the period over which contributions were made; (l) the dates on which the contributions were Insertion of section 18A - obligations of employer The National Pensions (Amendment) Law, 2016 made; and (m) any interest payments made in the name of the pension plan. (5) The contributions shall be stated clearly and there shall be no comingling; that is, contributions shall be differentiated from other payments that employers are required to pay, such as health insurance. (6) An employer shall retain records required to be kept under subsection (4) for a minimum period of five years from the date on which they are prepared. (7) An employer shall maintain a written notification, acknowledged by the employee in writing, of the pension plan referred to in section 4(1). (8) An employer who - (a) knowingly and wilfully contravenes subsections (1) or (3); or (b) fails without reasonable cause to comply with subsections (4), (5), (6) or (7), commits an offence and is liable on summary conviction to a fine of ten thousand dollars.\u201d. 15. The principal Law is amended by repealing section 20 and substituting the following - \u201cInformation from administrator 20. (1) An administrator shall provide, in writing, to each person who under this Law is required to become a member of a pension plan, immediately upon the person\u2019s application for membership in the pension plan - (a) an explanation of the provisions of the pension plan that apply to the person; (b) an explanation of the person\u2019s rights and obligations under the pension plan; (c) details of the returns and expense ratios of the pension fund in the prescribed format; and (d) any other information prescribed. (2) An employer shall, within twenty-one days after the date upon which an employee becomes eligible to Repeal and substitution of section 20 - information from administrator The National Pensions (Amendment) Law, 2016 become a member of a pension plan, provide to an administrator the information required to enable the administrator to comply with this section.\u201d. 16. The principal Law is amended by repealing section 22 and substituting the following section - \u201cSemi-annual statement of pension benefits 22. (1) An administrator shall on a semi-annual basis, or at the shorter period as may be specified in a pension plan, give to each member a written statement setting out - (a) the prescribed information in respect of the pension plan which shall cover the pension plan\u2019s operations since the last report or since registration in the first instance; (b) in the case of a pension plan that is a defined benefit pension plan, the member\u2019s expected pension benefits as at the member\u2019s normal pension entitlement date or, in the case of a pension plan that is a defined contribution pension plan, the amount of money standing in the member\u2019s account; and (c) any ancillary benefits for which the member is eligible. (2) Notwithstanding the requirement for a written statement under subsection (1), a statement may be forwarded to a member electronically or via any other media upon the consent of the member in writing to accept transmission of the statement in that manner. (3) An administrator shall, where a member terminates employment with an employer or otherwise ceases to be a member of a plan, give to that member or any other person who is, as a result, entitled to a benefit under the pension plan, a written statement setting out the prescribed information in respect of the benefits, rights and obligations of the member or the other person. (4) Subsection (3) applies in respect of a multiemployer pension plan where a member ceases to be a member but does not apply where a member terminates employment with an employer but continues to be a Repeal and substitution of section 22 - annual statement of pension benefits The National Pensions (Amendment) Law, 2016 member.\u201d. 17. The principal Law is amended in section 23 as follows - (a) in subsection (1) by deleting the words \u201cOn a written request\u201d and substituting the words \u201cWithin thirty days of a written request\u201d; (b) in subsection (4) by deleting the words \u201ccalendar year unless the documents have been changed or amended during the course of the year\u201d and substituting the words \u201csix months unless the documents have been changed or amended during the course of the six month period\u201d; and (c) by inserting after subsection (4) the following subsection - \u201c(5) For the avoidance of doubt, only a person mentioned in subsection (1) shall be entitled to inspect the documents referred to in subsection (1).\u201d. 18. The principal Law is amended in section 25 as follows - (a) by repealing subsection (1) and substituting the following subsection - \u201c(1) Subject to subsection (2) all employees between the ages of eighteen years and the normal age of pension entitlement shall be members of a pension plan.\u201d; and (b) in subsection (2) as follows - (i) in paragraph (a) by deleting the word \u201cnine\u201d and substituting the word \u201csix\u201d; and (ii) in paragraph (b) by deleting the words \u201cto do housework in private residences\u201d and substituting the words \u201cas a household domestic\u201d. 19. The principal Law is amended by repealing section 26 and substituting the following - \u201cNormal pension entitlement date 26. (1) The normal pension entitlement date under a pension plan submitted for registration under this Law is the date, not later than three months after attaining the normal age of pension entitlement, on which a person becomes entitled under a registered pension plan to collect that person\u2019s pension benefits. (2) Every pension plan established prior to the 1st June, 1998 and registered under this Law, shall be deemed Amendment of section 23 - inspection of administrator\u2019s documents Amendment of section 25 - eligibility for membership Repeal and substitution of section 26 - normal retirement date The National Pensions (Amendment) Law, 2016 to specify a normal pension entitlement date in respect of pension benefits that accrue after the 1st June, 1998, that is not later than one year after attainment of the normal age of pension entitlement. (3) The first instalment of a member\u2019s pension is due not later than the first day of the month following the normal pension entitlement date, unless the member elects otherwise. (4) An active member who continues employment and membership in a pension plan after the normal pension entitlement date may elect to continue accruing benefits under the pension plan up to the date of the member\u2019s pension entitlement and is subject to any terms of the pension plan - (a) limiting the number of years of employment or active membership that can be considered for the purpose of determining a member\u2019s pension benefit; or (b) fixing a maximum amount of a member\u2019s pension benefit. (5) The first instalment of a pension of a member who makes the election described in subsection (4) is due not later than the earlier of - (a) the first day of the month following the date of revocation of the election by the member; or (b) the first day of the month following the date of termination of employment of the member.\u201d. 20. The principal Law is amended in section 27 by deleting the words \u201cnormal retirement date\u201d and substituting the words \u201cnormal pension entitlement date\u201d. 21. The principal Law is amended in section 28 by deleting the words \u201cnormal retirement date\u201d and substituting the words \u201cnormal pension entitlement date\u201d. 22. The principal Law is amended in section 30 as follows - (a) in subsection (1) as follows - Amendment of section 27 - deferred pension for past service Amendment of section 28 - deferred pension Amendment of section 30 - minimum benefit The National Pensions (Amendment) Law, 2016 (i) by deleting the words \u201chis normal retirement date\u201d and substituting the words \u201cthe member\u2019s normal pension entitlement date\u201d; and (ii) by deleting the word \u201cforty-two\u201d and substituting the word \u201cforty-seven\u201d; (b) in subsection (2) by deleting the words \u201cnormal retirement date\u201d and substituting the words \u201cnormal pension entitlement date\u201d; and (c) in subsection (4) by deleting \u201c47(9)\u201d and substituting \u201c47(8)\u201d. 23. The principal Law is amended in section 33 as follows - (a) in subsection (1)(c) by deleting the words \u201cnormal retirement date\u201d and substituting the words \u201cnormal pension entitlement date\u201d; and (b) in subsection (2) by deleting the words \u201cnormal retirement date\u201d and substituting the words \u201cnormal pension entitlement date\u201d. 24. The principal Law is amended by repealing section 34 and substituting the following - \u201cTransfer (2013 Revision) 34. (1) A member of a pension plan who, on or after 1st June, 1998, terminates employment with a specific employer and who is entitled to a deferred benefit - (a) may request the administrator to pay an amount equal to the commuted value of the deferred benefit or the balance in the member\u2019s defined contribution account - (i) to another registered pension plan, if the administrator of the other pension plan agrees to accept the payment; (ii) into a prescribed pension entitlement savings arrangement; or (iii) for the purchase for the member of a life annuity that will not commence before the earliest date on which the member would have been entitled to receive payment of pension benefits under the pension plan; (b) may elect to remain in the pension plan; or (c) may elect to transfer that deferred benefit to a plan administered under the Public Service Pensions Law (2013 Revision) if the administrator of the Public Service Pensions Board agrees to accept the Amendment of section 33 - early retirement option Repeal and substitution of section 34 - transfer The National Pensions (Amendment) Law, 2016 payment. (2) The pension entitlement under subsection (1) is subject to the prescribed limitations in respect of the transfer of funds from pension funds. (3) Notwithstanding subsection (1), where - (a) a member\u2019s employment is terminated; (b) the member ceases to reside in the Islands; and (c) no contributions have been made to a pension plan by or on behalf of the member for a period of two years or more, the member may request the administrator to pay an amount equal to the commuted value of the deferred benefit or the balance in the member\u2019s defined contribution account to a pension plan, pension entitlement savings arrangement or life annuity that is outside of the Islands. (4) The requirements under subsection (3) are not applicable to transfers between registered pension plans. (5) For the purposes of subsection (3), a person is considered to have ceased to be resident in the Islands if that person has been absent from the Islands for a period of two years or more, and, in calculating a period of absence, no account shall be taken of a period of residence in the Islands for an aggregate period of less than three months. (6) Subject to subsections (1) and (3), an administrator may, on making a payment or transfer under section 42, 53 or this section, make a deduction from that payment or transfer, subject to a prescribed maximum fee, exclusive of any  transfer fees charged by the pension plan\u2019s bankers, in respect of actual and ascertainable administrative expenses incurred in making the payment or transfer that is - (a) provided for in the pension plan to be made in respect of all transfers and withdrawals; and (b) approved by the Director, and the Director shall not approve a provision in a pension The National Pensions (Amendment) Law, 2016 plan that purports to enable different levels of deduction to be made in respect of different classes of members. (7) A former member may exercise that member\u2019s pension entitlement under subsections (1) and (3) by delivering to the administrator within the prescribed period of time a direction in a form supplied by the Director. (8) Subject to compliance with the requirements of this section and the Regulations, the administrator shall comply with the direction referred to in subsection (7) not later than forty-five days after the date of delivery of the direction. (9) An administrator who contravenes subsection (8) commits an offence and is liable on summary conviction to a fine of twenty thousand dollars or to imprisonment for a term of two years, or to both; and if the offence is a continuing one to a fine of one thousand dollars for every day or part of a day during which the offence has continued. (10) The administrator shall not make a payment under - (a) subsection (l)(a)(ii), unless the pension entitlement savings arrangement is in accordance with the prescribed requirements; and (b) subsection (l)(a)(iii), unless the contract to purchase the deferred life annuity is in accordance with the prescribed requirements. (11) Where a payment does not meet the limitations prescribed in relation to the transfer of funds from pension funds, the administrator shall not make the payment without the approval of the Director. (12) The Director may, by Order, approve a payment under subsection (11) subject to the terms and conditions contained in the Order that the Director thinks fit in the circumstances. The National Pensions (Amendment) Law, 2016 (13) Where - (a) a payment that does not meet the conditions prescribed in relation to the transfer of the funds from pension funds is made without the approval of the Director; or (b) there is a failure to comply with a term or condition of the approval given under subsection (12), the Director may, by Order, require any person to whom payment has been made to repay an amount equal to the amount paid together with interest on the amount. (14) This section does not apply in respect of benefits under a pension plan accrued on or before a prescribed date where those benefits are guaranteed by an approved provider and the guarantee was given by the approved provider on or before that date. (15) Subject to section 76, an Order for payment under subsection (12) may be enforced in the same manner as a judgment of the Grand Court for the payment of money. (16) An administrator is discharged from all responsibilities and liabilities in respect of a payment made in good faith under this section and in compliance with this Law.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_25\", \"num\": \"25.\", \"text\": \"The principal Law is amended in section 39 as follows - (a) in subsection (1) by inserting after the word \u201centitled\u201d the word \u201ceither\u201d; (b) in subsection (2) by deleting the words \u201cthe surviving spouse may elect that either\u201d and substituting the words \u201cthe surviving spouse who elects to receive a deferred pension may further elect that either\u201d; (c) in subsection (2)(a) - (i) in sub-paragraph (i) by deleting the word \u201csixty\u201d and substituting the word \u201csixty-five\u201d; Amendment of section 39 - pre-retirement death benefit The National Pensions (Amendment) Law, 2016 (ii) in sub-paragraph (ii) by deleting the words \u201cnormal retirement age\u201d and substituting the words \u201cnormal age of pension entitlement\u201d; and (d) in subsection (3) by deleting the words \u201cnormal retirement date\u201d and substituting the words \u201cnormal pension entitlement date\u201d. 26. The principal Law is amended in section 41 by deleting the words \u201cnormal retirement date\u201d and substituting the words \u201cnormal pension entitlement date\u201d. 27. The principal Law is amended in section 43(1)(b) by deleting the words \u201cnormal retirement date\u201d and substituting the words \u201cnormal pension entitlement date\u201d. 28. The principal Law is amended in section 47 as follows - (a) in subsection (2) by deleting the word \u201cGovernor\u201d and substituting the word \u201cCabinet\u201d; (b) in subsection (3)(c) by deleting the words \u201c, subject to paragraph (a) of subsection (9),\u201d; (c) in subsection 8(c) by deleting the words \u201cnormal retirement age\u201d and substituting the words \u201cnormal age of pension entitlement\u201d; and (d) by inserting after subsection 9 the following subsections - \u201c(10) Subject to the pension plan, a member may access that member\u2019s additional voluntary contributions prior to the normal age of pension entitlement as follows - (a) for medical purposes where the member\u2019s health insurance does not cover the cost of the medical attention sought and the medical attention sought is not elective; (b) for temporary unemployment where that unemployment is within the first six month period following the three month period after the date upon which the member was terminated; (c) for housing purposes including the construction of the member\u2019s dwelling house, purchase of residential land for the member or for payment of the outstanding balance of member\u2019s mortgage in full but excluding the payment of rent or similar purposes; and Amendment of section 41 - commuted value Amendment of section 43 - payment on breakdown of marriage Amendment of section 47 - contribution rate The National Pensions (Amendment) Law, 2016 (d) for the educational purposes of a member or the dependent child of a member who is under twenty-three years of age and pursuing full time education. (11) For the purposes of subsection (10) a member shall make an application to the administrator in the manner designated by the Director. (12) An administrator shall provide to the Director on a monthly basis - (a) a list of the names of all members who have withdrawn an amount from the member\u2019s respective account in a pension plan under this section, stating the amount of each withdrawal; (b) a list of the names of all members who applied for an amount under this section; (c) a copy of each letter to each member stating the reason for refusal under subsection (12)(b); and (d) in the form designated by the Director, a report with respect to each member who has withdrawn an amount from the member\u2019s account in a pension plan under this section. (13) A person who contravenes this section commits an offence and is liable on summary conviction to a fine of twenty thousand dollars or to imprisonment for a term of two years, or to both.\u201d. 29. The principal Law is amended by repealing section 48 and substituting the following section - \u201cNotice to Director of arrears of contributions 48. (1) A member and the member\u2019s employer shall contribute to the pension fund of a pension plan on behalf of that member from the date that the member is required by this Law to participate in the pension plan and at the rates specified in section 47(3). (2) Contributions shall be remitted to employees\u2019 pension plans on or before the 15th day of the month next following any month in which the employee performs services for the employer, for which the employee receives Repeal and substitution of section 48 - notice to superintendent of arrears of contributions The National Pensions (Amendment) Law, 2016 or expects to receive remuneration, regardless of the employee\u2019s established pay period, and this date shall be known as the \u201ccontribution date deadline.\u201d (3) A contribution not received by the close of business on the contribution date deadline is considered a delinquent contribution. (4) An administrator shall immediately take action to collect a delinquent contribution which for the purposes of this subsection includes interest accrued on the delinquent contribution. (5) A delinquent contribution not received by the administrator by the 15th day of the month next following the contribution date deadline, in this section referred to as the \u201creportable date\u201d, shall be reported in writing by the administrator to the Director in the form approved by the Director. (6) An administrator shall notify - (a) the Director in writing on or before the 20th day of the month next following the month of the contribution date deadline, in this section referred to as \u201cthe delinquent notification date\u201d, of any delinquent contributions not received by the reportable date and still outstanding at the date of reporting; and (b) the affected employees in writing within sixty days of the date on which the Director is notified under paragraph (a) of the delinquent contributions reported under paragraph (a) and the administrator may publish  the names of employers whose delinquent contributions have not been received by the delinquent notification date. (7) The Director, if the Director considers it necessary, may instruct an administrator in writing, to publish in another publication that the Director shall identify, in addition to the publication under subsection The National Pensions (Amendment) Law, 2016 (6)(b), the names of employers for whom contributions have not been received by the delinquent notification date. (8) Notwithstanding the requirement for written notification under subsection (6)(b), notification may be forwarded to an affected employee electronically or via any other media upon the consent of the employee in writing, to accept transmission of notification in that manner. (9) The Director shall, no later than the 20th day of the month next following the delinquent notification date, initiate an action to recover the payment of the delinquent contributions by one or more of the following means - (a) by letter of demand to the employer, stating a time within fourteen days of the date of the letter of demand that the contribution shall be paid into the pension plan, and outlining the action that will be taken if the contribution is not forthcoming within the specified time; (b) by letter demanding the appearance of the delinquent employer before the Director for the purpose of explaining the delinquency, disclosing the employer\u2019s banking arrangements, delinquent contributions and payroll records and arriving at an acceptable payment plan, but only if the Director is of the opinion that the delinquency can be rectified and that the employer is acting in good faith; (c) by ordering the payment of a delinquency collection fee equal to the greater of ten per cent of the total amount delinquent or fifty dollars per day, from the contribution date deadline until the total amount of delinquent contributions is paid; (d) by commencing legal proceedings in a court of competent jurisdiction to recover the delinquent contributions, any fines and fees arising pursuant to this Law, except that no action is necessary for one or more of the following reasons - The National Pensions (Amendment) Law, 2016 (i) where the delinquency was reported in error; (ii) where the delinquency has been corrected by full payment; or (iii) where any action has been taken in resolution of the delinquency consistent with this Law; or (e) by publishing breaches of the Law by employers and such publications shall include the name of the employer, the offence under the Law which was contravened and the applicable penalty. (10) Any information disclosed to the Director pursuant to subsection (9)(b) shall be used solely for the purposes of pension arrears recovery and shall otherwise be kept confidential. (11) Any expenses of the administrator for the additional reporting for the purposes of subsection (6), which shall be approved in advance either generally or specifically by the Director, or any expenses authorized pursuant to this Law to be made by the Director for the actions pursuant to subsection (7) or (9), shall be borne by the employer concerned and not by the pension plan in general or the employees. (12) An employer who fails to pay contributions into a pension plan within the specified time given by the Director shall, in addition to the delinquent contributions and the fee and expenses levied pursuant to subsection (9)(c) and (11), be liable on summary conviction to a fine of twenty thousand dollars or to imprisonment for a term of two years, or to both. (13) The Director may - (a) investigate the relevant activities of employers in respect of contributions to pension plans; and (b) share information pursuant to an investigation under paragraph (a) regarding employers with other Government departments and agencies. The National Pensions (Amendment) Law, 2016 (14) Where pursuant to legal proceedings commenced under subsection (9)(d) funds are restrained for the payment of delinquent contributions to a pension plan, the court shall not make an Order to allow for the payment of costs, legal and other expenses out of the funds. (15) Where an employee reasonably believes that an employer has failed to remit contributions to the administrator by the reportable date, the employee may in writing report the employer to the Director and the Director may, after making investigations in accordance with subsection (13), take any action referred to in subsection (9).\u201d. 30. The principal Law is amended by repealing section 50 and substituting the following section - \u201cAccrual 50. (1) An employer is liable to pay interest to a pension fund, as prescribed, on all money that is due to be paid by the employer to that pension fund at the current prime rate in the Islands plus five percent, calculated on a daily basis in addition to any other fees, fines and penalties specified by this Law or ordered by a court of competent jurisdiction. (2) For the purposes of section 48, the amount of any delinquent contribution to be collected and paid, is inclusive of the accrued interest calculated in accordance with this section. (3) The administrator of a pension fund shall ensure that all interest due on delinquent contributions has been properly calculated as stipulated in this section and received in accordance with the provisions of this Law and paid into the pension plan of the employee.\u201d. 31. The principal Law is amended in section 52B(10) by deleting the words \u201cnormal retirement age\u201d and substituting the words \u201cnormal age of pension entitlement\u201d. Repeal and substitution of section 50 - accrual Amendment of section 52B - withdrawal of amount from pension account as a deposit The National Pensions (Amendment) Law, 2016 32. The principal Law is amended in section 52C(9) by deleting the words \u201cnormal retirement age\u201d and substituting the words \u201cnormal age of pension entitlement\u201d. 33. The principal Law is amended in section 52D(1)(c) by deleting the words \u201cnormal retirement age\u201d and substituting the words \u201cnormal age of pension entitlement\u201d. 34. The principal Law is amended by repealing section 53 and substituting the following section - \u201cRefunds\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_53\", \"num\": \"53.\", \"text\": \"(1) Except as is otherwise provided under this Law, no member or former member is entitled to a refund from a pension fund of contributions made by that member or on that member\u2019s behalf in respect of employment in the Islands or investment earnings on the contributions or otherwise to receive a payment or transfer from the pension plan on or after 1st June, 1998. (2) Notwithstanding subsection (1), on application by the administrator, contributions and interest thereon may be refunded to a member with the approval of the Director  if - (a) the pension plan provides for the refund; and (b) the pension plan meets prescribed requirements.\u201d. (3) Subsection (2) shall only apply to a person who has attained the normal age of pension entitlement and provides evidence through the administrator to the satisfaction of the Director that the member cannot transfer that member\u2019s pension benefits to another pension plan, pension entitlement savings arrangement or life annuity. (4) Notwithstanding subsection (1), where - (a) a member\u2019s employment is terminated; Amendment of section 52C - withdrawal of amount from pension account to pay off an existing mortgage Amendment of section 52D - additional contributions Repeal and substitution of section 53 - refunds The National Pensions (Amendment) Law, 2016 (b) that member ceases to reside in the Islands; and (c) no mandatory contributions have been made to a pension plan by or on behalf of the member for a period of two years or more, the member may elect, after the expiration of two years from the termination of the member\u2019s employment, in the case of a defined contribution pension plan, to receive a lump sum payment of an amount equal to not less than the amount of the contributions made by or on behalf of the member and the investment earnings on the contributions made under the pension plan or to have the units allocated to the member\u2019s account realised by the approved provider and to have the amount transferred to another pension plan, and in the case of a defined benefit plan, to receive a lump sum payment of the commuted value of the member\u2019s accrued pension benefits. (5) For the purposes of subsection (4), a person shall be deemed to have ceased to be resident in the Islands when the person has been absent from the Islands for a period of six months or more, and, in calculating a period of absence, no account shall be taken of a period of residence in the Islands for a continuous period less than three months. (6) Further to the requirements of subsection (4) an administrator shall provide, in the form that the administrator considers appropriate,  a member leaving the jurisdiction details setting out that member\u2019s ability to access the member\u2019s pension benefits under this Law. (7) A person may only apply for a refund under subsection 4 within the time prescribed by Order made by Cabinet.\u201d. The National Pensions (Amendment) Law, 2016 35. The principal Law is amended in section 69 by inserting after subsection (7) the following subsection - \u201c(8) An administrator who contravenes this section, commits an offence and is liable on summary conviction to a fine of fifty thousand dollars or five per cent of the assets transferred whichever is greater and this fine shall be paid by the administrator and shall not be charged to the pension plan.\u201d. 36. The principal Law is amended in section 74(4) by deleting the word \u201cGovernor\u201d and substituting the word \u201cCabinet\u201d. 37. The principal Law is amended in sections 78(3), (5), (6) and (8) by deleting the word \u201cGovernor\u201d wherever it appears and substituting the word \u201cCabinet\u201d. 38. The principal Law is amended by repealing section 79 and substituting the following - Department of Labour and Pensions 79. (1) There is established the Department of Labour and Pensions which shall be responsible for the administration and enforcement of this Law. (2) The Department of Labour and Pensions shall be comprised of the Director, Deputy Director, officers and other members of staff necessary to satisfy the requirement of subsection (1). (3) The Director, Deputy Director, officers and other members of staff of the Department of Labour and Pensions shall be appointed pursuant to the Public Service Management Law (2013 Revision) and the Regulations made thereunder. (4) The Director is the chief administrative officer of the Board and shall exercise the powers and perform the duties that are vested in or imposed upon the Director by this Law and the Regulations. 39. The principal Law is amended by inserting after section 79 the following section - \u201cPowers of Director and Deputy Director 79A. The Director, Deputy Director and any designated person pursuant to section 87 shall Amendment of section 69 - adoption of a new pension plan Amendment of section 74 - quorum and votes Amendment of section 78 - National Pensions Board Repeal and substitution of section 79 - Superintendent Insertion of   section 79A - Powers of Director and Deputy Director The National Pensions (Amendment) Law, 2016 have, when performing duties regarding the imposition of administrative penalties under this Law the same powers, privileges and immunities as are conferred on a constable by the Police Law (2014 Revision) and may perform the functions required to be performed by the designated person in accordance with section 87.\u201d. 40. The principal Law is amended in section 80 by repealing paragraph (a) and substituting the words \u201chear, consider and determine decisions appealed in accordance with Part XIII of the Law\u201d. 41. The principal Law is amended in section 81(4) by deleting the word \u201cone\u201d and substituting the word \u201cfive\u201d. 42. The principal Law is amended in section 82 as follows - (a) in subsection (3) by deleting the words \u201cone thousand dollars\u201d and substituting the words \u201cten thousand dollars or to imprisonment for a term of one year, or to both\u201d; and (b) in subsection (6) by deleting the words \u201cfive thousand dollars\u201d and substituting the words \u201ctwenty thousand dollars or to imprisonment for a term of two years, or to both\u201d. 43. The principal Law is amended in section 85(2) by deleting the word \u201cGovernor\u201d and substituting the word \u201cCabinet\u201d. 44. The principal Law is amended in section 87 as follows - (a) by deleting the words \u201cbusiness premises\u201d wherever they appear in the section and substituting the word \u201cworkplaces\u201d; and (b) by inserting after subsection (9) the following subsection - \u201c(10) For the purposes of this section \u201cworkplaces\u201d means any premises in which any employee is employed to work and, without prejudice to the generality of the foregoing, includes any shop, office, licensed premises or factory; but does not include, in respect of a household domestic employed there, a private home.\u201d. 45. The principal Law is amended in section 88 as follows - (a) by inserting after subsection (1) the following subsection - \u201c(1A) A person shall not knowingly or wilfully provide false or misleading information in connection with any information the person is required to provide under this Law.\u201d; and Amendment of section 80 - duty of Superintendent and Board Amendment of section 81 - research Amendment of section 82 - information Amendment of section 85 - annual report Amendment of section 87 - entry onto business premises by the Superintendent Amendment of section 88 - obstruction The National Pensions (Amendment) Law, 2016 (b) in subsection (2) - (i) by deleting the words \u201ccontravenes subsection (1)\u201d and substituting the words \u201ccontravenes subsection (1) or (1A)\u201d; and (ii) by deleting the words \u201cone thousand dollars\u201d and substituting the words \u201cten thousand dollars or to imprisonment for a term of one year, or to both.\u201d. 46. The principal Law is amended in section 90 as follows - (a) in subsection (1) by deleting the words \u201cfive thousand dollars\u201d and substituting the words \u201cten thousand dollars or to imprisonment for a term of one year, or to both\u201d; (b) in subsection (3) by deleting the words \u201coccurred or is alleged to have occurred\u201d and substituting the words \u201cwas reported to the Director\u201d; and (c) by inserting after subsection (3) the following subsection - \u201c(4) After obtaining the written consent of the Director of Public Prosecutions, the Director or Deputy Director may institute criminal proceedings for any offence under this Law, and may appear before the Court to conduct the prosecution in respect of the offence.\u201d. 47. The principal Law is amended by inserting after section 90 the following sections - \u201cLiability of directors, etc. where offence is committed by a  body corporate 90A. (1) Where a body corporate commits an offence under this Law, every director or other officer concerned in the management of the body corporate commits that offence unless the director or other officer proves that the offence was committed without the director\u2019s or other officer\u2019s consent or connivance or that the director or other officer exercised reasonable diligence to prevent the commission of the offence. (2) In subsection (1), \u201cdirector\u201d in relation to a body corporate whose affairs are managed by its members, means a member of the body corporate. 48. The principal Law is amended in section 94 by inserting after subsection (2) the following subsections - \u201c(3) Notwithstanding subsection (2), the Director may share information with Government departments and statutory authorities Amendment of section 90 - offences Insertion of section 90A - liability of directors, etc. where offence is committed by a body corporate Amendment of section 94 - conflict The National Pensions (Amendment) Law, 2016 regarding the compliance of pension plans with this Law and the failure of employers to provide pension benefits or make timely contributions in accordance with this Law. (4) Information shared by the Director under subsection (3) shall not include any personal information of any employee and is limited to - (a) the particulars of the employer; (b) the type of contravention under the Law by the employer; and (c) the resulting effect of the contravention of the Law by the employer.\u201d. 49. The principal Law is amended by inserting after section 94 the following section - \u201cVictimization (2011 Revision) 94A. (1) Where an employee reasonably believes that an employer has failed to comply with this Law, the employee may in writing make a disclosure of information to the Director or an authorized officer. (2) An employer shall not subject or threaten to subject an employee to any victimization on account of a disclosure made under subsection (1). (3) An employee shall not be considered to be subject to victimization where the employer has the right under any law in force in the Islands to take the action complained of or the action is demonstrably unrelated to the disclosure made. (4) An employee who reasonably believes that the employee has been victimized as a result of the employee\u2019s disclosure under subsection (1) may make a complaint to a Labour Tribunal in accordance with the Labour Law (2011 Revision). (5) In this \u201cvictimization\u201d includes the following - (a) dismissal; (b) suspension; (c) denial of promotion; (d) demotion; (e) redundancy; (f) intimidation; Insertion of section 94A - victimization The National Pensions (Amendment) Law, 2016 (g) reduction of employee earnings; (h) reduction of employee benefits; (i) subjection to any discrimination by an employer or an employee ; or (j) the threat of any action referred to in paragraphs (a) to (h).\u201d. 50. The principal Law is amended as follows - (a) in sections 95(1), (2), (4) and (5) by deleting the word \u201cGovernor\u201d wherever it appears and substituting the word \u201cCabinet\u201d; and (b) in subsection (2) as follows - (i) by deleting the word \u201cand\u201d at the end of paragraph (v); (ii) by deleting the full stop at the end of paragraph (w) and substituting \u201c; and\u201d; and (iii) by inserting after paragraph (w) the following paragraph - \u201c(x) prescribing the manner in which an administrative penalty system may be implemented and for all matters that are necessary or convenient to be prescribed for giving effect to the administrative penalty system, which shall empower the Director where a specified offence is committed under this Law to stay or compound any proceeding for that offence; subject to the conditions the Director may think fit, which may include, but are not limited to, the payment of a levy, being not less than twice and not more than five times the amount of any fees that would have been payable had the provisions of this Law been observed and in the event that no fees are payable under this Law, the Director may impose a fine of up to such amount as may be prescribed.\u201d. 51. The principal Law is amended by inserting after section 95 the following section - \u201cVerification of compliance 95A. (1) An employer may, for any purpose, by application, request from the Director or administrator, as authorized by the Director verification that the employer has complied with the provisions of this Law and the Director or administrator, as authorized by the Director if satisfied that the employer is in compliance with the Law, shall issue that verification in the form that the Director or administrator as authorized by the Director considers to be appropriate. Amendment of section 95 - regulations Insertion of   section 95A - Verification of compliance The National Pensions (Amendment) Law, 2016 (2) Verification provided by the Director or administrator as authorized by the Director  under subsection (1) shall be provided to the employer upon payment, by the employer, of the prescribed fee. (3) Verification given by the Director or administrator as authorized by the Director under this section is evidence that the employer is in compliance with this Law on the date that the verification is issued by the Director or administrator as authorized by the Director. (4) An employer is deemed to be in compliance with this Law if all contributions, interest and fees, under this Law have been paid and the Director or administrator as authorized by the Director has no knowledge that the employer has contravened any of the provisions of this Law.\u201d. Passed by the Legislative Assembly the 6th day of May, 2016. Juliana Y. O\u2019Connor-Connolly Speaker. 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Amendment of section 12 - registration of amendment\n11. Amendment of section 16 - duties of administrator\n12. Insertion of section 16A - functions of the administrator\n13. Amendment of section 17 - diligence, care and skill\n14. Insertion of section 18A - obligations of employer\n15. Repeal and substitution of section 20 - information from administrator\n16. Repeal and substitution of section 22 - annual statement of pension benefits\n17. Amendment of section 23 - inspection of administrator\u2019s documents\n18. Amendment of section 25 - eligibility for membership\n19. Repeal and substitution of section 26 - normal retirement date\n20. Amendment of section 27 - deferred pension for past service\n21. Amendment of section 28 - deferred pension\n22. Amendment of section 30 - minimum benefit\n23. Amendment of section 33 - early retirement option\n24. Repeal and substitution of section 34 - transfer\n25\nAmendment of section 39 - pre-retirement death benefit\n26. Amendment of section 41 - commuted value\n27. Amendment of section 43 - payment on breakdown of marriage\n28. Amendment of section 47 - contribution rate\n29. Repeal and substitution of section 48 - notice to superintendent of arrears of\ncontributions\n30. Repeal and substitution of section 50 - accrual\n31. Amendment of section 52B - withdrawal of amount from pension account\nas a deposit\n32. Amendment of section 52C - withdrawal of amount from pension account to\npay off an existing mortgage\n33. Amendment of section 52D - additional contributions\n34. Repeal and substitution of section 53 - refunds\n35. Amendment of section 69 - adoption of a new pension plan\n\nThe National Pensions (Amendment) Law, 2016\n\n4\n36. Amendment of section 74 - quorum and votes\n37. Amendment of section 78 - National Pensions Board\n38. Repeal and substitution of section 79 \u2013 Superintendent\n39. Insertion of section 79A - Powers of Director and Deputy Director\n40. Amendment of section 80 - duty of Superintendent and Board\n41. Amendment of section 81 - research\n42. Amendment of section 82 - information\n43. Amendment of section 85 - annual report\n44. Amendment of section 87 - entry onto business premises by the\nSuperintendent\n45. Amendment of section 88 - obstruction\n46. Amendment of section 90 - offences\n47. Insertion of section 90A - liability of directors, etc. where offence is\ncommitted by a body corporate\n48. Amendment of section 94 - conflict\n49. Insertion of section 94A - victimization\n50. Amendment of section 95 - regulations\n51. Insertion of section 95A - verification of compliance\n\nThe National Pensions (Amendment) Law, 2016\n\n5\nCAYMAN ISLANDS\nLaw 17 of 2016.\n\nI Assent\n\nHelen Kilpatrick\n\nGovernor.\n\n6th June, 2016\n\nA LAW TO AMEND THE NATIONAL PENSIONS LAW (2012\nREVISION) TO INCREASE THE REQUIREMENTS FOR THE\nEDUCATION OF MEMBERS; TO EXTABLISH THE DEPARTMENT OF\nLABOUR AND PENSIONS; TO ESTABLISH THE NORMAL AGE OF\nPENSION ENTITLEMENT AND TO IMPROVE COMPLIANCE; AND\nFOR INCIDENTAL AND CONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\n(1) This Law may be cited as the National Pensions (Amendment) Law,\n2016.\n(2) This Law shall come into force on such date as may be appointed by\nOrder made by Cabinet and different dates may be appointed for different\nprovisions of this Law and in relation to different matters.\n2.\nThe National Pensions Law (2012 Revision), in this Law referred to as the\n\u201cprincipal Law\u201d, with the exception of section 3, is amended by deleting the word\n\u201cSuperintendent\u201d wherever it appears and substituting the word \u201cDirector\u201d.\n\n3.\nThe principal Law is amended in section 3 as follows -\nShort title and\ncommencement\nAmendment of the\nNational Pensions Law\n(2012 Revision), except\nsection 3 - substitution\nof \u201cDirector\u201d for\n\u201cSuperintendent\u201d\nAmendment of   section\n3 - definitions\n\nThe National Pensions (Amendment) Law, 2016\n\n6\n(a)\nin the definition of the word \u201cactuary\u201d by deleting the word\n\u201cGovernor\u201d and substituting the word \u201cCabinet\u201d;\n(b) in the definition of the words \u201cadditional voluntary contribution\u201d\nas follows -\n(i)\nby inserting after the word \u201ccontribution\u201d the words \u201cand\nthe earnings thereon\u201d; and\n(ii) by inserting after the words \u201cpension fund by\u201d the words\n\u201cor on behalf of\u201d;\n(c)\nby inserting in the appropriate alphabetical sequence the\nfollowing definitions -\n\u201c\u201ccustodian\u201d means the person entrusted with the\nsafekeeping of the assets of the pension fund;\n\u201cDirector\u201d means the Director of the Department of Labour\nand Pensions established under section 79;\n\u201chousehold domestic\u201d has the meaning assigned to those\nwords in the Labour Law (2011 Revision);\n\u201cinvestment manager\u201d means a person that manages the\ninvestment of a pension plan; and\n\u201cnormal age of pension entitlement\u201d means sixty-five years\nof age except that a person who attains sixty years of age,\nwithin the time prescribed by Order made by Cabinet, may\nopt for a normal age of pension entitlement of sixty years of\nage;\u201d;\n(d) in the definition of the word \u201cemployee\u201d by inserting after the\nwords \u201cbut does not include a Caymanian as defined in the\nImmigration Law (2015 Revision) who is under twenty-three\nyears of age and pursuing full time education\u201d;\n(e)\nin the definition of the word \u201cfile\u201d by deleting the word\n\u201cSuperintendent\u201d and substituting the word \u201cDirector\u201d;\n(f)\nby deleting the definition of the word \u201cGovernor\u201d;\n(g) in the definition of the word \u201cregulations\u201d by deleting the word\n\u201cGovernor\u201d and substituting the word \u201cCabinet\u201d;\n(h) by deleting the definition of the word \u201cSuperintendent\u201d; and\n(i)\nin the definition of the words \u201cyear\u2019s maximum pensionable\nearnings\u201d as follows -\n(i)\nby deleting the word \u201csixty thousand dollars\u201d and\nsubstituting the words \u201ceighty-seven thousand dollars\u201d; and\n(ii) by inserting after the words \u201cas may be prescribed\u201d the\nwords \u201cby Order, made by Cabinet, containing the amount\nand the period for which that amount applies\u201d.\n4.\nThe principal Law is amended in section 4 as follows -\nAmendment of section\n4 - establishment of\npensions plans\n\nThe National Pensions (Amendment) Law, 2016\n\n7\n(a)\nin subsection (1) by inserting after the words \u201cor a defined\ncontribution pension plan\u201d the words \u201cand the specific pension\nplan shall be selected in the prescribed manner\u201d; and\n(b) by repealing subsection (3) and substituting the following\nsubsections -\n\u201c(3) The Director shall cause to be published, in the\nGazette or via any other media as the Director determines, notice\nof each pension plan registered under this Law together with the\ndetails of any persons who will carry on the functions of\nadministrator, investment manager, investment adviser, or\ncustodian of the pension plan.\n(4) An employer who fails without reasonable cause to\ncomply with the requirements of subsection (1) commits an\noffence and is liable -\n(a) in the case of a first offence, on summary\nconviction to a fine of twenty thousand dollars or\nto imprisonment for a term of two years, or to\nboth;\n(b) in the case of a second offence, on summary\nconviction to a fine of fifty thousand dollars or to\nimprisonment for a term of three years, or to\nboth; or\n(c) in the case of a third or subsequent offence, on\nconviction on indictment to a fine of one hundred\nthousand dollars or to imprisonment for a term of\nfive years, or to both.\u201d.\n5.\nThe principal Law is amended in section 5(2) by deleting the word\n\u201cGovernor\u201d and substituting the word \u201cCabinet\u201d.\nAmendment of  section\n5 - greater pension\nbenefits and previous\npensions\n\nThe National Pensions (Amendment) Law, 2016\n\n8\n6.\nThe principal Law is amended in section 6 by repealing subsection (5) and\nsubstituting the following -\n\u201c(5) If an employer to which subsection (4)(a) refers employs a\nCaymanian employee, then the employer shall enroll that employee in a\nplan registered in accordance with subsection (1).\n(6) A person who contravenes subsection (1) commits an offence and\nis liable on summary conviction to a fine of ten thousand dollars or to\nimprisonment for a term of one year, or to both.\n(7) In this section -\n\u201cCaymanian\u201d has the meaning assigned to it by the Immigration\nLaw (2015 Revision); \u201d.\n7.\nThe principal Law is amended in section 7 by repealing subsection (3) and\nsubstituting the following -\n\u201c(3) A person who contravenes subsection (1) commits an offence and\nis liable on summary conviction to a fine of one hundred thousand dollars or\nto imprisonment for a term of five years, or to both.\u201d.\n8.\nThe principal Law is amended in section 8 by inserting the following\nsubsection after subsection (6) -\n\u201c(7) A person who contravenes subsection (1) or (4) commits an\noffence and is liable on summary conviction to a fine of one hundred\nthousand dollars or to imprisonment for a term of five years, or to both.\u201d.\n9.\nThe principal Law is amended in section 9 as follows -\n(a)\nby repealing subsection (2) and substituting the following\nsubsection -\n\u201c(2) An application for the registration of a pension plan shall be\nmade in the prescribed form and accompanied by -\n(a)\nthe prescribed fee;\n(b) two certified copies of the document constituting the\npension plan and the relevant pension fund;\n(c)\na certified copy of any reciprocal transfer agreement\nrelated to the pension plan;\n(d) a statement of investment policy in the prescribed\nmanner;\nAmendment of   section\n6 - prohibitions of\nadministration of an\nunregistered pension\nplan\n\n(2015 Revision)\nAmendment of section\n7 - refusal or revocation\nof registration\nAmendment of section\n8 - administrator\nAmendment of section\n9 - registration\n\nThe National Pensions (Amendment) Law, 2016\n\n9\n(e)\nevidence of the method utilised to address on-going\nadministrator training;\n(f)\ndetails of the person that has accepted the appointment\nas auditor of the pension plan;\n(g) details of any persons, including evidence of the\nknowledge and skill of the persons, who will carry on\nthe functions of administrator, investment manager,\ninvestment adviser, agent of the administrator or\ncustodian of the pension plan;\n(h) details of all the individuals to be appointed to the\npension committee, the board of trustees or the trust\ncompany acting as administrator;\n(i)\nin the case of a defined benefit pension plan, an\noriginal or certified copy of an actuarial report;\n(j)\nany other prescribed information respecting the\npension plan and pension fund;\n(k) a certified copy of the explanation and any other\ninformation required under section 20(1); and\n(l)\nany other information and particulars including copies\nof any actuarial report or advice given to the\nadministrator or employer in connection with the\nestablishment of the plan as the Director considers\nrelevant.\u201d; and\n(b) in subsection (3) by deleting the word \u201cGovernor\u201d and\nsubstituting the word \u201cCabinet.\n10. The principal Law is amended in section 12(2) by deleting the word\n\u201cGovernor\u201d and substituting the word \u201cCabinet\u201d.\n11. The principal Law is amended by repealing section 16 and substituting the\nfollowing section -\n\u201cDuties of the\nadministrator\n16. (1) An administrator shall -\n(a)\nadminister the pension plan and pension\nfund in accordance with this Law and\nRegulations; and\n(b) administer the pension plan and any\namendment to the pension plan in\naccordance with the documents filed with\nthe Director upon registration of that plan\nor amendment.\n(2) An administrator shall -\nAmendment of section\n12 - registration of\namendment\nAmendment of section\n16 - duties of\nadministrator\n\nThe National Pensions (Amendment) Law, 2016\n\n10\n(a)\nwhere more than one pension plan is\nadministered\nby\nthe\n\nadministrator,\nsegregate the assets, bank accounts and\nrecords of each pension plan from the\nother; and\n(b) segregate the assets, bank accounts and\nrecords of a pension plan from any other\nbusiness in which the administrator may be\nengaged.\n(3) An administrator shall use that administrator\u2019s\nbest efforts in the administration of a pension fund using\nall relevant knowledge and skill that, by reason of the\nadministrator\u2019s profession or business or calling, that\nadministrator ought to possess.\n(4) The administrator of a pension plan shall -\n(a)\npay the prescribed fee to the Director in\nrespect of the pension plan within three\nmonths of the end of the financial year of\nthe pension plan;\n(b) file with the Director each year during the\ncontinuation of the  pension plan an annual\ninformation return relating to the pension\nplan in the prescribed form within three\nmonths of the end of the financial year of\nthe pension plan or within any longer\nperiod the Director may approve;\n(c)\nwithin six months of the end of a financial\nyear of the pension plan or within any\nlonger period that the Director may\napprove, file with the Director audited\nfinancial statements of the pension plan\nprepared in the prescribed manner by an\nindependent auditor approved by the\nDirector, together with a copy of any\nmanagement letter issued by the auditor;\n(d) every three years during the continuation\nof a defined benefit pension plan with the\nassistance of an actuary, review the\nfinancial operation of the pension plan and\nfile with the Director an actuarial report\nwithin six months of the completion of the\nreview, or any longer period the Director\n\nThe National Pensions (Amendment) Law, 2016\n\n11\nmay allow;\n(e)\nprovide returns and expense ratios for the\npension plan, in the prescribed format,\nwhich shall be provided to the Director\nwithin six months of the end of a financial\nyear of the pension plan or within any\nlonger period that the Director may\napprove;\n(f)\nprovide the Director, within three months\nof the end of the financial year, evidence\nof annual administrator training;\n(g) file with the Director a list of all active and\ninactive employers in the pension plan\nannually\nwhen\nfiling\nthe\nannual\ninformation return under paragraph (b) and\non a monthly basis, thereafter, file with the\nDirector all employer movements in or out\nof the pension plan;\n(h) hold annual general meetings dealing with\nprescribed information and provide a\nrecord thereof to the Director within three\nmonths of the meeting and to the members\nwith the statement required under section\n22;\n(i)\nfile with the Director any additional\nreports required under this Law;\n(j)\npublish the pension plan or details relating\nthereto in the prescribed manner;\n(k) ensure that all documents and records of\nthe pension plan are maintained in a\ncentral location and notify the Director of\nthat location and any changes to that\nlocation; and\n(l)\nprepare and submit to the Director,\ntogether\nwith\nthe\naudited\nfinancial\nstatement each year -\n(i)\nconfirmation that the statement of\ninvestment policy is in compliance\nwith the prescribed requirements; and\n(ii) a register of the members of the\npension plan, and the register shall\nspecify -\n(aa) the name of each member;\n(bb) the date of birth of each\n\nThe National Pensions (Amendment) Law, 2016\n\n12\nmember;\n(cc) the employer of each member;\nand\n(dd) the value of the accrued benefit\nof each member.\n(5) If an administrator fails to comply with any\nrequirement under this section, the Director may dismiss\nthe administrator and act as or may appoint another\nadministrator of the plan.\n(6) The reasonable administration costs of the\nDirector or the administrator approved by the Director of\nany action taken under subsection (5) shall be paid by the\npension fund.\n(7) A person who contravenes this section commits\nan offence and is liable on summary conviction to a fine of\none hundred thousand dollars or to imprisonment for a\nterm of five years, or to both.\u201d.\n12. The principal Law is amended by inserting after section 16 the following\nsection -\n\u201cFunctions of the\nadministrator\n16A. (1) An\nadministrator\nshall\nensure\nthat\nthe\nadministration, custodianship and investment of a pension\nplan or pension fund are undertaken by persons qualified\nand\nexperienced\nto\nbe\nadministrators,\ncustodians,\ninvestment advisers and investment managers, as the case\nmay be.\n(2) An administrator shall exercise the care,\ndiligence and skill in the administration of a pension plan\nand in the management and investment of the pension fund\nthat a person of ordinary prudence would exercise in\ndealing with the property of another.\n(3) An administrator shall not knowingly permit that\nadministrator\u2019s private interests to conflict with that\nadministrator\u2019s duties and powers in respect of a pension\nplan or pension fund.\n(4) An administrator is not entitled to any benefit\nInsertion of section\n16A - functions of the\nadministrator\n\nThe National Pensions (Amendment) Law, 2016\n\n13\nfrom a pension plan other than -\n(a)\npension benefits or ancillary benefits or a\nrefund of contributions under the plan to\nwhich the administrator is entitled as a\nmember, former member or claimant under\nthe plan ;\n(b) ancillary benefits; and\n(c)\nthe administrative fees and expenses as are\nprovided by a pension plan.\n(5) Subsection\n(4)\napplies\nwith\nnecessary\nmodifications to a member of a pension committee or board\nof trustees that is the administrator of a pension plan and to\na member of a board, agency or committee made\nresponsible by this Law or any other law for the\nadministration of a pension plan.\n(6) If an administrator fails to comply with any\nrequirement under this section, the Director may dismiss\nthe administrator and act as or may appoint another\nadministrator of the plan.\n(7) The reasonable administration costs of the\nDirector or the administrator approved by the Director of\nany action taken under subsection (6) shall be paid by the\npension fund.\n(8) A person who contravenes this section commits\nan offence and is liable on summary conviction to a fine of\none hundred thousand dollars or to imprisonment for a term\nof five years, or to both.\n13. The principal Law is amended in section 17 as follows -\n(a)\nin the marginal note by deleting the words \u201cdiligence, care and\nskill\u201d and substituting the words \u201cadministrator may employ\nagents\u201d;\n(b) by repealing subsections (1), (2), (7) and (8); and\n(c)\nin  subsection (6), by deleting the words \u201csubsections (1) and (2)\u201d\nand substituting the words \u201csubsections 16 (1), (2) and (3) and\n16A (1), (2) and (3) \u201d.\n\nAmendment of section\n17- diligence, care and\nskill\n\nThe National Pensions (Amendment) Law, 2016\n\n14\n14. The principal Law is amended by inserting after section 18 the following\nsection -\n\u201cObligations of\nemployer\n18A. (1) An employer shall cause to be kept proper\npayroll accounts, books and records with respect to all\nsums of money paid by the employer to a pension plan.\n(2) For the purposes of subsection (1), proper\npayroll accounts, books and records shall not be deemed to\nbe kept if there are not kept such payroll accounts, books\nand records as are necessary to give a true and fair view of\nthe state of affairs of the employer with regards to a\npension plan and to explain its transactions.\n(3) An employer shall cause all books of account\nrequired to be kept under subsection (1) to be retained for a\nminimum period of five years from the date on which they\nare prepared.\n(4) For each employee, except an employee for\nwhom an employer is not required to provide a pension\nplan or to contribute to a pension plan under section 25, an\nemployer shall keep and maintain records showing -\n(a)\nthe\nname\nof\nand\ncurrent\ncontact\ninformation for the employee;\n(b) the date the employment commenced and\nthe duration;\n(c)\nwhether the employment is part time or\nfull time;\n(d) the rate of pay and salaried arrangements;\n(e)\ngross and net amounts of pay;\n(f)\nbonuses;\n(g) resignations and terminations relating to\nthe employee;\n(h) the name of the pension plan;\n(i)\nall deductions from earnings of the\nemployee for pension contributions;\n(j)\nall contributions made by the employer\nand on behalf of the employee and\nevidence of payment to the pension plan;\n(k) the period over which contributions were\nmade;\n(l)\nthe dates on which the contributions were\nInsertion of section\n18A - obligations of\nemployer\n\nThe National Pensions (Amendment) Law, 2016\n\n15\nmade; and\n(m) any interest payments made in the name of\nthe pension plan.\n(5) The contributions shall be stated clearly and\nthere shall be no comingling; that is, contributions shall be\ndifferentiated from other payments that employers are\nrequired to pay, such as health insurance.\n(6) An employer shall retain records required to be\nkept under subsection (4) for a minimum period of five\nyears from the date on which they are prepared.\n(7) An\nemployer\nshall\nmaintain\na\nwritten\nnotification, acknowledged by the employee in writing, of\nthe pension plan referred to in section 4(1).\n(8) An employer who -\n(a)\nknowingly\nand\nwilfully\ncontravenes\nsubsections (1) or (3); or\n(b) fails without reasonable cause to comply\nwith subsections (4), (5), (6) or (7),\ncommits an offence and is liable on summary conviction to\na fine of ten thousand dollars.\u201d.\n15. The principal Law is amended by repealing section 20 and substituting the\nfollowing -\n\u201cInformation from\nadministrator\n20. (1) An administrator shall provide, in writing, to\neach person who under this Law is required to become a\nmember of a pension plan, immediately upon the person\u2019s\napplication for membership in the pension plan -\n(a)\nan explanation of the provisions of the\npension plan that apply to the person;\n(b) an explanation of the person\u2019s rights and\nobligations under the pension plan;\n(c)\ndetails of the returns and expense ratios of\nthe pension fund in the prescribed format;\nand\n(d) any other information prescribed.\n(2) An employer shall, within twenty-one days after\nthe date upon which an employee becomes eligible to\nRepeal and substitution\nof section 20 -\ninformation from\nadministrator\n\nThe National Pensions (Amendment) Law, 2016\n\n16\nbecome a member of a pension plan, provide to an\nadministrator the information required to enable the\nadministrator to comply with this section.\u201d.\n16. The principal Law is amended by repealing section 22 and substituting the\nfollowing section -\n\u201cSemi-annual\nstatement of pension\nbenefits\n22. (1) An administrator shall on a semi-annual basis,\nor at the shorter period as may be specified in a pension\nplan, give to each member a written statement setting out -\n(a)\nthe prescribed information in respect of the\npension plan which shall cover the pension\nplan\u2019s operations since the last report or\nsince registration in the first instance;\n(b) in the case of a pension plan that is a\ndefined benefit pension plan, the member\u2019s\nexpected pension benefits as at the\nmember\u2019s normal pension entitlement date\nor, in the case of a pension plan that is a\ndefined contribution pension plan, the\namount\nof\nmoney\nstanding\nin\nthe\nmember\u2019s account; and\n(c)\nany ancillary benefits for which the\nmember is eligible.\n(2) Notwithstanding the requirement for a written\nstatement under subsection (1), a statement may be\nforwarded to a member electronically or via any other\nmedia upon the consent of the member in writing to accept\ntransmission of the statement in that manner.\n(3) An administrator shall, where a member\nterminates employment with an employer or otherwise\nceases to be a member of a plan, give to that member or\nany other person who is, as a result, entitled to a benefit\nunder the pension plan, a written statement setting out the\nprescribed information in respect of the benefits, rights and\nobligations of the member or the other person.\n(4) Subsection (3) applies in respect of a multiemployer pension plan where a member ceases to be a\nmember but does not apply where a member terminates\nemployment with an employer but continues to be a\nRepeal and substitution\nof section 22 - annual\nstatement of pension\nbenefits\n\nThe National Pensions (Amendment) Law, 2016\n\n17\nmember.\u201d.\n17. The principal Law is amended in section 23 as follows -\n(a)\nin subsection (1) by deleting the words \u201cOn a written request\u201d\nand substituting the words \u201cWithin thirty days of a written\nrequest\u201d;\n(b) in subsection (4) by deleting the words \u201ccalendar year unless the\ndocuments have been changed or amended during the course of\nthe year\u201d and substituting the words \u201csix months unless the\ndocuments have been changed or amended during the course of\nthe six month period\u201d; and\n(c)\nby inserting after subsection (4) the following subsection -\n\u201c(5) For the avoidance of doubt, only a person mentioned\nin subsection (1) shall be entitled to inspect the documents\nreferred to in subsection (1).\u201d.\n18. The principal Law is amended in section 25 as follows -\n(a)\nby repealing subsection (1) and substituting the following\nsubsection -\n\u201c(1) Subject to subsection (2) all employees between the\nages of eighteen years and the normal age of pension entitlement\nshall be members of a pension plan.\u201d; and\n(b) in subsection (2) as follows -\n(i)\nin paragraph (a) by deleting the word \u201cnine\u201d and\nsubstituting the word \u201csix\u201d; and\n(ii) in paragraph (b) by deleting the words \u201cto do housework in\nprivate residences\u201d and substituting the words \u201cas a\nhousehold domestic\u201d.\n19. The principal Law is amended by repealing section 26 and substituting the\nfollowing -\n\u201cNormal pension\nentitlement date\n26. (1) The normal pension entitlement date under a\npension plan submitted for registration under this Law is\nthe date, not later than three months after attaining the\nnormal age of pension entitlement, on which a person\nbecomes entitled under a registered pension plan to collect\nthat person\u2019s pension benefits.\n(2) Every pension plan established prior to the 1st\nJune, 1998 and registered under this Law, shall be deemed\nAmendment of section\n23 - inspection of\nadministrator\u2019s\ndocuments\n\nAmendment of section\n25 - eligibility for\nmembership\nRepeal and substitution\nof section 26 - normal\nretirement date\n\nThe National Pensions (Amendment) Law, 2016\n\n18\nto specify a normal pension entitlement date in respect of\npension benefits that accrue after the 1st June, 1998, that is\nnot later than one year after attainment of the normal age\nof pension entitlement.\n(3) The first instalment of a member\u2019s pension is\ndue not later than the first day of the month following the\nnormal pension entitlement date, unless the member elects\notherwise.\n(4) An active member who continues employment\nand membership in a pension plan after the normal pension\nentitlement date may elect to continue accruing benefits\nunder the pension plan up to the date of the member\u2019s\npension entitlement and is subject to any terms of the\npension plan -\n(a)\nlimiting\nthe\nnumber\nof\nyears\nof\nemployment or active membership that can\nbe\nconsidered\nfor\nthe\npurpose\nof\ndetermining a member\u2019s pension benefit;\nor\n(b) fixing a maximum amount of a member\u2019s\npension benefit.\n(5) The first instalment of a pension of a member\nwho makes the election described in subsection (4) is due\nnot later than the earlier of -\n(a)\nthe first day of the month following the\ndate of revocation of the election by the\nmember; or\n(b) the first day of the month following the\ndate of termination of employment of the\nmember.\u201d.\n20. The principal Law is amended in section 27 by deleting the words \u201cnormal\nretirement date\u201d and substituting the words \u201cnormal pension entitlement date\u201d.\n21. The principal Law is amended in section 28 by deleting the words \u201cnormal\nretirement date\u201d and substituting the words \u201cnormal pension entitlement date\u201d.\n22. The principal Law is amended in section 30 as follows -\n(a)\nin subsection (1) as follows -\nAmendment of section\n27 - deferred pension for\npast service\nAmendment of section\n28 - deferred pension\nAmendment of section\n30 - minimum benefit\n\nThe National Pensions (Amendment) Law, 2016\n\n19\n(i)\nby deleting the words \u201chis normal retirement date\u201d and\nsubstituting the words \u201cthe member\u2019s normal pension\nentitlement date\u201d; and\n(ii) by deleting the word \u201cforty-two\u201d and substituting the word\n\u201cforty-seven\u201d;\n(b) in subsection (2) by deleting the words \u201cnormal retirement date\u201d\nand substituting the words \u201cnormal pension entitlement date\u201d;\nand\n(c)\nin subsection (4) by deleting \u201c47(9)\u201d and substituting \u201c47(8)\u201d.\n23. The principal Law is amended in section 33 as follows -\n(a)\nin subsection (1)(c) by deleting the words \u201cnormal retirement\ndate\u201d and substituting the words \u201cnormal pension entitlement\ndate\u201d; and\n(b) in subsection (2) by deleting the words \u201cnormal retirement date\u201d\nand substituting the words \u201cnormal pension entitlement date\u201d.\n24. The principal Law is amended by repealing section 34 and substituting the\nfollowing -\n\u201cTransfer\n\n(2013 Revision)\n34. (1) A member of a pension plan who, on or after 1st\nJune, 1998, terminates employment with a specific\nemployer and who is entitled to a deferred benefit -\n(a)\nmay request the administrator to pay an\namount equal to the commuted value of the\ndeferred benefit or the balance in the\nmember\u2019s defined contribution account -\n(i)\nto another registered pension plan, if\nthe administrator of the other pension\nplan agrees to accept the payment;\n(ii) into a prescribed pension entitlement\nsavings arrangement; or\n(iii) for the purchase for the member of a\nlife annuity that will not commence\nbefore the earliest date on which the\nmember would have been entitled to\nreceive payment of pension benefits\nunder the pension plan;\n(b) may elect to remain in the pension plan; or\n(c)\nmay elect to transfer that deferred benefit\nto a plan administered under the Public\nService Pensions Law (2013 Revision) if\nthe administrator of the Public Service\nPensions Board agrees to accept the\nAmendment of section\n33 - early retirement\noption\nRepeal and substitution\nof section 34 - transfer\n\nThe National Pensions (Amendment) Law, 2016\n\n20\npayment.\n(2) The pension entitlement under subsection (1) is\nsubject to the prescribed limitations in respect of the\ntransfer of funds from pension funds.\n(3) Notwithstanding subsection (1), where -\n(a)\na member\u2019s employment is terminated;\n(b) the member ceases to reside in the Islands;\nand\n(c)\nno contributions have been made to a\npension plan by or on behalf of the\nmember for a period of two years or more,\nthe member may request the administrator to pay an\namount equal to the commuted value of the deferred\nbenefit or the balance in the member\u2019s defined contribution\naccount to a pension plan, pension entitlement savings\narrangement or life annuity that is outside of the Islands.\n(4) The requirements under subsection (3) are not\napplicable to transfers between registered pension plans.\n(5) For the purposes of subsection (3), a person is\nconsidered to have ceased to be resident in the Islands if\nthat person has been absent from the Islands for a period of\ntwo years or more, and, in calculating a period of absence,\nno account shall be taken of a period of residence in the\nIslands for an aggregate period of less than three months.\n(6) Subject to subsections (1) and (3), an\nadministrator may, on making a payment or transfer under\nsection 42, 53 or this section, make a deduction from that\npayment or transfer, subject to a prescribed maximum fee,\nexclusive of any  transfer fees charged by the pension\nplan\u2019s bankers, in respect of actual and ascertainable\nadministrative expenses incurred in making the payment or\ntransfer that is -\n(a)\nprovided for in the pension plan to be\nmade in respect of all transfers and\nwithdrawals; and\n(b) approved by the Director,\nand the Director shall not approve a provision in a pension\n\nThe National Pensions (Amendment) Law, 2016\n\n21\nplan that purports to enable different levels of deduction to\nbe made in respect of different classes of members.\n(7) A former member may exercise that member\u2019s\npension entitlement under subsections (1) and (3) by\ndelivering to the administrator within the prescribed period\nof time a direction in a form supplied by the Director.\n(8) Subject to compliance with the requirements of\nthis section and the Regulations, the administrator shall\ncomply with the direction referred to in subsection (7) not\nlater than forty-five days after the date of delivery of the\ndirection.\n(9) An administrator who contravenes subsection\n(8) commits an offence and is liable on summary\nconviction to a fine of twenty thousand dollars or to\nimprisonment for a term of two years, or to both; and if the\noffence is a continuing one to a fine of one thousand\ndollars for every day or part of a day during which the\noffence has continued.\n(10) The administrator shall not make a payment\nunder -\n(a)\nsubsection (l)(a)(ii), unless the pension\nentitlement savings arrangement is in\naccordance\nwith\nthe\nprescribed\nrequirements; and\n(b) subsection (l)(a)(iii), unless the contract to\npurchase the deferred life annuity is in\naccordance\nwith\nthe\nprescribed\nrequirements.\n(11) Where a payment does not meet the limitations\nprescribed in relation to the transfer of funds from pension\nfunds, the administrator shall not make the payment\nwithout the approval of the Director.\n(12) The Director may, by Order, approve a payment\nunder subsection (11) subject to the terms and conditions\ncontained in the Order that the Director thinks fit in the\ncircumstances.\n\nThe National Pensions (Amendment) Law, 2016\n\n22\n(13) Where -\n(a)\na payment that does not meet the\nconditions prescribed in relation to the\ntransfer of the funds from pension funds is\nmade without the approval of the Director;\nor\n(b) there is a failure to comply with a term or\ncondition of the approval given under\nsubsection (12),\nthe Director may, by Order, require any person to whom\npayment has been made to repay an amount equal to the\namount paid together with interest on the amount.\n(14) This section does not apply in respect of\nbenefits under a pension plan accrued on or before a\nprescribed date where those benefits are guaranteed by an\napproved provider and the guarantee was given by the\napproved provider on or before that date.\n(15) Subject to section 76, an Order for payment\nunder subsection (12) may be enforced in the same manner\nas a judgment of the Grand Court for the payment of\nmoney.\n(16) An administrator is discharged from all\nresponsibilities and liabilities in respect of a payment made\nin good faith under this section and in compliance with this\nLaw.\u201d.\n25. The principal Law is amended in section 39 as follows -\n(a)\nin subsection (1) by inserting after the word \u201centitled\u201d the word\n\u201ceither\u201d;\n(b) in subsection (2) by deleting the words \u201cthe surviving spouse\nmay elect that either\u201d and substituting the words \u201cthe surviving\nspouse who elects to receive a deferred pension may further elect\nthat either\u201d;\n(c)\nin subsection (2)(a) -\n(i)\nin sub-paragraph (i) by deleting the word \u201csixty\u201d and\nsubstituting the word \u201csixty-five\u201d;\nAmendment of section\n39 - pre-retirement death\nbenefit\n\nThe National Pensions (Amendment) Law, 2016\n\n23\n(ii) in sub-paragraph (ii) by deleting the words \u201cnormal\nretirement age\u201d and substituting the words \u201cnormal age of\npension entitlement\u201d; and\n(d) in subsection (3) by deleting the words \u201cnormal retirement date\u201d\nand substituting the words \u201cnormal pension entitlement date\u201d.\n26. The principal Law is amended in section 41 by deleting the words \u201cnormal\nretirement date\u201d and substituting the words \u201cnormal pension entitlement date\u201d.\n27. The principal Law is amended in section 43(1)(b) by deleting the words\n\u201cnormal retirement date\u201d and substituting the words \u201cnormal pension entitlement\ndate\u201d.\n28. The principal Law is amended in section 47 as follows -\n(a)\nin subsection (2) by deleting the word \u201cGovernor\u201d and\nsubstituting the word \u201cCabinet\u201d;\n(b) in subsection (3)(c) by deleting the words \u201c, subject to paragraph\n(a) of subsection (9),\u201d;\n(c)\nin subsection 8(c) by deleting the words \u201cnormal retirement age\u201d\nand substituting the words \u201cnormal age of pension entitlement\u201d;\nand\n(d) by inserting after subsection 9 the following subsections -\n\u201c(10)\nSubject to the pension plan, a member may\naccess that member\u2019s additional voluntary contributions prior to\nthe normal age of pension entitlement as follows -\n(a)\nfor medical purposes where the member\u2019s\nhealth insurance does not cover the cost of\nthe medical attention sought and the\nmedical attention sought is not elective;\n(b) for temporary unemployment where that\nunemployment is within the first six month\nperiod following the three month period\nafter the date upon which the member was\nterminated;\n(c)\nfor\nhousing\npurposes\nincluding\nthe\nconstruction of the member\u2019s dwelling\nhouse, purchase of residential land for the\nmember or for payment of the outstanding\nbalance of member\u2019s mortgage in full but\nexcluding the payment of rent or similar\npurposes; and\nAmendment of section\n41 - commuted value\nAmendment of section\n43 - payment on\nbreakdown of marriage\nAmendment of section\n47 - contribution rate\n\nThe National Pensions (Amendment) Law, 2016\n\n24\n(d) for the educational purposes of a member or\nthe dependent child of a member who is\nunder twenty-three years of age and\npursuing full time education.\n(11)\nFor the purposes of subsection (10) a member\nshall make an application to the administrator in the manner\ndesignated by the Director.\n(12)\nAn administrator shall provide to the Director on\na monthly basis -\n(a) a list of the names of all members who have\nwithdrawn an amount from the member\u2019s\nrespective account in a pension plan under\nthis section, stating the amount of each\nwithdrawal;\n(b) a list of the names of all members who\napplied for an amount under this section;\n(c) a copy of each letter to each member stating\nthe reason for refusal under subsection\n(12)(b); and\n(d) in the form designated by the Director, a\nreport with respect to each member who has\nwithdrawn an amount from the member\u2019s\naccount in a pension plan under this section.\n(13)\nA person who contravenes this section commits\nan offence and is liable on summary conviction to a fine of\ntwenty thousand dollars or to imprisonment for a term of two\nyears, or to both.\u201d.\n29. The principal Law is amended by repealing section 48 and substituting the\nfollowing section -\n\u201cNotice to Director\nof arrears of\ncontributions\n48. (1) A member and the member\u2019s employer shall\ncontribute to the pension fund of a pension plan on behalf\nof that member from the date that the member is required\nby this Law to participate in the pension plan and at the\nrates specified in section 47(3).\n(2) Contributions shall be remitted to employees\u2019\npension plans on or before the 15th day of the month next\nfollowing any month in which the employee performs\nservices for the employer, for which the employee receives\nRepeal and substitution\nof section 48 - notice to\nsuperintendent of arrears\nof contributions\n\nThe National Pensions (Amendment) Law, 2016\n\n25\nor expects to receive remuneration, regardless of the\nemployee\u2019s established pay period, and this date shall be\nknown as the \u201ccontribution date deadline.\u201d\n(3) A contribution not received by the close of\nbusiness on the contribution date deadline is considered a\ndelinquent contribution.\n(4) An administrator shall immediately take action\nto collect a delinquent contribution which for the purposes\nof this subsection includes interest accrued on the\ndelinquent contribution.\n(5) A delinquent contribution not received by the\nadministrator by the 15th day of the month next following\nthe contribution date deadline, in this section referred to as\nthe \u201creportable date\u201d, shall be reported in writing by the\nadministrator to the Director in the form approved by the\nDirector.\n(6) An administrator shall notify -\n(a)\nthe Director in writing on or before the 20th\nday of the month next following the month\nof the contribution date deadline, in this\nsection referred to as \u201cthe delinquent\nnotification date\u201d, of any delinquent\ncontributions\nnot\nreceived\nby\nthe\nreportable date and still outstanding at the\ndate of reporting; and\n(b) the affected employees in writing within\nsixty days of the date on which the\nDirector is notified under paragraph (a) of\nthe delinquent contributions reported under\nparagraph (a) and the administrator may\npublish  the names of employers whose\ndelinquent contributions have not been\nreceived by the delinquent notification\ndate.\n(7) The Director, if the Director considers it\nnecessary, may instruct an administrator in writing, to\npublish in another publication that the Director shall\nidentify, in addition to the publication under subsection\n\nThe National Pensions (Amendment) Law, 2016\n\n26\n(6)(b), the names of employers for whom contributions\nhave not been received by the delinquent notification date.\n(8) Notwithstanding the requirement for written\nnotification under subsection (6)(b), notification may be\nforwarded to an affected employee electronically or via\nany other media upon the consent of the employee in\nwriting, to accept transmission of notification in that\nmanner.\n(9) The Director shall, no later than the 20th day of\nthe month next following the delinquent notification date,\ninitiate an action to recover the payment of the delinquent\ncontributions by one or more of the following means -\n(a)\nby letter of demand to the employer,\nstating a time within fourteen days of the\ndate of the letter of demand that the\ncontribution shall be paid into the pension\nplan, and outlining the action that will be\ntaken if the contribution is not forthcoming\nwithin the specified time;\n(b) by letter demanding the appearance of the\ndelinquent employer before the Director\nfor\nthe\npurpose\nof\nexplaining\nthe\ndelinquency, disclosing the employer\u2019s\nbanking\narrangements,\ndelinquent\ncontributions and payroll records and\narriving at an acceptable payment plan, but\nonly if the Director is of the opinion that\nthe delinquency can be rectified and that\nthe employer is acting in good faith;\n(c)\nby ordering the payment of a delinquency\ncollection fee equal to the greater of ten\nper cent of the total amount delinquent or\nfifty dollars per day, from the contribution\ndate deadline until the total amount of\ndelinquent contributions is paid;\n(d) by commencing legal proceedings in a\ncourt of competent jurisdiction to recover\nthe delinquent contributions, any fines and\nfees arising pursuant to this Law, except\nthat no action is necessary for one or more\nof the following reasons -\n\nThe National Pensions (Amendment) Law, 2016\n\n27\n(i)\nwhere the delinquency was reported\nin error;\n(ii) where the delinquency has been\ncorrected by full payment; or\n(iii) where any action has been taken in\nresolution\nof\nthe\ndelinquency\nconsistent with this Law; or\n(e)\nby publishing breaches of the Law by\nemployers and such publications shall\ninclude the name of the employer, the\noffence under the Law which was\ncontravened and the applicable penalty.\n(10) Any information disclosed to the Director\npursuant to subsection (9)(b) shall be used solely for the\npurposes of pension arrears recovery and shall otherwise\nbe kept confidential.\n(11) Any expenses of the administrator for the\nadditional reporting for the purposes of subsection (6),\nwhich shall be approved in advance either generally or\nspecifically by the Director, or any expenses authorized\npursuant to this Law to be made by the Director for the\nactions pursuant to subsection (7) or (9), shall be borne by\nthe employer concerned and not by the pension plan in\ngeneral or the employees.\n(12) An employer who fails to pay contributions into\na pension plan within the specified time given by the\nDirector shall, in addition to the delinquent contributions\nand the fee and expenses levied pursuant to subsection\n(9)(c) and (11), be liable on summary conviction to a fine\nof twenty thousand dollars or to imprisonment for a term of\ntwo years, or to both.\n(13) The Director may -\n(a)\ninvestigate the relevant activities of\nemployers in respect of contributions to\npension plans; and\n(b) share\ninformation\npursuant\nto\nan\ninvestigation\nunder\nparagraph\n(a)\nregarding\nemployers\nwith\nother\nGovernment departments and agencies.\n\nThe National Pensions (Amendment) Law, 2016\n\n28\n(14) Where\npursuant\nto\nlegal\nproceedings\ncommenced under subsection (9)(d) funds are restrained\nfor the payment of delinquent contributions to a pension\nplan, the court shall not make an Order to allow for the\npayment of costs, legal and other expenses out of the\nfunds.\n(15) Where an employee reasonably believes that an\nemployer has failed to remit contributions to the\nadministrator by the reportable date, the employee may in\nwriting report the employer to the Director and the\nDirector may, after making investigations in accordance\nwith subsection (13), take any action referred to in\nsubsection (9).\u201d.\n30. The principal Law is amended by repealing section 50 and substituting the\nfollowing section -\n \u201cAccrual\n\n50. (1) An employer is liable to pay interest to a\npension fund, as prescribed, on all money that is due to be\npaid by the employer to that pension fund at the current\nprime rate in the Islands plus five percent, calculated on a\ndaily basis in addition to any other fees, fines and penalties\nspecified by this Law or ordered by a court of competent\njurisdiction.\n(2) For the purposes of section 48, the amount of\nany delinquent contribution to be collected and paid, is\ninclusive of the accrued interest calculated in accordance\nwith this section.\n(3) The administrator of a pension fund shall ensure\nthat all interest due on delinquent contributions has been\nproperly calculated as stipulated in this section and\nreceived in accordance with the provisions of this Law and\npaid into the pension plan of the employee.\u201d.\n31. The principal Law is amended in section 52B(10) by deleting the words\n\u201cnormal retirement age\u201d and substituting the words \u201cnormal age of pension\nentitlement\u201d.\nRepeal and substitution\nof section 50 - accrual\nAmendment of section\n52B - withdrawal of\namount from pension\naccount as a deposit\n\nThe National Pensions (Amendment) Law, 2016\n\n29\n32. The principal Law is amended in section 52C(9) by deleting the words\n\u201cnormal retirement age\u201d and substituting the words \u201cnormal age of pension\nentitlement\u201d.\n33. The principal Law is amended in section 52D(1)(c) by deleting the words\n\u201cnormal retirement age\u201d and substituting the words \u201cnormal age of pension\nentitlement\u201d.\n34. The principal Law is amended by repealing section 53 and substituting the\nfollowing section -\n \u201cRefunds\n\n53. (1) Except as is otherwise provided\nunder this Law, no member or former member\nis entitled to a refund from a pension fund of\ncontributions made by that member or on that\nmember\u2019s behalf in respect of employment in\nthe Islands or investment earnings on the\ncontributions or otherwise to receive a payment\nor transfer from the pension plan on or after 1st\nJune, 1998.\n(2) Notwithstanding subsection (1), on\napplication by the administrator, contributions\nand interest thereon may be refunded to a\nmember with the approval of the Director  if -\n(a)\nthe pension plan provides for\nthe refund; and\n(b) the\npension\nplan\nmeets\nprescribed requirements.\u201d.\n(3) Subsection (2) shall only apply to a\nperson who has attained the normal age of\npension entitlement and provides evidence\nthrough the administrator to the satisfaction of\nthe Director that the member cannot transfer\nthat member\u2019s pension benefits to another\npension plan, pension entitlement savings\narrangement or life annuity.\n(4) Notwithstanding\nsubsection\n(1),\nwhere -\n(a) a member\u2019s employment is\nterminated;\nAmendment of section\n52C - withdrawal of\namount from pension\naccount to pay off an\nexisting mortgage\nAmendment of section\n52D - additional\ncontributions\nRepeal and substitution\nof section 53 - refunds\n\nThe National Pensions (Amendment) Law, 2016\n\n30\n(b) that member ceases to reside in\nthe Islands; and\n(c) no\nmandatory\ncontributions\nhave been made to a pension\nplan by or on behalf of the\nmember for a period of two\nyears or more,\nthe member may elect, after the expiration of\ntwo years from the termination of the\nmember\u2019s employment, in the case of a defined\ncontribution pension plan, to receive a lump\nsum payment of an amount equal to not less\nthan the amount of the contributions made by\nor on behalf of the member and the investment\nearnings on the contributions made under the\npension plan or to have the units allocated to\nthe member\u2019s account realised by the approved\nprovider and to have the amount transferred to\nanother pension plan, and in the case of a\ndefined benefit plan, to receive a lump sum\npayment of the commuted value of the\nmember\u2019s accrued pension benefits.\n(5) For the purposes of subsection (4), a\nperson shall be deemed to have ceased to be\nresident in the Islands when the person has\nbeen absent from the Islands for a period of six\nmonths or more, and, in calculating a period of\nabsence, no account shall be taken of a period\nof residence in the Islands for a continuous\nperiod less than three months.\n(6) Further to the requirements of\nsubsection (4) an administrator shall provide, in\nthe form that the administrator considers\nappropriate,  a member leaving the jurisdiction\ndetails setting out that member\u2019s ability to\naccess the member\u2019s pension benefits under\nthis Law.\n(7) A person may only apply for a\nrefund under subsection 4 within the time\nprescribed by Order made by Cabinet.\u201d.\n\nThe National Pensions (Amendment) Law, 2016\n\n31\n35. The principal Law is amended in section 69 by inserting after subsection (7)\nthe following subsection -\n\u201c(8) An administrator who contravenes this section, commits an\noffence and is liable on summary conviction to a fine of fifty thousand\ndollars or five per cent of the assets transferred whichever is greater and this\nfine shall be paid by the administrator and shall not be charged to the\npension plan.\u201d.\n36. The principal Law is amended in section 74(4) by deleting the word\n\u201cGovernor\u201d and substituting the word \u201cCabinet\u201d.\n37. The principal Law is amended in sections 78(3), (5), (6) and (8) by deleting\nthe word \u201cGovernor\u201d wherever it appears and substituting the word \u201cCabinet\u201d.\n38. The principal Law is amended by repealing section 79 and substituting the\nfollowing -\nDepartment of\nLabour and\nPensions\n79. (1) There is established the Department of Labour\nand Pensions which shall be responsible for the\nadministration and enforcement of this Law.\n(2) The Department of Labour and Pensions shall be\ncomprised of the Director, Deputy Director, officers and\nother members of staff necessary to satisfy the requirement\nof subsection (1).\n(3) The Director, Deputy Director, officers and\nother members of staff of the Department of Labour and\nPensions shall be appointed pursuant to the Public Service\nManagement Law (2013 Revision) and the Regulations\nmade thereunder.\n(4) The Director is the chief administrative officer\nof the Board and shall exercise the powers and perform the\nduties that are vested in or imposed upon the Director by\nthis Law and the Regulations.\n 39. The principal Law is amended by inserting after section 79 the following\nsection -\n\u201cPowers of\nDirector and\nDeputy Director\n79A. The Director, Deputy Director and any\ndesignated person pursuant to section 87 shall\nAmendment of section\n69 - adoption of a new\npension plan\nAmendment of section\n74 - quorum and votes\nAmendment of section\n78 - National Pensions\nBoard\nRepeal and substitution\nof section 79 -\nSuperintendent\n\nInsertion of   section\n79A - Powers of\nDirector and Deputy\nDirector\n\nThe National Pensions (Amendment) Law, 2016\n\n32\n\nhave, when performing duties regarding the\nimposition of administrative penalties under this\nLaw the same powers, privileges and immunities\nas are conferred on a constable by the Police Law\n(2014 Revision) and may perform the functions\nrequired to be performed by the designated person\nin accordance with section 87.\u201d.\n\n40. The principal Law is amended in section 80 by repealing paragraph (a) and\nsubstituting the words \u201chear, consider and determine decisions appealed in\naccordance with Part XIII of the Law\u201d.\n41. The principal Law is amended in section 81(4) by deleting the word \u201cone\u201d\nand substituting the word \u201cfive\u201d.\n42. The principal Law is amended in section 82 as follows -\n(a)\nin subsection (3) by deleting the words \u201cone thousand dollars\u201d\nand substituting the words \u201cten thousand dollars or to\nimprisonment for a term of one year, or to both\u201d; and\n(b) in subsection (6) by deleting the words \u201cfive thousand dollars\u201d\nand substituting the words \u201ctwenty thousand dollars or to\nimprisonment for a term of two years, or to both\u201d.\n43. The principal Law is amended in section 85(2) by deleting the word\n\u201cGovernor\u201d and substituting the word \u201cCabinet\u201d.\n44. The principal Law is amended in section 87 as follows -\n(a)\nby deleting the words \u201cbusiness premises\u201d wherever they appear\nin the section and substituting the word \u201cworkplaces\u201d; and\n(b) by inserting after subsection (9) the following subsection -\n\n\u201c(10)\nFor the purposes of this section \u201cworkplaces\u201d means\nany premises in which any employee is employed to work and,\nwithout prejudice to the generality of the foregoing, includes any\nshop, office, licensed premises or factory; but does not include,\nin respect of a household domestic employed there, a private\nhome.\u201d.\n45. The principal Law is amended in section 88 as follows -\n(a)\nby inserting after subsection (1) the following subsection -\n\u201c(1A)\nA person shall not knowingly or wilfully provide false\nor misleading information in connection with any information the\nperson is required to provide under this Law.\u201d; and\nAmendment of section\n80 - duty of\nSuperintendent and\nBoard\nAmendment of section\n81 - research\nAmendment of section\n82 - information\n\nAmendment of section\n85 - annual report\nAmendment of section\n87 - entry onto business\npremises by the\nSuperintendent\nAmendment of section\n88 - obstruction\n\nThe National Pensions (Amendment) Law, 2016\n\n33\n(b) in subsection (2) -\n(i)\nby deleting the words \u201ccontravenes subsection (1)\u201d and\nsubstituting the words \u201ccontravenes subsection (1) or (1A)\u201d;\nand\n(ii) by deleting the words \u201cone thousand dollars\u201d and\nsubstituting the words \u201cten thousand dollars or to\nimprisonment for a term of one year, or to both.\u201d.\n46. The principal Law is amended in section 90 as follows -\n(a)\nin subsection (1) by deleting the words \u201cfive thousand dollars\u201d\nand substituting the words \u201cten thousand dollars or to\nimprisonment for a term of one year, or to both\u201d;\n(b) in subsection (3) by deleting the words \u201coccurred or is alleged to\nhave occurred\u201d and substituting the words \u201cwas reported to the\nDirector\u201d; and\n(c)\nby inserting after subsection (3) the following subsection -\n\u201c(4) After obtaining the written consent of the Director of\nPublic Prosecutions, the Director or Deputy Director may\ninstitute criminal proceedings for any offence under this Law,\nand may appear before the Court to conduct the prosecution in\nrespect of the offence.\u201d.\n47. The principal Law is amended by inserting after section 90 the following\nsections -\n\u201cLiability of\ndirectors, etc.\nwhere offence\nis committed\nby a  body\ncorporate\n\n90A. (1) Where a body corporate commits an offence\nunder this Law, every director or other officer\nconcerned in the management of the body corporate\ncommits that offence unless the director or other officer\nproves that the offence was committed without the\ndirector\u2019s or other officer\u2019s consent or connivance or\nthat the director or other officer exercised reasonable\ndiligence to prevent the commission of the offence.\n(2) In subsection (1), \u201cdirector\u201d in relation to a\nbody corporate whose affairs are managed by its\nmembers, means a member of the body corporate.\n48. The principal Law is amended in section 94 by inserting after subsection (2)\nthe following subsections -\n\u201c(3) Notwithstanding subsection (2), the Director may share\ninformation with Government departments and statutory authorities\nAmendment of section\n90 - offences\nInsertion of section\n90A - liability of\ndirectors, etc. where\noffence is committed by\na body corporate\nAmendment of section\n94 - conflict\n\nThe National Pensions (Amendment) Law, 2016\n\n34\nregarding the compliance of pension plans with this Law and the failure of\nemployers to provide pension benefits or make timely contributions in\naccordance with this Law.\n(4) Information shared by the Director under subsection (3) shall not\ninclude any personal information of any employee and is limited to -\n(a) the particulars of the employer;\n(b) the type of contravention under the Law by the employer;\nand\n(c) the resulting effect of the contravention of the Law by the\nemployer.\u201d.\n49. The principal Law is amended by inserting after section 94 the following\nsection -\n\u201cVictimization\n\n(2011 Revision)\n94A. (1) Where an employee reasonably believes that an\nemployer has failed to comply with this Law, the employee may\nin writing make a disclosure of information to the Director or an\nauthorized officer.\n(2) An employer shall not subject or threaten to subject\nan employee to any victimization on account of a disclosure\nmade under subsection (1).\n(3) An employee shall not be considered to be subject to\nvictimization where the employer has the right under any law in\nforce in the Islands to take the action complained of or the\naction is demonstrably unrelated to the disclosure made.\n(4) An employee who reasonably believes that the\nemployee has been victimized as a result of the employee\u2019s\ndisclosure under subsection (1) may make a complaint to a\nLabour Tribunal in accordance with the Labour Law (2011\nRevision).\n(5) In\nthis\nsection\n\u201cvictimization\u201d\nincludes\n  the\nfollowing -\n(a)\ndismissal;\n(b) suspension;\n(c)\ndenial of promotion;\n(d) demotion;\n(e)\nredundancy;\n(f)\nintimidation;\nInsertion of section\n94A - victimization\n\nThe National Pensions (Amendment) Law, 2016\n\n35\n(g) reduction of employee earnings;\n(h) reduction of employee benefits;\n(i)\nsubjection to any discrimination by an employer\nor an employee ; or\n(j)\nthe threat of any action referred to in paragraphs\n(a) to (h).\u201d.\n50. The principal Law is amended as follows -\n(a)\nin sections 95(1), (2), (4) and (5) by deleting the word\n\u201cGovernor\u201d wherever it appears and substituting the word\n\u201cCabinet\u201d; and\n(b) in subsection (2) as follows -\n(i)\nby deleting the word \u201cand\u201d at the end of paragraph (v);\n(ii) by deleting the full stop at the end of paragraph (w) and\nsubstituting \u201c; and\u201d; and\n(iii) by inserting after paragraph (w) the following paragraph -\n\u201c(x) prescribing the manner in which an administrative\npenalty system may be implemented and for all\nmatters that are necessary or convenient to be\nprescribed for giving effect to the administrative\npenalty system, which shall empower the Director\nwhere a specified offence is committed under this Law\nto stay or compound any proceeding for that offence;\nsubject to the conditions the Director may think fit,\nwhich may include, but are not limited to, the payment\nof a levy, being not less than twice and not more than\nfive times the amount of any fees that would have\nbeen payable had the provisions of this Law been\nobserved and in the event that no fees are payable\nunder this Law, the Director may impose a fine of up\nto such amount as may be prescribed.\u201d.\n51. The principal Law is amended by inserting after section 95 the following\nsection -\n\u201cVerification\nof compliance\n95A. (1) An employer may, for any purpose, by\napplication, request from the Director or administrator,\nas authorized by the Director verification that the\nemployer has complied with the provisions of this Law\nand the Director or administrator, as authorized by the\nDirector if satisfied that the employer is in compliance\nwith the Law, shall issue that verification in the form\nthat the Director or administrator as authorized by the\nDirector considers to be appropriate.\nAmendment of section\n95 - regulations\nInsertion of   section\n95A - Verification of\ncompliance\n\nThe National Pensions (Amendment) Law, 2016\n\n36\n(2) Verification provided by the Director or\nadministrator as authorized by the Director  under\nsubsection (1) shall be provided to the employer upon\npayment, by the employer, of the prescribed fee.\n(3) Verification given by the Director or\nadministrator as authorized by the Director under this\nsection is evidence that the employer is in compliance\nwith this Law on the date that the verification is issued\nby the Director or administrator as authorized by the\nDirector.\n(4) An employer is deemed to be in compliance\nwith this Law if all contributions, interest and fees,\nunder this Law have been paid and the Director or\nadministrator as authorized by the Director has no\nknowledge that the employer has contravened any of\nthe provisions of this Law.\u201d.\n\nPassed by the Legislative Assembly the 6th day of May, 2016.\n\nJuliana Y. O\u2019Connor-Connolly\n\nSpeaker.\n\nZena Merren-Chin\n\nClerk of the Legislative Assembly.","akn_extracted_at":"2026-06-22 15:41:53.136199+00","cms_id":"2016-0017","law_type":"amending","year":"2016","number":"17","title":"National Pensions (Amendment) Law, 2016","status":"spent"},"provenance":{"files":[{"file_id":"6264","expr_id":"1422","kind":"akn_xml","filename":"2016-0017.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2016\/2016-0017\/2016-0017.akn.xml","content_md5":"a95b604f0cc697265470575bf52d724b","byte_size":"69979","http_last_modified":null,"fetched_at":"2026-06-22 15:41:53.482915+00"},{"file_id":"2843","expr_id":"1422","kind":"pristine_pdf","filename":"2016-0017.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2016\/2016-0017\/2016-0017.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/AMENDING\/2016\/2016-0017\/2016-0017.pdf","content_md5":"564f595c38dda3478f3a4816a0299849","byte_size":"267386","http_last_modified":null,"fetched_at":"2026-06-16 04:01:10.763093+00"},{"file_id":"2844","expr_id":"1422","kind":"working_pdf","filename":"2016-0017.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2016\/2016-0017\/2016-0017.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2016\/2016-0017\/2016-0017.pdf","content_md5":"564f595c38dda3478f3a4816a0299849","byte_size":"267386","http_last_modified":null,"fetched_at":"2026-06-16 04:01:10.763093+00"}],"paragraph_count":44,"latest_history":null},"quality":{"expr_id":"1422","doc_id":"1422","quality_state":"needs_review","quality_score":"80","needs_human_review":"t","deterministic_categories":"{commencement_metadata_problem,duplicate_text,page_header_footer_noise}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture,verify_commencement_metadata}","finding_severity_counts":"{\"low\": 2, \"medium\": 1}","finding_summary":"repeated line furniture detected: the national pensions amendment law 2016 x37; pension plan x4; contributions x5; duplicate-line ratio is 11.77%","assessed_at":"2026-06-22 15:29:46.53419+00","updated_at":"2026-06-22 15:29:46.53419+00"}}