{"kind":"expression","expression":{"expr_id":"1512","doc_id":"1512","label":"National Pensions (Amendment) Law, 2020 (Law 12 of 2020)","is_as_enacted":"f","commenced_on":null,"superseded_on":null,"valid_from":null,"valid_to":null,"is_current":"t","incorporating":null,"akn_expr_iri":"\/akn\/ky\/act\/amending\/2020\/12\/eng@2020-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/amending\/2020\/12\", \"expression\": \"\/akn\/ky\/act\/amending\/2020\/12\/eng@2020-01-01\", \"manifestation\": \"\/akn\/ky\/act\/amending\/2020\/12\/eng@2020-01-01.pdf\"}, \"pdf\": {\"md5\": \"88a127d792e5b2ff2df480a32ecf49bb\", \"path\": \"\/Users\/q\/kyleg-data\/working\/AMENDING\/2020\/2020-0012\/2020-0012.pdf\", \"pages\": 11, \"filename\": \"2020-0012.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 2180, \"paragraph_count\": 7, \"text_char_count\": 13333}, \"usage\": null, \"method\": \"pymupdf-text\", \"version\": \"kyleg-akn-1.0\", \"extracted_at\": \"2026-06-22\"}, \"classification\": \"text_layer\", \"validation_flags\": [], \"docai_processor_id\": null}, \"akomaNtoso\": {\"act\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"2. Repeal and substitution of Part IA of the National Pensions Law (2012 Revision) - 3. 4. 5. 6. National Pensions (Amendment) Law, 2020 Law 12 of 2020 NATIONAL PENSIONS (AMENDMENT) LAW, (Law 12 of 2020) A LAW TO AMEND THE NATIONAL PENSIONS LAW (2012 REVISION) TO PROVIDE FOR THE TEMPORARY SUSPENSION OF PENSION CONTRIBUTIONS; TO ENABLE SPECIFIED MEMBERS OF A PENSION PLAN TO WITHDRAW A SINGLE LUMP SUM AMOUNT FROM THEIR ACCOUNT IN THE PENSION PLAN; AND FOR INCIDENTAL AND CONNECTED PURPOSES ENACTED by the Legislature of the Cayman Islands.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title and duration 1. (1) This Law may be cited as the National Pensions (Amendment) Law, 2020. (2) This Law shall come into force as follows \u2014 (a) sections 1, 2, 4 and 6 shall be deemed to have come into force on 1st April, 2020; and (b) sections 3 and 5 shall come into force on 1st May, 2020. (3) This Law shall expire on 31st October, 2020 or upon such later date as may be appointed by Order made by the Cabinet and different dates may be appointed for different provisions of this Law and in relation to different matters. (4) Upon the expiration of this Law, the National Pensions Law (2012 Revision) shall have effect as though it had not been amended by this Law. (Law 12 of 2020) I Assent, Martyn Roper Governor Date: 27th day of April, 2020 National Pensions (Amendment) Law, 2020 Law 12 of 2020\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Repeal and substitution of Part IA of the National Pensions Law (2012 Revision) - suspension of pension contributions 2. The National Pensions Law (2012 Revision), in this Law referred to as the \u201cprincipal Law\u201d, is amended by repealing Part IA and substituting the following Part \u2014 \u201cPART IA - Suspension of pension contributions Definitions in Part IA 5A. In this Part, \u201cpension holiday period\u201d means the period commencing on 1st April, 2020 and ending on 30th September, 2020 or upon such later date as may be appointed by Order made by the Cabinet. Suspension of pension contributions 5B. (1) Notwithstanding any other provision of this Law to the contrary, a member who is an employee and the member\u2019s employer are not required to contribute to the pension fund of a pension plan on behalf of the member during the pension holiday period. (2) Notwithstanding any other provision of this Law to the contrary, where a self-employed person is a member of an approved pension plan or holds an individual retirement account, the self-employed person is not required to contribute to the account during the pension holiday period. Construction of the principal Law 5C. (1) Subject to subsections (2) and (3), the principal Law and the regulations made under the Law shall be construed with such changes as may be necessary for the purpose of giving effect to the amendments under this Part. (2) Notwithstanding any other provision under this Part, all arrears due and payable prior to the pension holiday period shall continue to accrue in accordance with section 50 during the pension holiday period. (3) Notwithstanding any other provision under this Part, sections 25(1), (2), (3), (5) and (6) shall continue to apply during the pension holiday period as if the National Pensions (Amendment) Law, 2020 is not in force. (4) This Part shall not apply to a member or the member\u2019s employer where such member is a public servant, as defined by section 2 of the Public Authorities Law (2020 Revision), with pension contributions under this Law which were paid by a statutory authority or a government company, as defined by section 2 of the Public Authorities Law (2020 Revision).\u201d. National Pensions (Amendment) Law, 2020 Law 12 of 2020\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 47 - contribution rate 3. The principal Law is amended in section 47(10), by repealing paragraph (b) and substituting the following paragraph \u2014 \u201c(b) for unemployment, where the member provides the administrator with evidence of the member\u2019s unemployment;\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Amendment of section 52D - additional contributions 4. The principal Law is amended in section 52D, by inserting after subsection (4) the following subsection \u2014 \u201c(5) Notwithstanding the requirement to make additional contributions to a pension plan in accordance with subsection (1), where a member makes a withdrawal from the member\u2019s account in a pension plan pursuant to section 52B or 52C, the following applies \u2014 (a) the member shall not be required to contribute an additional amount of one per cent of the member\u2019s earnings to the pension plan during the pension holiday period referred to in section 5A; and (b) the date of expiry referred to in subsection (1)(a) shall be extended by the length of the pension holiday period referred to in section 5A.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Insertion of Part VIIB - emergency withdrawal of pension funds 5. The principal Law is amended by inserting after Part VIIA the following Part \u2014 \u201cPART VIIB - Emergency withdrawal of pension funds Emergency withdrawal of pension funds 52I (1) Notwithstanding any other provision of this Law to the contrary, a member who \u2014 (a) is presently in the Islands; or (b) has departed the jurisdiction between the period commencing on 1st February, 2020 and ending on the date of the expiry of section 5 of the National Pensions (Amendment) Law, 2020, may withdraw from the member\u2019s account in a pension plan subject to the provisions of this Part. (2) Where a member wishes to withdraw from the member\u2019s account in a pension plan under this Part, the following shall apply \u2014 (a) in the case of a defined contribution pension plan, where the balance in the member\u2019s account in the pension plan \u2014 National Pensions (Amendment) Law, 2020 Law 12 of 2020 (i) does not exceed ten thousand dollars, the member may withdraw up to one hundred per cent of the balance; or (ii) exceeds ten thousand dollars, a member may withdraw \u2014 (A) ten thousand dollars; and (B) up to twenty-five per cent of the remaining balance of the amount which exceeds ten thousand dollars; or (b) in the case of a defined benefit pension plan, where the commuted value of the member\u2019s accrued benefits \u2014 (i) does not exceed ten thousand dollars, the member may withdraw up to one hundred per cent of the commuted value; or (ii) exceeds ten thousand dollars, the member may withdraw \u2014 (A) ten thousand dollars; and (B) up to twenty-five per cent of the remaining commuted value which exceeds ten thousand dollars; and (c) the withdrawal shall be a single lump sum payment. (3) A member who \u2014 (a) has claimed benefits under normal or early pension entitlement; or (b) is a public servant as defined by section 2 of the Public Authorities Law (2020 Revision) with pension contributions under this Law which were paid by a statutory authority or a government company as defined by section 2 of the Public Authorities Law (2020 Revision), is not entitled to apply and shall not apply to withdraw an amount from the member\u2019s account in a pension plan in accordance with this Part. (4) A member referred to under subsection (3) who applies for a withdrawal under this Part 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. (5) A member who wishes to withdraw an amount from the member\u2019s account in a pension plan under this Part (referred to in this section as the \u201capplicant\u201d) shall apply for such withdrawal to the relevant administrator in accordance with subsection (6). National Pensions (Amendment) Law, 2020 Law 12 of 2020 (6) An applicant shall submit to the administrator an application, in the form approved by the Director, which shall be accompanied by \u2014 (a) Government-issued photo identification of the applicant; or (b) a copy of Government-issued photo identification of the applicant which shall be \u2014 (i) notarized; or (ii) certified by a Justice of the Peace; and (c) any other document as may be reasonably required by the Director. (7) A person who knowingly or wilfully provides false or misleading information in an application made under this Part 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. (8) The administrator shall \u2014 (a) within seven days of receiving the application under this Part, notify the applicant of the administrator\u2019s receipt of the application; and (b) within fourteen days of notifying the applicant of the administrator\u2019s receipt of the application, notify the applicant of the administrator\u2019s decision to approve or refuse the application. (9) Where the administrator is satisfied that the applicant qualifies under this Part to withdraw the amount applied for, the administrator shall \u2014 (a) approve the application; (b) within forty-five days of receipt of the application, issue the amount in the form of a cheque or by direct deposit payable to the financial institution instructed by the applicant; and (c) notify the applicant that the cheque has been prepared or the amount has been deposited, as the case may be. (10) An administrator may refuse an application under this Part where the administrator is not satisfied that \u2014 (a) the applicant qualifies to make a withdrawal under this Part; or (b) all the other requirements under this Part have been met by the applicant. (11) Where the administrator refuses the application, the administrator shall, within fourteen days of having notified the applicant of receipt of the application in accordance with subsection (8), notify the National Pensions (Amendment) Law, 2020 Law 12 of 2020 applicant of the refusal and provide reasons in writing for the refusal to the applicant. (12) An applicant aggrieved by a decision of an administrator under this Part may refer the decision to the Director and, upon any such referral, the Director may \u2014 (a) decide to confirm, vary or rescind the decision; or (b) substitute the Director\u2019s decision for that of the administrator, and the Director shall, by notice in writing, inform the applicant and the administrator of the Director\u2019s decision. (13) The administrator shall give effect to the decision of the Director made under subsection (12). (14) An administrator who does not comply with subsections (9), (11) or (13) 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. (15) An administrator shall provide to the Director a monthly report, in a format approved by the Director, which shall contain the following information \u2014 (a) a list of all applications made under this Part; and (b) in respect of each application, the following particulars \u2014 (i) the decision; (ii) where the application was approved, the amount of each withdrawal; (iii) where the application was refused, the reason for the refusal; and (iv) any other information that the Director may reasonably require. (16) An administrator who contravenes subsection (15) 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. (17) It shall be a defence to a prosecution for a contravention of any provision in this Part that a person took all reasonable steps to comply with the respective provision.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Amendment of section 95 - Regulations 6. The principal Law is amended in section 95 as follows \u2014 (a) in subsection (2), as follows \u2014 (i) in paragraph (w), by deleting the word \u201cand\u201d; National Pensions (Amendment) Law, 2020 Law 12 of 2020 (ii) in paragraph (x), by deleting the full stop and substituting the words \u201c; and\u201d; and (iii) by inserting after paragraph (x) the following paragraph \u2014 \u201c(y) providing for all matters necessary and expedient to give effect to the provisions of the National Pensions (Amendment) Law, 2020.\u201d; and (b) in subsection (6), by inserting after the word \u201cLaw\u201d the words \u201c, except Regulations made under subsection (2)(y),\u201d. Passed by the Legislative Assembly the 23rd day of April, 2020. Hon. Anthony Eden Acting Speaker Zena Merren-Chin Clerk of the Legislative Assembly\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": \"e_commence_2020_01_01\", \"date\": \"2020-01-01\", \"type\": \"generation\", \"source\": \"#cilegis\"}]}, \"references\": {\"source\": \"#canary\", \"TLCRole\": [], \"TLCEvent\": [{\"eId\": \"ev_commencement\", \"href\": \"\/akn\/ontology\/canary\/event\/commencement\", \"showAs\": \"commencement\"}], \"TLCPerson\": [], \"TLCConcept\": [{\"eId\": \"inForce\", \"href\": \"\/akn\/ontology\/canary\/concept\/temporal\/in-force\", \"showAs\": \"in force\"}], \"TLCProcess\": [], \"TLCLocation\": [], \"TLCOrganization\": [{\"eId\": \"cilegis\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\", \"showAs\": \"Cayman Islands legislation mirror (kyleg)\"}]}, \"temporalData\": {\"source\": \"#cilegis\", \"temporalGroup\": [{\"eId\": \"tg_inforce_2020_01_01\", \"timeInterval\": [{\"end\": null, \"start\": \"#e_commence_2020_01_01\", \"duration\": null, \"refersTo\": \"#inForce\"}]}]}, \"classification\": null, \"identification\": {\"source\": \"#cilegis\", \"FRBRWork\": {\"FRBRuri\": \"\/akn\/ky\/act\/amending\/2020\/12\", \"FRBRdate\": [{\"date\": \"2020-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/amending\/2020\/12\/!main\", \"FRBRalias\": [{\"name\": \"cmsId\", \"value\": \"2020-0012\"}], \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRnumber\": \"12 of 2020\", \"FRBRcountry\": \"ky\", \"FRBRsubtype\": \"amending\"}, \"FRBRExpression\": {\"FRBRuri\": \"\/akn\/ky\/act\/amending\/2020\/12\/eng@2020-01-01\", \"FRBRdate\": [{\"date\": \"2020-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/amending\/2020\/12\/eng@2020-01-01\/!main\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRlanguage\": \"eng\"}, \"FRBRManifestation\": {\"FRBRuri\": \"\/akn\/ky\/act\/amending\/2020\/12\/eng@2020-01-01.xml\", \"FRBRdate\": [{\"date\": \"2026-06-22\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/amending\/2020\/12\/eng@2020-01-01.xml\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"National Pensions (Amendment) Law, 2020 (Law 12 of 2020)\", \"actNumber\": \"12 of 2020\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"CAYMAN ISLANDS\n\nNATIONAL PENSIONS (AMENDMENT)\nLAW, 2020\n(Law 12 of 2020)\nSupplement No. 3 published with Legislation Gazette No. 30 dated 28th April, 2020.\n\u2000\n\nPage 2\nLaw 12 of 2020\nc\n\nPUBLISHING DETAILS\n\nNational Pensions (Amendment) Law, 2020\nArrangement of Sections\n\nc\nLaw 12 of 2020\nPage 3\n\nCAYMAN ISLANDS\n\nNATIONAL PENSIONS (AMENDMENT) LAW,\n2020\n(Law 12 of 2020)\nArrangement of Sections\nSection\nPage\n1.\nShort title and duration ................................................................................................................. 5\n2.\nRepeal and substitution of Part IA of the National Pensions Law (2012 Revision) -\nsuspension of pension contributions ............................................................................................ 6\n3.\nAmendment of section 47 - contribution rate ................................................................................ 7\n4.\nAmendment of section 52D - additional contributions .................................................................. 7\n5.\nInsertion of Part VIIB - emergency withdrawal of pension funds .................................................. 7\n6.\nAmendment of section 95 - Regulations..................................................................................... 10\n\nNational Pensions (Amendment) Law, 2020\nSection 1\n\nc\nLaw 12 of 2020\nPage 5\n\nCAYMAN ISLANDS\n\nNATIONAL PENSIONS (AMENDMENT) LAW,\n2020\n(Law 12 of 2020)\nA LAW TO AMEND THE NATIONAL PENSIONS LAW (2012 REVISION) TO PROVIDE\nFOR THE TEMPORARY SUSPENSION OF PENSION CONTRIBUTIONS; TO ENABLE\nSPECIFIED MEMBERS OF A PENSION PLAN TO WITHDRAW A SINGLE LUMP SUM\nAMOUNT FROM THEIR ACCOUNT IN THE PENSION PLAN; AND FOR INCIDENTAL\nAND CONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title and duration\n1.\n(1) This Law may be cited as the National Pensions (Amendment) Law, 2020.\n(2) This Law shall come into force as follows \u2014\n(a) sections 1, 2, 4 and 6 shall be deemed to have come into force on 1st April,\n2020; and\n(b) sections 3 and 5 shall come into force on 1st May, 2020.\n(3) This Law shall expire on 31st October, 2020 or upon such later date as may be\nappointed by Order made by the Cabinet and different dates may be appointed\nfor different provisions of this Law and in relation to different matters.\n(4) Upon the expiration of this Law, the National Pensions Law (2012 Revision)\nshall have effect as though it had not been amended by this Law.\n(Law 12 of 2020)\nI Assent,\nMartyn Roper\nGovernor\nDate: 27th day of April, 2020\n\nSection 2\nNational Pensions (Amendment) Law, 2020\n\nPage 6\nLaw 12 of 2020\nc\n\n2.\nRepeal and substitution of Part IA of the National Pensions Law (2012\nRevision) - suspension of pension contributions\n2.\nThe National Pensions Law (2012 Revision), in this Law referred to as the \u201cprincipal\nLaw\u201d, is amended by repealing Part IA and substituting the following Part \u2014\n\u201cPART IA - Suspension of pension contributions\nDefinitions in Part IA\n5A. In this Part, \u201cpension holiday period\u201d means the period commencing on\n1st April, 2020 and ending on 30th September, 2020 or upon such later\ndate as may be appointed by Order made by the Cabinet.\nSuspension of pension contributions\n5B. (1) Notwithstanding any other provision of this Law to the contrary, a\nmember who is an employee and the member\u2019s employer are not\nrequired to contribute to the pension fund of a pension plan on behalf\nof the member during the pension holiday period.\n(2) Notwithstanding any other provision of this Law to the contrary,\nwhere a self-employed person is a member of an approved pension\nplan or holds an individual retirement account, the self-employed\nperson is not required to contribute to the account during the pension\nholiday period.\nConstruction of the principal Law\n5C. (1) Subject to subsections (2) and (3), the principal Law and the\nregulations made under the Law shall be construed with such changes\nas may be necessary for the purpose of giving effect to the\namendments under this Part.\n(2) Notwithstanding any other provision under this Part, all arrears due\nand payable prior to the pension holiday period shall continue to\naccrue in accordance with section 50 during the pension holiday\nperiod.\n(3) Notwithstanding any other provision under this Part, sections 25(1),\n(2), (3), (5) and (6) shall continue to apply during the pension holiday\nperiod as if the National Pensions (Amendment) Law, 2020 is not in\nforce.\n(4) This Part shall not apply to a member or the member\u2019s employer\nwhere such member is a public servant, as defined by section 2 of the\nPublic Authorities Law (2020 Revision), with pension contributions\nunder this Law which were paid by a statutory authority or a\ngovernment company, as defined by section 2 of the Public\nAuthorities Law (2020 Revision).\u201d.\n\nNational Pensions (Amendment) Law, 2020\nSection 3\n\nc\nLaw 12 of 2020\nPage 7\n\n3.\nAmendment of section 47 - contribution rate\n3.\nThe principal Law is amended in section 47(10), by repealing paragraph (b) and\nsubstituting the following paragraph \u2014\n\u201c(b) for unemployment, where the member provides the\nadministrator with evidence of the member\u2019s unemployment;\u201d.\n4.\nAmendment of section 52D - additional contributions\n4.\nThe principal Law is amended in section 52D, by inserting after subsection (4) the\nfollowing subsection \u2014\n\u201c(5) Notwithstanding the requirement to make additional contributions to\na pension plan in accordance with subsection (1), where a member\nmakes a withdrawal from the member\u2019s account in a pension plan\npursuant to section 52B or 52C, the following applies \u2014\n(a) the member shall not be required to contribute an additional\namount of one per cent of the member\u2019s earnings to the pension\nplan during the pension holiday period referred to in section 5A;\nand\n(b) the date of expiry referred to in subsection (1)(a) shall be\nextended by the length of the pension holiday period referred to\nin section 5A.\u201d.\n5.\nInsertion of Part VIIB - emergency withdrawal of pension funds\n5.\nThe principal Law is amended by inserting after Part VIIA the following Part \u2014\n\u201cPART VIIB - Emergency withdrawal of pension funds\nEmergency withdrawal of pension funds\n52I (1) Notwithstanding any other provision of this Law to the contrary, a\nmember who \u2014\n(a) is presently in the Islands; or\n(b) has departed the jurisdiction between the period commencing\non 1st February, 2020 and ending on the date of the expiry of\nsection 5 of the National Pensions (Amendment) Law, 2020,\nmay withdraw from the member\u2019s account in a pension plan subject\nto the provisions of this Part.\n(2) Where a member wishes to withdraw from the member\u2019s account in\na pension plan under this Part, the following shall apply \u2014\n(a) in the case of a defined contribution pension plan, where the\nbalance in the member\u2019s account in the pension plan \u2014\n\nSection 5\nNational Pensions (Amendment) Law, 2020\n\nPage 8\nLaw 12 of 2020\nc\n\n(i)\ndoes not exceed ten thousand dollars, the member may\nwithdraw up to one hundred per cent of the balance; or\n(ii) exceeds ten thousand dollars, a member may withdraw \u2014\n(A) ten thousand dollars; and\n(B) up to twenty-five per cent of the remaining balance\nof the amount which exceeds ten thousand dollars;\nor\n(b) in the case of a defined benefit pension plan, where the\ncommuted value of the member\u2019s accrued benefits \u2014\n(i)\ndoes not exceed ten thousand dollars, the member may\nwithdraw up to one hundred per cent of the commuted\nvalue; or\n(ii) exceeds ten thousand dollars, the member may\nwithdraw \u2014\n(A) ten thousand dollars; and\n(B) up to twenty-five per cent of the remaining\ncommuted value which exceeds ten thousand\ndollars; and\n(c) the withdrawal shall be a single lump sum payment.\n(3) A member who \u2014\n(a) has claimed benefits under normal or early pension entitlement;\nor\n(b) is a public servant as defined by section 2 of the Public\nAuthorities Law (2020 Revision) with pension contributions\nunder this Law which were paid by a statutory authority or a\ngovernment company as defined by section 2 of the Public\nAuthorities Law (2020 Revision),\nis not entitled to apply and shall not apply to withdraw an amount\nfrom the member\u2019s account in a pension plan in accordance with this\nPart.\n(4) A member referred to under subsection (3) who applies for a\nwithdrawal under this Part commits an offence and is liable on\nsummary conviction to a fine of ten thousand dollars or to\nimprisonment for a term of one year, or to both.\n(5) A member who wishes to withdraw an amount from the member\u2019s\naccount in a pension plan under this Part (referred to in this section\nas the \u201capplicant\u201d) shall apply for such withdrawal to the relevant\nadministrator in accordance with subsection (6).\n\nNational Pensions (Amendment) Law, 2020\nSection 5\n\nc\nLaw 12 of 2020\nPage 9\n\n(6) An applicant shall submit to the administrator an application, in the\nform approved by the Director, which shall be accompanied by \u2014\n(a) Government-issued photo identification of the applicant; or\n(b) a copy of Government-issued photo identification of the\napplicant which shall be \u2014\n(i)\nnotarized; or\n(ii) certified by a Justice of the Peace; and\n(c) any other document as may be reasonably required by the\nDirector.\n(7) A person who knowingly or wilfully provides false or misleading\ninformation in an application made under this Part commits an\noffence and is liable on summary conviction to a fine of ten thousand\ndollars or to imprisonment for a term of one year, or to both.\n(8) The administrator shall \u2014\n(a) within seven days of receiving the application under this Part,\nnotify the applicant of the administrator\u2019s receipt of the\napplication; and\n(b) within fourteen days of notifying the applicant of the\nadministrator\u2019s receipt of the application, notify the applicant\nof the administrator\u2019s decision to approve or refuse the\napplication.\n(9) Where the administrator is satisfied that the applicant qualifies under\nthis Part to withdraw the amount applied for, the administrator\nshall \u2014\n(a) approve the application;\n(b) within forty-five days of receipt of the application, issue the\namount in the form of a cheque or by direct deposit payable to\nthe financial institution instructed by the applicant; and\n(c) notify the applicant that the cheque has been prepared or the\namount has been deposited, as the case may be.\n(10) An administrator may refuse an application under this Part where the\nadministrator is not satisfied that \u2014\n(a) the applicant qualifies to make a withdrawal under this Part; or\n(b) all the other requirements under this Part have been met by the\napplicant.\n(11) Where the administrator refuses the application, the administrator\nshall, within fourteen days of having notified the applicant of receipt\nof the application in accordance with subsection (8), notify the\n\nSection 6\nNational Pensions (Amendment) Law, 2020\n\nPage 10\nLaw 12 of 2020\nc\n\napplicant of the refusal and provide reasons in writing for the refusal\nto the applicant.\n(12) An applicant aggrieved by a decision of an administrator under this\nPart may refer the decision to the Director and, upon any such\nreferral, the Director may \u2014\n(a) decide to confirm, vary or rescind the decision; or\n(b) substitute the Director\u2019s decision for that of the administrator,\nand the Director shall, by notice in writing, inform the applicant and\nthe administrator of the Director\u2019s decision.\n(13) The administrator shall give effect to the decision of the Director\nmade under subsection (12).\n(14) An administrator who does not comply with subsections (9), (11) or\n(13) commits an offence and is liable on summary conviction to a\nfine of ten thousand dollars or to imprisonment for a term of one year,\nor to both.\n(15) An administrator shall provide to the Director a monthly report, in a\nformat approved by the Director, which shall contain the following\ninformation \u2014\n(a) a list of all applications made under this Part; and\n(b) in respect of each application, the following particulars \u2014\n(i)\nthe decision;\n(ii) where the application was approved, the amount of each\nwithdrawal;\n(iii) where the application was refused, the reason for the\nrefusal; and\n(iv) any other information that the Director may reasonably\nrequire.\n(16) An administrator who contravenes subsection (15) commits an\noffence and is liable on summary conviction to a fine of ten thousand\ndollars or to imprisonment for a term of one year, or to both.\n(17) It shall be a defence to a prosecution for a contravention of any\nprovision in this Part that a person took all reasonable steps to comply\nwith the respective provision.\u201d.\n6.\nAmendment of section 95 - Regulations\n6.\nThe principal Law is amended in section 95 as follows \u2014\n(a) in subsection (2), as follows \u2014\n(i)\nin paragraph (w), by deleting the word \u201cand\u201d;\n\nNational Pensions (Amendment) Law, 2020\nSection 6\n\nc\nLaw 12 of 2020\nPage 11\n\n(ii) in paragraph (x), by deleting the full stop and substituting the words\n\u201c; and\u201d; and\n(iii) by inserting after paragraph (x) the following paragraph \u2014\n\u201c(y) providing for all matters necessary and expedient to give effect\nto the provisions of the National Pensions (Amendment) Law,\n2020.\u201d; and\n(b) in subsection (6), by inserting after the word \u201cLaw\u201d the words \u201c, except\nRegulations made under subsection (2)(y),\u201d.\n\nPassed by the Legislative Assembly the 23rd day of April, 2020.\n\nHon. Anthony Eden\nActing Speaker\n\nZena Merren-Chin\nClerk of the Legislative Assembly","akn_extracted_at":"2026-06-22 15:41:53.119125+00","cms_id":"2020-0012","law_type":"amending","year":"2020","number":"12","title":"National Pensions (Amendment) Law, 2020 (Law 12 of 2020)","status":"spent"},"provenance":{"files":[{"file_id":"6353","expr_id":"1512","kind":"akn_xml","filename":"2020-0012.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2020\/2020-0012\/2020-0012.akn.xml","content_md5":"f32f5a81da395b6f32e8d77b94321449","byte_size":"15451","http_last_modified":null,"fetched_at":"2026-06-22 15:41:53.188033+00"},{"file_id":"3023","expr_id":"1512","kind":"pristine_pdf","filename":"2020-0012.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2020\/2020-0012\/2020-0012.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/AMENDING\/2020\/2020-0012\/2020-0012.pdf","content_md5":"88a127d792e5b2ff2df480a32ecf49bb","byte_size":"777626","http_last_modified":null,"fetched_at":"2026-06-16 04:01:10.817524+00"},{"file_id":"3024","expr_id":"1512","kind":"working_pdf","filename":"2020-0012.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2020\/2020-0012\/2020-0012.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2020\/2020-0012\/2020-0012.pdf","content_md5":"88a127d792e5b2ff2df480a32ecf49bb","byte_size":"777626","http_last_modified":null,"fetched_at":"2026-06-16 04:01:10.817524+00"}],"paragraph_count":11,"latest_history":null},"quality":{"expr_id":"1512","doc_id":"1512","quality_state":"needs_review","quality_score":"92","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture}","finding_severity_counts":"{\"low\": 2}","finding_summary":"repeated line furniture detected: cayman islands x3; law 12 of 2020 x13; national pensions amendment law 2020 x8; duplicate-line ratio is 12.22%","assessed_at":"2026-06-22 15:29:46.535855+00","updated_at":"2026-06-22 15:29:46.535855+00"}}