{"kind":"expression","expression":{"expr_id":"1640","doc_id":"1640","label":"Financial Assistance (Appeals) Regulations, 2023","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\/2023\/23\/eng@2023-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/amending\/2023\/23\", \"expression\": \"\/akn\/ky\/act\/amending\/2023\/23\/eng@2023-01-01\", \"manifestation\": \"\/akn\/ky\/act\/amending\/2023\/23\/eng@2023-01-01.pdf\"}, \"pdf\": {\"md5\": \"9b5c987361e1cfb20018c98be7ad98c1\", \"path\": \"\/Users\/q\/kyleg-data\/working\/AMENDING\/2023\/2023-0023\/2023-0023.pdf\", \"pages\": 24, \"filename\": \"2023-0023.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 6352, \"paragraph_count\": 14, \"text_char_count\": 40807}, \"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\": \"4. Repeal and substitution of Part heading for Part VIIA - withdrawal of pension funds to purchase or construct dwelling unit, purchase residential land or pay off an existing 5. 6. 7. Insertion of section 52BA - withdrawal from pension account to provide reduction payment on existing mortgage, and if applicable, arrears in strata fees, or residential land 8. Amendment of section 52C - withdrawal of amount from pension account to pay off an 9. 10. Amendment of section 52E - total amount withdrawn from more than one pension plan 11. Insertion of sections 78A, 78B, 78C and 78D - remuneration and immunity of members of the Board; appointment and functions of committees; meetings of the Board; duty of 12. 13. National Pensions (Amendment) Act, 2023 NATIONAL PENSIONS (AMENDMENT) ACT, AN ACT TO AMEND THE NATIONAL PENSIONS ACT (2012 REVISION) TO ALLOW CAYMANIANS TO WITHDRAW FROM THEIR PENSION PLANS TO PAY TOWARDS A MORTGAGE OR RESIDENTIAL LAND LOAN OR, IF APPLICABLE, TO MAKE A REDUCTION PAYMENT TOWARDS OR PAY OFF ARREARS IN STRATA FEES; TO INCREASE THE MAXIMUM AMOUNT ALLOWED FOR WITHDRAWALS FROM PENSIONS PLANS; TO CHANGE THE ADDITIONAL CONTRIBUTIONS REQUIRED AS A RESULT OF THE WITHDRAWAL; TO AMEND THE STRUCTURE AND GOVERNANCE OF THE NATIONAL PENSIONS BOARD; 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 commencement 1. (1) This Act may be cited as the National Pensions (Amendment) Act, 2023. (2) This Act comes into force on the date appointed by Order made by the Cabinet and different dates may be appointed for different provisions of this Act and in relation to different matters. I Assent, Jane Owen Governor Date: 7th day of December, 2023 National Pensions (Amendment) Act, 2023\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of section 3 of the National Pensions Act (2012 Revision) - definitions 2. The National Pensions Act (2012 Revision), in this Act referred to as the \u201cprincipal Act\u201d, is amended in section 3 by inserting after the definition of the word \u201cMinister\u201d the following definition \u2014 \u201c \u201cmortgage\u201d has the same meaning assigned to the word \u201ccharge\u201d under the Registered Land Act (2018 Revision);\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 47 - contribution rate 3. The principal Act is amended in section 47(10) by repealing paragraph (c) and substituting the following paragraph \u2014 \u201c(c) for housing purposes including \u2014 (i) the purchase or construction of the member\u2019s dwelling house; (ii) the purchase of residential land for the member; (iii) providing a reduction payment \u2014 (A) on an existing residential mortgage, and if applicable, any arrears in strata fees related to the mortgaged property; or (B) on a residential land loan; or (iv) payment of the outstanding balance of the member\u2019s mortgage in full and, if applicable, any arrears in strata fees related to the mortgaged property, but excluding the payment of rent or similar purposes; and;\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Repeal and substitution of Part heading for Part VIIA - withdrawal of pension funds to purchase or construct dwelling unit, purchase residential land or pay off an existing mortgage in the Islands 4. The principal Act is amended in Part VIIA by repealing the Part heading and substituting the following Part heading \u2014 \u201cPART VIIA - Withdrawal of pension funds to purchase or construct dwelling unit, purchase residential land, provide reduction payment on residential land loan or existing mortgage, and if applicable, arrears in strata fees in the Islands\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Amendment of section 52A - definitions in Part VIIA 5. The principal Act is amended in section 52A as follows \u2014 (a) by renumbering the section as section 52A(1); (b) in subsection (1) as renumbered \u2014 National Pensions (Amendment) Act, 2023 (i) in the definition of the word \u201cdeposit\u201d, by deleting the words \u201cpurchase an existing dwelling unit, construct a new dwelling unit,\u201d and substituting the words \u201cpurchase no more than two existing dwelling units, construct no more than two new dwelling units\u201d; (ii) in the definition of the words \u201cresidential land\u201d, by deleting the words \u201ca dwelling unit\u201d and substituting the words \u201cno more than two dwelling units\u201d; and (iii) by inserting after the definition of the words \u201cnon-current home owner\u201d the following definition \u2014 \u201c \u201creduction payment\u201d means a payment towards \u2014 (a) a residential mortgage, and if applicable, arrears in strata fees related to the mortgaged property; or (b) a residential land loan;\u201d; and (c) by inserting after subsection (1) as renumbered the following subsection \u2014 \u201c(2) For the purposes of the definition of the words \u201creduction payment\u201d, payment towards a residential mortgage and, if applicable, arrears in strata fees related to the mortgaged property, or payment towards a residential land loan applies to \u2014 (a) in respect of a residential mortgage or residential land loan which is in foreclosure, both the principal and interest arrears on the mortgage or land loan; (b) in respect of a residential mortgage or residential land loan which is in good standing with the financial institution that granted it, the principal on the mortgage or land loan; or (c) in respect of a residential mortgage where there are arrears in strata fees related to the mortgaged property \u2014 (i) where the residential mortgage is in foreclosure, the principal and interest arrears on the mortgage and the arrears in strata fees related to the mortgaged property; and (ii) where the residential mortgage is in good standing with the financial institution that granted it, the principal on the mortgage and the arrears in strata fees related to the mortgaged property.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Amendment of section 52B - withdrawal of amount from pension account as a deposit 6. The principal Act is amended in section 52B as follows \u2014 National Pensions (Amendment) Act, 2023 (a) in subsection (1), by deleting the words \u201cnot exceeding thirty-five thousand dollars\u201d and substituting the words \u201cnot exceeding fifty thousand dollars\u201d; (b) in subsection (2) as follows \u2014 (i) by deleting the word \u201cnot\u201d; and (ii) by deleting the words \u201cother land\u201d and substituting the words \u201cresidential land\u201d; (c) in subsection (4) as follows \u2014 (i) in paragraph (b), by deleting the word \u201cand\u201d; and (ii) by deleting paragraph (c) and substituting the following paragraphs \u2014 \u201c(c) a copy of a letter issued by a financial institution addressed to the person making the application (whether or not solely to that person), showing approval in principle of a loan to \u2014 (i) purchase no more than two existing dwelling units; (ii) construct no more than two new dwelling units; or (iii) purchase residential land in the Islands, and the deposit required; (d) where the person has made a previous withdrawal under this Part, evidence that the member has complied with section 52B(10), 52BA(12), 52C(9) and 52D(1), if applicable; and (e) if required by the administrator, an application fee not exceeding fifty dollars.\u201d; (d) by inserting after subsection (4) the following subsections \u2014 \u201c(4A) The letter referred to in subsection (4)(c) shall specify \u2014 (a) the name of each person that applied for the withdrawal; (b) the relevant block and parcel number of the relevant property to which each withdrawal relates; (c) the specific sources of funding for the purchase, including each amount and specific pension plan from which the respective withdrawal will be taken; and (d) a breakdown of the planned utilisation of the deposit. (4B) Any amount that was withdrawn under this section and is not used for the purchase of the property referred to in subsection (4)(c) shall be returned to the pension plan administrator within six months of the withdrawal but where the dwelling unit is being constructed, the amount that was not used shall be returned to the pension plan administrator within twelve months of the withdrawal.\u201d; National Pensions (Amendment) Act, 2023 (e) in subsection (5) as follows \u2014 (i) by deleting the words \u201ca maximum of thirty-five thousand dollars\u201d and substituting the words \u201ca maximum of fifty thousand dollars\u201d; and (ii) by deleting the words \u201cthe purchase of an existing dwelling unit, construction of a new dwelling unit\u201d and substituting the words \u201cthe purchase of no more than two dwelling units, construction of no more than two new dwelling units\u201d; (f) in subsection (6)(a), by deleting the words \u201cforty-five days\u201d and substituting the words \u201csixty days\u201d; (g) in subsection (8), by inserting after paragraph (b) the following paragraph \u2014 \u201c(ba) a list of all persons who are repaying withdrawn amounts into their respective accounts in a pension plan under this section;\u201d; (h) in subsection (10) as follows \u2014 (i) by deleting the word \u201cWhere\u201d and substituting the words \u201cSubject to subsection (12), where\u201d; and (ii) by deleting the words \u201cattaining the normal age of pension entitlement\u201d and substituting the words \u201crepaying the withdrawal amount in full\u201d; and (i) by inserting after subsection (11) the following subsection \u2014 \u201c(12) The payments received by a pension plan administrator under section 52D shall be deducted from the amount that the member is required to repay under subsection (10). (13) A person may apply to withdraw an amount from the person\u2019s pension plan as a deposit under this section to purchase an existing dwelling unit or construct a new dwelling only where the dwelling unit serves as the primary residence of the person applying for the withdrawal.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Insertion of section 52BA - withdrawal from pension account to provide reduction payment on existing mortgage, and if applicable, arrears in strata fees, or residential land loan 7. The principal Act is amended by inserting after section 52B the following section \u2014 National Pensions (Amendment) Act, 2023 \u201cWithdrawal of amount from pension account to provide a reduction payment on an existing mortgage, and if applicable, arrears in strata fees, or residential land loan 52BA. (1) Notwithstanding sections 55 and 56 but subject to the remaining provisions of this section, a person who is a Caymanian may withdraw from the person\u2019s account in a pension plan an amount not exceeding fifty thousand dollars required to provide a reduction payment on \u2014 (a) an existing mortgage on no more than two dwelling units in the Islands; (b) where there is an existing mortgage on no more than two dwelling units in the Islands, the existing mortgage and any arrears in strata fees related to the mortgaged property; or (c) a residential land loan in the Islands. (2) A person who wishes to withdraw an amount required to provide a reduction payment pursuant to subsection (1) shall, subject to subsection (3), make an application to the relevant administrator in the form prescribed in the Schedule. (3) An application under subsection (2) shall be accompanied by \u2014 (a) evidence that the person is a Caymanian; (b) evidence that the applicant has legal title to the respective dwelling unit or residential land; (c) if applicable, a declaration in the form prescribed in Part B of the Schedule that the dwelling unit referred to in paragraph (b) is intended to serve as the primary residence of the applicant; (d) if applicable, a copy of a letter issued by or on behalf of the relevant corporation addressed to the person making the application (whether or not solely to that person) certifying the matters set out in section 6(4) of the Strata Titles Registration Act (2013 Revision); (e) a copy of a letter issued by the financial institution holding the mortgage or residential land loan, addressed to the person making the application (whether or not solely to that person), showing approval in principle for providing a reduction payment on \u2014 (i) the existing mortgage in respect of no more than two dwelling units and the amount to be paid; (ii) the existing mortgage in respect of no more than two dwelling units, any arrears in strata fees related to the mortgaged property and the amount to be paid; or National Pensions (Amendment) Act, 2023 (iii) a residential land loan and the amount to be paid; (f) where the person has made a previous withdrawal under this Part, evidence that the member has complied with sections 52B(10), 52BA(12), 52C(9) and 52D(1), if applicable; and (g) if required by the administrator, an application fee not exceeding fifty dollars. (4) The letters referred to in subsection (3)(e)(i) and (iii)  shall specify \u2014 (a) the name of each person that applied for the withdrawal; (b) the relevant block and parcel number of the relevant property to which the withdrawal relates; and (c) the specific sources of funding for the reduction payment, including each amount and specific pension plan from which the respective withdrawal will be taken. (5) The letter referred to in subsection (3)(e)(ii) shall \u2014 (a) specify the matters set out in subsection (4); (b) provide confirmation that the arrears in strata fees is for the member\u2019s primary residence which shall contain no more than two dwelling units; and (c) have annexed to it a copy of the letter referred to in subsection (3)(d). (6) Two or more persons who are Caymanian and who are approved in principle by a financial institution may, in accordance with this section, withdraw the amount required from their respective accounts in a pension plan up to the maximum of fifty thousand dollars each towards providing a reduction payment on \u2014 (a) an existing mortgage on the respective person\u2019s primary residence; (b) where there is an existing mortgage on the respective person\u2019s primary residence and arrears in strata fees in respect of the primary residence, both the mortgage and the arrears in strata fees; or (c) a residential land loan. (7) Where a person withdraws an amount from the person\u2019s account in a pension plan pursuant to subsection (1)(b), the person shall pay the part of the amount allocated to paying off the arrears in strata fees through a financial institution. (8) Where an application is made under subsection (2), the administrator \u2014 National Pensions (Amendment) Act, 2023 (a) shall, within sixty days of the application being submitted, issue the amount required to be paid towards the existing mortgage, and, if applicable, the arrears in strata fees related to the mortgaged property, or residential land loan in the form of a cheque payable to the relevant financial institution and deliver it to the applicant if satisfied that the applicant is entitled under subsection (1) to withdraw the amount applied for; or (b) may, if not satisfied that all the requirements under subsection (3) have been correctly provided by the applicant, refuse the application and shall, within seven days of the application being submitted, give reasons for the refusal to the applicant, by letter in writing. (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) An administrator shall provide to the Director monthly \u2014 (a) a list of all persons who have withdrawn amounts from their respective accounts in a pension plan under this section, stating each amount withdrawn; (b) a list of all persons who applied for a withdrawal under this section; (c) a copy of each letter to persons stating the reason for refusal under subsection (8)(b); (d) in the form approved by the Director, a report with respect to each person who has withdrawn an amount from the person\u2019s account in a pension plan under this section; and (e) a list of all persons who are repaying withdrawn amounts into their respective accounts in a pension plan under this section. (11) An administrator who contravenes subsection (10) 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. (12) Subject to subsection (13), where, before repaying the withdrawal amount in full, a person sells the dwelling unit in respect of which a reduction payment has been applied through the use of an amount withdrawn pursuant to this section, the person shall upon completion of the sale return the amount withdrawn or ten per cent of the fair National Pensions (Amendment) Act, 2023 market value of the dwelling unit, whichever is greater, back to the person\u2019s pension plan account. (13) The payments received by an administrator under section 52D shall be deducted from the amount that the member is required to repay under subsection (12). (14) A person who contravenes subsection (12) 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. (15) For the purposes of this section, a person may apply for a reduction payment on an existing mortgage only where the mortgage applies to the primary residence of the person and the residence contains no more than two dwelling units.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Amendment of section 52C - withdrawal of amount from pension account to pay off an existing mortgage 8. The principal Act is amended in section 52C as follows \u2014 (a) in the section heading by inserting after the word \u201cmortgage\u201d the words \u201cand arrears in strata fees\u201d; (b) by repealing subsection (1) and substituting the following subsection \u2014 \u201c(1) Notwithstanding sections 55 and 56 but subject to the remaining provisions of this section, a person who is a Caymanian may withdraw from the person\u2019s account in a pension plan an amount not exceeding one hundred thousand dollars required to \u2014 (a) pay off an existing mortgage on a dwelling unit in the Islands so that the dwelling unit is free from any encumbrance; or (b) where there is an existing mortgage on a dwelling unit in the Islands, pay off the existing mortgage and any arrears in strata fees related to the mortgaged property.\u201d; (c) in subsection (2), by deleting the words \u201csubsection (1)\u201d and substituting the words \u201csubsection (1)(a) or pay off an existing mortgage and pay off arrears in strata fees related to the mortgaged property pursuant to subsection (1)(b)\u201d; (d) in subsection (3) as follows \u2014 (i) in paragraph (b), by deleting the word \u201cand\u201d; (ii) by inserting after paragraph (b) the following paragraph \u2014 \u201c(ba) if applicable, a copy of a letter issued by or on behalf of the relevant corporation addressed to the person making the application (whether or not solely to that person) certifying the National Pensions (Amendment) Act, 2023 matters set out in section 6(4) of the Strata Titles Registration Act (2013 Revision);\u201d; and (iii) by repealing paragraph (c) and substituting the following paragraphs \u2014 \u201c(c) a copy of a letter issued by the financial institution holding the mortgage, addressed to the person making the application (whether or not solely to that person), showing approval in principle \u2014 (i) for paying off the existing mortgage and the amount to be paid off; or (ii) for paying off the existing mortgage and any arrears in strata fees related to the mortgaged property, and the amount to be paid off; (d) where the person has made a previous withdrawal under this Part, evidence that the member has complied with sections 52B(10), 52BA(12), 52C(9) and 52D(1), if applicable; and (e) if required by the administrator, an application fee not exceeding fifty dollars.\u201d; (e) by inserting after subsection (3) the following subsections \u2014 \u201c(3A) The letter referred to in subsection (3)(c)(i) shall specify \u2014 (a) the name of each person that applied for the withdrawal; (b) the relevant block and parcel number of the relevant property to which the withdrawal relates; (c) the specific sources of funding for the purchase, including each amount and specific pension plan from which the respective withdrawal will be taken; and (d) confirmation that the mortgage is for the member\u2019s primary residence which shall contain no more than two dwelling units. (3B) The letter referred to in subsection (3)(c)(ii) shall \u2014 (a) specify the matters set out in subsection (3A); (b) provide confirmation that the arrears in strata fees is for the member\u2019s primary residence which shall contain no more than two dwelling units; and (c) have annexed to it a copy of the letter referred to in subsection (3)(ba).\u201d; (f) by repealing subsection (4) and substituting the following subsections \u2014 \u201c(4) Two or more persons who are Caymanian and who are approved in principle by a financial institution may, in accordance with this National Pensions (Amendment) Act, 2023 section, withdraw the amount required from their respective accounts in a pension plan up to the maximum of one hundred thousand dollars each towards \u2014 (a) paying off an existing mortgage on the respective person\u2019s primary residence; or (b) where there is an existing mortgage on the respective person\u2019s primary residence and arrears in strata fees in respect of the primary residence, paying off both the mortgage and the arrears in strata fees. (4A) Where a person withdraws an amount from the person\u2019s account in a pension plan pursuant to subsection (1)(b), the person shall pay the part of the amount allocated to paying off the arrears in strata fees through a financial institution.\u201d; (g) in subsection (5)(a) as follows \u2014 (i) by deleting the words \u201cforty-five days\u201d and substituting the words \u201csixty days\u201d; and (ii) by inserting after the word \u201cmortgage\u201d the words \u201cand, if applicable, the arrears in strata fees related to the mortgaged property\u201d; (h) in subsection (7), by inserting after paragraph (b) the following paragraph \u2014 \u201c(ba) a list of all persons who are repaying withdrawn amounts into their respective accounts in a pension plan under this section;\u201d; (i) in subsection (9) as follows \u2014 (i) by deleting the word \u201cWhere\u201d and substituting the words \u201cSubject to subsection (9A), where\u201d; (ii) by deleting the word \u201cacquired\u201d and substituting the words \u201cpaid off\u201d; and (iii) by deleting the words \u201cattaining the normal age of pension entitlement\u201d and substituting the words \u201crepaying the withdrawal amount in full\u201d; (j) by inserting after subsection (9) the following subsection \u2014 \u201c(9A) The payments received by a pension plan administrator under section 52D shall be deducted from the amount that the member is required to repay under subsection (9).\u201d; (k) by repealing subsection (11) and substituting the following subsection \u2014 \u201c(11) In this section \u2014 \u201ccorporation\u201d has the meaning assigned by section 2 of the Strata Titles Registration Act (2013 Revision); and National Pensions (Amendment) Act, 2023 \u201cencumbrance\u201d has the meaning assigned to that expression under section 2 of the Registration (Land) Act (1996 Revision).\u201d; and (l) by inserting after subsection (11) the following subsection \u2014 \u201c(12) A dwelling unit under subsection (1) refers to a dwelling unit which serves as the primary place of residence for the person making the withdrawal under that section.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Amendment of section 52D - additional contributions 9. The principal Act is amended in section 52D by repealing subsection (1) and substituting the following subsections \u2014 \u201c(1) Notwithstanding section 47 or any provision under another Act in force in the Islands to the contrary, where a person makes a withdrawal from the person\u2019s account in a pension plan pursuant to section 52B, 52BA or 52C, the person shall, in addition to the amount that the person is required to contribute to a pension plan pursuant to section 47, contribute an additional amount of three per cent of the person\u2019s earnings to the pension plan from the month immediately following the date of issuance of the cheque pursuant to section 52B(6)(a), 52BA(8)(a) or 52C(5)(a) \u2014 (a) until the total additional contributions equal the actual amount withdrawn; or (b) until the person attains the normal age of pension entitlement, whichever is earlier. (1A) A member may make further lump sum payments, in addition to the percentage required to be paid under subsection (1), to facilitate faster repayment of the withdrawal under section 52B, 52BA or 52C.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Amendment of section 52E - total amount withdrawn from more than one pension plan not to exceed thirty-five thousand dollars 10. The principal Act is amended in section 52E as follows \u2014 (a) by repealing the section heading and substituting the following section heading \u2014 \u201cTotal amount withdrawn from more than one pension plan not to exceed fifty thousand dollars except under section 52C\u201d; (b) in subsection (1) as follows \u2014 (i) by deleting the words \u201cunder section 52B or 52C\u201d and substituting the words \u201cunder section 52B or 52BA\u201d; and National Pensions (Amendment) Act, 2023 (ii) by deleting the words \u201cthirty-five thousand dollars\u201d and substituting the words \u201cfifty thousand dollars\u201d; and (c) by inserting after subsection (1) the following subsection \u2014 \u201c(1A) Where a person contributes or has contributed to more than one pension plan under this Act, that person shall not withdraw more than a total of one hundred thousand dollars in the aggregate from the person\u2019s accounts in the pension plans under section 52C.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Insertion of sections 78A, 78B, 78C and 78D - remuneration and immunity of members of the Board; appointment and functions of committees; meetings of the Board; duty of confidentiality 11. The principal Act is amended by inserting after section 78 the following sections \u2014 \u201cRemuneration and immunity of members of the Board 78A (1) Those members of the Board who are not public officers shall receive such remuneration in respect of each meeting attended, and the chairperson and deputy chairperson shall receive such additional remuneration as may be determined by the Cabinet. (2) Every member of the Board shall be personally indemnified against all claims, damages, costs, charges or expenses incurred by the member in the discharge of the member\u2019s functions or duties under this Act except claims, damages, costs, charges, or expenses caused by the member\u2019s bad faith. Appointment and functions of committees 78B (1) The chairperson of a Board may appoint committees comprising no fewer than three members of the Board including the chairperson or the deputy chairperson, and may delegate to such committees any of the functions of the Board, except that \u2014 (a) the chairperson shall, as soon as practicable, notify the Cabinet of the appointment of any such committee; and (b) either the chairperson or the deputy chairperson shall be the chairperson of each committee so appointed. (2) The Secretary or the assistant Secretary of the Board shall be the Secretary of each committee so appointed. Meetings of the Board 78C (1) The Board shall meet at least once every quarter and upon such other occasions as, in the opinion of the chairperson, may be necessary or desirable in the public interest. National Pensions (Amendment) Act, 2023 (2) Any member of the Board who, without providing the prior written notice to the chairperson, is absent from more than two out of five consecutive meetings of that Board shall cease to be a member of the Board. (3) In the temporary absence of the chairperson or in the event of that person\u2019s inability to act, the deputy chairperson shall act as chairperson and exercise all the powers and functions of chairperson. (4) At every meeting of the Board \u2014 (a) it shall reach its decision by a majority of the votes of members present and voting; (b) the chairperson or presiding member shall have no original but only a casting vote; and (c) two-thirds of the membership shall constitute a quorum. (5) Where a member of the Board has a personal or pecuniary interest, direct or indirect, in any matter which is to be determined by the Board, the member shall, if present at the meeting at which such matter is to be determined, as soon as possible after the commencement of the meeting, disclose the fact and leave the meeting. (6) Subject to subsections (1) to (5), the Board shall have power to regulate its own procedure. Duty of confidentiality 78D (1) The fact and any particulars of, or relating to, any matter falling for consideration by, or the decision of, a Board shall be treated as confidential by each member of the Board and the member shall not disclose any such fact or particular otherwise than in the proper performance of the member\u2019s duties under this Act or in compliance with the order of a court of competent jurisdiction. (2) The failure of any member to comply with subsection (1) \u2014 (a) is an offence; and (b) constitutes a sufficient ground for the termination of the member\u2019s appointment. (3) Any allegations of a breach of subsection (1) shall be fully investigated by a constable of the rank of Inspector or above. (4) A person who commits an offence under subsection (2)(a) is liable on summary conviction to a fine of ten thousand dollars or to imprisonment for a term of one year, or to both\u201d. National Pensions (Amendment) Act, 2023\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Repeal and substitution of Schedule - Form 12. The principal Act is amended by repealing the Schedule and substituting the following Schedule \u2014 \u201cSCHEDULE (sections 52B, 52BA and 52C) FORM NATIONAL PENSIONS ACT (2012 REVISION) APPLICATION FOR WITHDRAWAL OF DEPOSIT UNDER SECTION 52B OR REDUCTION PAYMENT ON A MORTGAGE AND, IF APPLICABLE, ARREARS IN STRATA FEES RELATED TO THE MORTGAGED PROPERTY OR RESIDENTIAL LAND LOAN UNDER SECTION 52BA OR TO PAY OFF AN EXISTING MORTGAGE AND, IF APPLICABLE, ARREARS IN STRATA FEES RELATED TO THE MORTGAGED PROPERTY UNDER SECTION 52C OF THE ACT PART A - GENERAL INFORMATION A1. Full Name of Applicant: _____________________________________________________________________ Date of Birth: (DD\/MON\/YY) ______  Applicant\u2019s Phone Number:_______________ Email Address: _________________  Mailing Address: ________________________ A2. Name of Applicant\u2019s Current Employer 1: _____________________________________________________________________ Employer\u2019s Email Address: _________Employer\u2019s Phone Number: _______________ Mailing Address \u2013 Employer 1: Name of Applicant\u2019s Current Employer 2: _____________________________________________________________________ Employer\u2019s Email Address: _____ Employer\u2019s Phone Number: __________________ National Pensions (Amendment) Act, 2023 Mailing Address \u2013 Employer 2: A3: Current Contributions Name of Pension Plan to which the Applicant is currently contributing Name of Administrator of the Pension Plan to which the Applicant is currently contributing Pension Plan Account Number Amount of contributions currently being made (CI$) A4: Withdrawal Requests Name of Pension Plan to which the Applicant is requesting a withdrawal Name of Administrator of the Pension Plan from which the Applicant is requesting a withdrawal Pension Plan Account Number Amount of withdrawal being requested (CI$) \u2013 Must not be more than $50,000 for a deposit or reduction payment or $100,000 to pay off mortgage and, if applicable, arrears in strata fees related to the mortgaged property National Pensions (Amendment) Act, 2023 A5: Type of Withdrawal Deposit to purchase an existing dwelling unit Deposit to construct a new dwelling unit Deposit to purchase residential land Reduction payment on an existing mortgage and, if applicable, arrears in strata fees related to the mortgaged property Reduction payment on a residential land loan Pay off an existing mortgage and, if applicable, arrears in strata fees related to the mortgaged property A6: Total amount of withdrawal required: _________________________________________________________ (Must not be more than $50,000 for a deposit or reduction payment or $100,000 for paying off an existing mortgage and, if applicable, arrears in strata fees related to the mortgaged property ) A7: Block and Parcel Number of the relevant property: _______________________________________________ A8: Will the Applicant be the sole owner of the property?  Yes No If no: Name of the Additional Owner 1:  _________________________________ Is the Additional Owner 1 also withdrawing from their pension plan? Yes No Name of the Additional Owner 2:__________________________________________ Is the Additional Owner 2 also withdrawing from their pension plan? Yes No A9: This application is accompanied by the following documents: (Select as appropriate) Evidence that the Applicant is Caymanian Evidence that the Applicant has legal title to the dwelling unit (In the case of withdrawal for reduction payment or to pay off an existing mortgage on a dwelling unit and, if applicable, arrears in strata fees related to the mortgaged property, land register is required) Letter from financial institution addressed to the Applicant Letter from corporation addressed to the Applicant In the case of a previous withdrawal by the Applicant, evidence of compliance with section 52B(10), 52BA(12), 52C(9) and 52D(1), if applicable National Pensions (Amendment) Act, 2023 PART B - DECLARATION BY NON-CURRENT HOME OWNER - REQUIRED FOR ALL APPLICATIONS FOR DEPOSITS ONLY (To be completed only by an Applicant who is a non-current home owner for a deposit to purchase an existing dwelling unit, construct a new dwelling unit or purchase residential land.If paying off existing mortgage disregard this Part and go to Part C.) A10. I, [__________________________________________] hereby declare that I (print full name) do not currently own a dwelling unit in the Cayman Islands. Signature of Applicant: ______________________________        Date: ___________ PART C - DECLARATION IN RELATION TO PRIMARY RESIDENCE - REQUIRED FOR ALL APPLICATIONS (To be completed only by an Applicant to purchase, construct, receive a reduction payment or pay off (and, if applicable, make a reduction payment towards or pay off arrears in strata fees in respect of) a new dwelling unit or an existing dwelling unit.) A11. I, [__________________________________________] hereby declare that (print full name) the dwelling unit listed in this application serves as my primary residence in the Cayman Islands. Signature of Applicant: ____________________________   Date: ________________ National Pensions (Amendment) Act, 2023 PART D - GENERAL DECLARATION \u2013 REQUIRED FOR ALL APPLICATIONS A12. I [________________________________________] hereby declare that this (print full name) application is accordingly made for the withdrawal of [*deposit \/ reduction payment\/ amount to pay off an existing mortgage and, if applicable, make a reduction payment towards or pay off arrears in strata fees related to the mortgaged property] as specified above and it is certified that all particulars contained in this application and in the documents accompanying it or otherwise furnished in support of the application are true and correct. I hereby confirm that any changes in the details of this application occurring before a decision is made regarding the granting or refusal of the withdrawal will be notified to the Administrator(s). Signature of Applicant: ______________________      Date:_____________________ PART E \u2013WITNESS A13. I [_________________________________________] hereby declare that the (print full name) declaration[s] was\/were signed in my presence and I am not an immediate family member of the Applicant. Print Full Name: _____________________________________________________________________ Mailing Address: _____________________________________________________________________ Email Address: _____________________________________________________________________ Phone Number: _____________________________________________________________________ WITNESS: ___________________________________Date:___________________\u201d. Signature of witness to declaration[s] National Pensions (Amendment) Act, 2023\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"Transitional 13. (1) Where, prior to the commencement of this amending Act, a person makes an application for a withdrawal under section 52B or 52C and the application has not been determined at the date of commencement of this amending Act that application shall be dealt with as if this amending Act had not come into force. (2) Where a person wishes to vary the amount on an application referred to under subsection (1), the person shall resubmit the application in accordance with the requirements under this amending Act. (3) Subject to subsections (4) and (5), the terms and conditions in respect of a withdrawal which was granted under section 52B or 52C prior to the date of commencement of this amending Act shall continue to apply to the withdrawal as if this amending Act had not come into force. (4) Where a person has received a withdrawal under section 52B or 52C prior to the commencement of this amending Act (\u201cthe original withdrawal\u201d) and applies for and is granted another withdrawal under section 52B, 52BA or 52C after the date of commencement, the terms and conditions of the original withdrawal shall become subject to the provisions of this amending Act. (5) Where a person \u2014 (a) has received a withdrawal for a deposit under section 52B prior to the commencement of this amending Act; and (b) wishes to apply for another withdrawal under that section after the commencement of this amending Act, the person shall return the original amount of the deposit to the person\u2019s pension plan account and submit a new application for a withdrawal for a deposit in accordance with this Act. Passed by the Parliament the 23rd day of November, 2023. Hon. Sir Alden McLaughlin Speaker Zena Merren-Chin Clerk of the Parliament\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": \"e_commence_2023_01_01\", \"date\": \"2023-01-01\", \"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_2023_01_01\", \"timeInterval\": [{\"end\": null, \"start\": \"#e_commence_2023_01_01\", \"duration\": null, \"refersTo\": \"#inForce\"}]}]}, \"classification\": null, \"identification\": {\"source\": \"#cilegis\", \"FRBRWork\": {\"FRBRuri\": \"\/akn\/ky\/act\/amending\/2023\/23\", \"FRBRdate\": [{\"date\": \"2023-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/amending\/2023\/23\/!main\", \"FRBRalias\": [{\"name\": \"cmsId\", \"value\": \"2023-0023\"}], \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRnumber\": \"23 of 2023\", \"FRBRcountry\": \"ky\", \"FRBRsubtype\": \"amending\"}, \"FRBRExpression\": {\"FRBRuri\": \"\/akn\/ky\/act\/amending\/2023\/23\/eng@2023-01-01\", \"FRBRdate\": [{\"date\": \"2023-01-01\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/amending\/2023\/23\/eng@2023-01-01\/!main\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRlanguage\": \"eng\"}, \"FRBRManifestation\": {\"FRBRuri\": \"\/akn\/ky\/act\/amending\/2023\/23\/eng@2023-01-01.xml\", \"FRBRdate\": [{\"date\": \"2026-06-22\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/amending\/2023\/23\/eng@2023-01-01.xml\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"Financial Assistance (Appeals) Regulations, 2023\", \"actNumber\": \"23 of 2023\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"CAYMAN ISLANDS\n\nNATIONAL PENSIONS (AMENDMENT)\nACT, 2023\n(Act 23 of 2023)\nSupplement No. 1 published with Legislation Gazette No. 40 dated 8th December, 2023.\n\u2000\n\nPage 2\nAct 23 of 2023\nc\n\nPUBLISHING DETAILS\n\nNational Pensions (Amendment) Act, 2023\nArrangement of Sections\n\nc\nAct 23 of 2023\nPage 3\n\nCAYMAN ISLANDS\n\nNATIONAL PENSIONS (AMENDMENT) ACT,\n2023\n(Act 23 of 2023)\nArrangement of Sections\nSection\nPage\n1.\nShort title and commencement ..................................................................................................5\n2.\nAmendment of section 3 of the National Pensions Act (2012 Revision) - definitions ...................6\n3.\nAmendment of section 47 - contribution rate ..............................................................................6\n4.\nRepeal and substitution of Part heading for Part VIIA - withdrawal of pension funds to\npurchase or construct dwelling unit, purchase residential land or pay off an existing\nmortgage in the Islands..............................................................................................................6\n5.\nAmendment of section 52A - definitions in Part VIIA ..................................................................6\n6.\nAmendment of section 52B - withdrawal of amount from pension account as a deposit .............7\n7.\nInsertion of section 52BA - withdrawal from pension account to provide reduction\npayment on existing mortgage, and if applicable, arrears in strata fees, or residential land\nloan ...........................................................................................................................................9\n8.\nAmendment of section 52C - withdrawal of amount from pension account to pay off an\nexisting mortgage .................................................................................................................... 13\n9.\nAmendment of section 52D - additional contributions ............................................................... 16\n10.\nAmendment of section 52E - total amount withdrawn from more than one pension plan\nnot to exceed thirty-five thousand dollars ................................................................................. 16\n11.\nInsertion of sections 78A, 78B, 78C and 78D - remuneration and immunity of members of\nthe Board; appointment and functions of committees; meetings of the Board; duty of\nconfidentiality ........................................................................................................................... 17\n12.\nRepeal and substitution of Schedule - Form ............................................................................ 19\n13.\nTransitional .............................................................................................................................. 24\n\nNational Pensions (Amendment) Act, 2023\nSection 1\n\nc\nAct 23 of 2023\nPage 5\n\nCAYMAN ISLANDS\n\nNATIONAL PENSIONS (AMENDMENT) ACT,\n2023\n(Act 23 of 2023)\nAN ACT TO AMEND THE NATIONAL PENSIONS ACT (2012 REVISION) TO ALLOW\nCAYMANIANS TO WITHDRAW FROM THEIR PENSION PLANS TO PAY TOWARDS A\nMORTGAGE OR RESIDENTIAL LAND LOAN OR, IF APPLICABLE, TO MAKE A\nREDUCTION PAYMENT TOWARDS OR PAY OFF ARREARS IN STRATA FEES; TO\nINCREASE THE MAXIMUM AMOUNT ALLOWED FOR WITHDRAWALS FROM\nPENSIONS PLANS; TO CHANGE THE ADDITIONAL CONTRIBUTIONS REQUIRED AS\nA RESULT OF THE WITHDRAWAL; TO AMEND THE STRUCTURE AND\nGOVERNANCE OF THE NATIONAL PENSIONS BOARD; AND FOR INCIDENTAL AND\nCONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title and commencement\n1.\n(1) This Act may be cited as the National Pensions (Amendment) Act, 2023.\n(2) This Act comes into force on the date appointed by Order made by the Cabinet\nand different dates may be appointed for different provisions of this Act and in\nrelation to different matters.\n(Act 23 of 2023)\nI Assent,\nJane Owen\nGovernor\nDate: 7th day of December, 2023\n\nSection 2\nNational Pensions (Amendment) Act, 2023\n\nPage 6\nAct 23 of 2023\nc\n\n2.\nAmendment of section 3 of the National Pensions Act (2012 Revision) -\ndefinitions\n2.\nThe National Pensions Act (2012 Revision), in this Act referred to as the \u201cprincipal\nAct\u201d, is amended in section 3 by inserting after the definition of the word \u201cMinister\u201d\nthe following definition \u2014\n\u201c \u201cmortgage\u201d has the same meaning assigned to the word \u201ccharge\u201d\nunder the Registered Land Act (2018 Revision);\u201d.\n3.\nAmendment of section 47 - contribution rate\n3.\nThe principal Act is amended in section 47(10) by repealing paragraph (c) and\nsubstituting the following paragraph \u2014\n\u201c(c) for housing purposes including \u2014\n(i)\nthe purchase or construction of the member\u2019s dwelling\nhouse;\n(ii) the purchase of residential land for the member;\n(iii) providing a reduction payment \u2014\n(A) on an existing residential mortgage, and if\napplicable, any arrears in strata fees related to the\nmortgaged property; or\n(B) on a residential land loan; or\n(iv) payment of the outstanding balance of the member\u2019s\nmortgage in full and, if applicable, any arrears in strata\nfees related to the mortgaged property, but excluding the\npayment of rent or similar purposes; and;\u201d.\n4.\nRepeal and substitution of Part heading for Part VIIA - withdrawal of pension\nfunds to purchase or construct dwelling unit, purchase residential land or\npay off an existing mortgage in the Islands\n4.\nThe principal Act is amended in Part VIIA by repealing the Part heading and\nsubstituting the following Part heading \u2014\n\u201cPART VIIA - Withdrawal of pension funds to purchase or construct\ndwelling unit, purchase residential land, provide reduction payment on\nresidential land loan or existing mortgage, and if applicable, arrears in\nstrata fees in the Islands\u201d.\n5.\nAmendment of section 52A - definitions in Part VIIA\n5.\nThe principal Act is amended in section 52A as follows \u2014\n(a)\nby renumbering the section as section 52A(1);\n(b) in subsection (1) as renumbered \u2014\n\nNational Pensions (Amendment) Act, 2023\nSection 6\n\nc\nAct 23 of 2023\nPage 7\n\n(i)\nin the definition of the word \u201cdeposit\u201d, by deleting the words\n\u201cpurchase an existing dwelling unit, construct a new dwelling unit,\u201d\nand substituting the words \u201cpurchase no more than two existing\ndwelling units, construct no more than two new dwelling units\u201d;\n(ii) in the definition of the words \u201cresidential land\u201d, by deleting the\nwords \u201ca dwelling unit\u201d and substituting the words \u201cno more than\ntwo dwelling units\u201d; and\n(iii) by inserting after the definition of the words \u201cnon-current home\nowner\u201d the following definition \u2014\n\u201c \u201creduction payment\u201d means a payment towards \u2014\n(a) a residential mortgage, and if applicable, arrears in strata fees\nrelated to the mortgaged property; or\n(b) a residential land loan;\u201d; and\n(c)\nby inserting after subsection (1) as renumbered the following\nsubsection \u2014\n\u201c(2) For the purposes of the definition of the words \u201creduction\npayment\u201d, payment towards a residential mortgage and, if\napplicable, arrears in strata fees related to the mortgaged property, or\npayment towards a residential land loan applies to \u2014\n(a)\nin respect of a residential mortgage or residential land loan\nwhich is in foreclosure, both the principal and interest arrears\non the mortgage or land loan;\n(b) in respect of a residential mortgage or residential land loan\nwhich is in good standing with the financial institution that\ngranted it, the principal on the mortgage or land loan; or\n(c)\nin respect of a residential mortgage where there are arrears in\nstrata fees related to the mortgaged property \u2014\n(i)\nwhere the residential mortgage is in foreclosure, the\nprincipal and interest arrears on the mortgage and the\narrears in strata fees related to the mortgaged property;\nand\n(ii) where the residential mortgage is in good standing with\nthe financial institution that granted it, the principal on the\nmortgage and the arrears in strata fees related to the\nmortgaged property.\u201d.\n6.\nAmendment of section 52B - withdrawal of amount from pension account as\na deposit\n6.\nThe principal Act is amended in section 52B as follows \u2014\n\nSection 6\nNational Pensions (Amendment) Act, 2023\n\nPage 8\nAct 23 of 2023\nc\n\n(a)\nin subsection (1), by deleting the words \u201cnot exceeding thirty-five\nthousand dollars\u201d and substituting the words \u201cnot exceeding fifty thousand\ndollars\u201d;\n(b) in subsection (2) as follows \u2014\n(i)\nby deleting the word \u201cnot\u201d; and\n(ii) by deleting the words \u201cother land\u201d and substituting the words\n\u201cresidential land\u201d;\n(c)\nin subsection (4) as follows \u2014\n(i)\nin paragraph (b), by deleting the word \u201cand\u201d; and\n(ii) by deleting paragraph (c) and substituting the following\nparagraphs \u2014\n\u201c(c) a copy of a letter issued by a financial institution addressed to\nthe person making the application (whether or not solely to that\nperson), showing approval in principle of a loan to \u2014\n(i)\npurchase no more than two existing dwelling units;\n(ii) construct no more than two new dwelling units; or\n(iii) purchase residential land in the Islands,\nand the deposit required;\n(d) where the person has made a previous withdrawal under this\nPart, evidence that the member has complied with section\n52B(10), 52BA(12), 52C(9) and 52D(1), if applicable; and\n(e)\nif required by the administrator, an application fee not\nexceeding fifty dollars.\u201d;\n(d) by inserting after subsection (4) the following subsections \u2014\n\u201c(4A) The letter referred to in subsection (4)(c) shall specify \u2014\n(a)\nthe name of each person that applied for the withdrawal;\n(b) the relevant block and parcel number of the relevant property to\nwhich each withdrawal relates;\n(c)\nthe specific sources of funding for the purchase, including each\namount and specific pension plan from which the respective\nwithdrawal will be taken; and\n(d) a breakdown of the planned utilisation of the deposit.\n(4B)\nAny amount that was withdrawn under this section and is not used\nfor the purchase of the property referred to in subsection (4)(c) shall\nbe returned to the pension plan administrator within six months of\nthe withdrawal but where the dwelling unit is being constructed, the\namount that was not used shall be returned to the pension plan\nadministrator within twelve months of the withdrawal.\u201d;\n\nNational Pensions (Amendment) Act, 2023\nSection 7\n\nc\nAct 23 of 2023\nPage 9\n\n(e)\nin subsection (5) as follows \u2014\n(i)\nby deleting the words \u201ca maximum of thirty-five thousand dollars\u201d\nand substituting the words \u201ca maximum of fifty thousand dollars\u201d;\nand\n(ii) by deleting the words \u201cthe purchase of an existing dwelling unit,\nconstruction of a new dwelling unit\u201d and substituting the words \u201cthe\npurchase of no more than two dwelling units, construction of no more\nthan two new dwelling units\u201d;\n(f)\nin subsection (6)(a), by deleting the words \u201cforty-five days\u201d and\nsubstituting the words \u201csixty days\u201d;\n(g) in subsection (8), by inserting after paragraph (b) the following\nparagraph \u2014\n\u201c(ba) a list of all persons who are repaying withdrawn amounts into\ntheir respective accounts in a pension plan under this section;\u201d;\n(h) in subsection (10) as follows \u2014\n(i)\nby deleting the word \u201cWhere\u201d and substituting the words \u201cSubject to\nsubsection (12), where\u201d; and\n(ii) by deleting the words \u201cattaining the normal age of pension\nentitlement\u201d and substituting the words \u201crepaying the withdrawal\namount in full\u201d; and\n(i)\nby inserting after subsection (11) the following subsection \u2014\n\u201c(12) The payments received by a pension plan administrator under\nsection 52D shall be deducted from the amount that the member\nis required to repay under subsection (10).\n(13)\nA person may apply to withdraw an amount from the person\u2019s\npension plan as a deposit under this section to purchase an existing\ndwelling unit or construct a new dwelling only where the dwelling\nunit serves as the primary residence of the person applying for the\nwithdrawal.\u201d.\n7.\nInsertion of section 52BA - withdrawal from pension account to provide\nreduction payment on existing mortgage, and if applicable, arrears in strata\nfees, or residential land loan\n7.\nThe principal Act is amended by inserting after section 52B the following section \u2014\n\nSection 7\nNational Pensions (Amendment) Act, 2023\n\nPage 10\nAct 23 of 2023\nc\n\n\u201cWithdrawal of amount from pension account to provide a reduction\npayment on an existing mortgage, and if applicable, arrears in strata\nfees, or residential land loan\n52BA. (1) Notwithstanding sections 55 and 56 but subject to the remaining\nprovisions of this section, a person who is a Caymanian may\nwithdraw from the person\u2019s account in a pension plan an amount not\nexceeding fifty thousand dollars required to provide a reduction\npayment on \u2014\n(a)\nan existing mortgage on no more than two dwelling units in the\nIslands;\n(b) where there is an existing mortgage on no more than two\ndwelling units in the Islands, the existing mortgage and any\narrears in strata fees related to the mortgaged property; or\n(c)\na residential land loan in the Islands.\n(2) A person who wishes to withdraw an amount required to provide a\nreduction payment pursuant to subsection (1) shall, subject to\nsubsection (3), make an application to the relevant administrator in\nthe form prescribed in the Schedule.\n(3) An application under subsection (2) shall be accompanied by \u2014\n(a)\nevidence that the person is a Caymanian;\n(b) evidence that the applicant has legal title to the respective\ndwelling unit or residential land;\n(c)\nif applicable, a declaration in the form prescribed in Part B of\nthe Schedule that the dwelling unit referred to in paragraph (b)\nis intended to serve as the primary residence of the applicant;\n(d) if applicable, a copy of a letter issued by or on behalf of the\nrelevant corporation addressed to the person making the\napplication (whether or not solely to that person) certifying the\nmatters set out in section 6(4) of the Strata Titles Registration\nAct (2013 Revision);\n(e)\na copy of a letter issued by the financial institution holding the\nmortgage or residential land loan, addressed to the person\nmaking the application (whether or not solely to that person),\nshowing approval in principle for providing a reduction\npayment on \u2014\n(i)\nthe existing mortgage in respect of no more than two\ndwelling units and the amount to be paid;\n(ii) the existing mortgage in respect of no more than two\ndwelling units, any arrears in strata fees related to the\nmortgaged property and the amount to be paid; or\n\nNational Pensions (Amendment) Act, 2023\nSection 7\n\nc\nAct 23 of 2023\nPage 11\n\n(iii) a residential land loan and the amount to be paid;\n(f)\nwhere the person has made a previous withdrawal under this\nPart, evidence that the member has complied with sections\n52B(10), 52BA(12), 52C(9) and 52D(1), if applicable; and\n(g) if required by the administrator, an application fee not\nexceeding fifty dollars.\n(4) The letters referred to in subsection (3)(e)(i) and (iii)  shall specify \u2014\n(a)\nthe name of each person that applied for the withdrawal;\n(b) the relevant block and parcel number of the relevant property to\nwhich the withdrawal relates; and\n(c)\nthe specific sources of funding for the reduction payment,\nincluding each amount and specific pension plan from which\nthe respective withdrawal will be taken.\n(5) The letter referred to in subsection (3)(e)(ii) shall \u2014\n(a)\nspecify the matters set out in subsection (4);\n(b) provide confirmation that the arrears in strata fees is for the\nmember\u2019s primary residence which shall contain no more than\ntwo dwelling units; and\n(c)\nhave annexed to it a copy of the letter referred to in subsection\n(3)(d).\n(6) Two or more persons who are Caymanian and who are approved in\nprinciple by a financial institution may, in accordance with this\nsection, withdraw the amount required from their respective accounts\nin a pension plan up to the maximum of fifty thousand dollars each\ntowards providing a reduction payment on \u2014\n(a)\nan existing mortgage on the respective person\u2019s primary\nresidence;\n(b) where there is an existing mortgage on the respective person\u2019s\nprimary residence and arrears in strata fees in respect of the\nprimary residence, both the mortgage and the arrears in strata\nfees; or\n(c)\na residential land loan.\n(7) Where a person withdraws an amount from the person\u2019s account in a\npension plan pursuant to subsection (1)(b), the person shall pay the\npart of the amount allocated to paying off the arrears in strata fees\nthrough a financial institution.\n(8) Where an application is made under subsection (2), the\nadministrator \u2014\n\nSection 7\nNational Pensions (Amendment) Act, 2023\n\nPage 12\nAct 23 of 2023\nc\n\n(a)\nshall, within sixty days of the application being submitted, issue\nthe amount required to be paid towards the existing mortgage,\nand, if applicable, the arrears in strata fees related to the\nmortgaged property, or residential land loan in the form of a\ncheque payable to the relevant financial institution and deliver\nit to the applicant if satisfied that the applicant is entitled under\nsubsection (1) to withdraw the amount applied for; or\n(b) may, if not satisfied that all the requirements under subsection\n(3) have been correctly provided by the applicant, refuse the\napplication and shall, within seven days of the application being\nsubmitted, give reasons for the refusal to the applicant, by letter\nin writing.\n(9) An administrator who contravenes subsection (8) commits an offence\nand is liable on summary conviction to a fine of twenty thousand\ndollars or to imprisonment for a term of two years, or to both; and if\nthe offence is a continuing one to a fine of one thousand dollars for\nevery day or part of a day during which the offence has continued.\n(10) An administrator shall provide to the Director monthly \u2014\n(a)\na list of all persons who have withdrawn amounts from their\nrespective accounts in a pension plan under this section, stating\neach amount withdrawn;\n(b) a list of all persons who applied for a withdrawal under this\nsection;\n(c)\na copy of each letter to persons stating the reason for refusal\nunder subsection (8)(b);\n(d) in the form approved by the Director, a report with respect to\neach person who has withdrawn an amount from the person\u2019s\naccount in a pension plan under this section; and\n(e)\na list of all persons who are repaying withdrawn amounts into\ntheir respective accounts in a pension plan under this section.\n(11) An administrator who contravenes subsection (10) commits an\noffence and is liable on summary conviction to a fine of twenty\nthousand dollars or to imprisonment for a term of two years, or to\nboth.\n(12) Subject to subsection (13), where, before repaying the withdrawal\namount in full, a person sells the dwelling unit in respect of which a\nreduction payment has been applied through the use of an amount\nwithdrawn pursuant to this section, the person shall upon completion\nof the sale return the amount withdrawn or ten per cent of the fair\n\nNational Pensions (Amendment) Act, 2023\nSection 8\n\nc\nAct 23 of 2023\nPage 13\n\nmarket value of the dwelling unit, whichever is greater, back to the\nperson\u2019s pension plan account.\n(13) The payments received by an administrator under section 52D shall\nbe deducted from the amount that the member is required to repay\nunder subsection (12).\n(14) A person who contravenes subsection (12) commits an offence and\nis liable on summary conviction to a fine of twenty thousand dollars\nor to imprisonment for a term of two years, or to both.\n(15) For the purposes of this section, a person may apply for a reduction\npayment on an existing mortgage only where the mortgage applies to\nthe primary residence of the person and the residence contains no\nmore than two dwelling units.\u201d.\n8.\nAmendment of section 52C - withdrawal of amount from pension account to\npay off an existing mortgage\n8.\nThe principal Act is amended in section 52C as follows \u2014\n(a)\nin the section heading by inserting after the word \u201cmortgage\u201d the words\n\u201cand arrears in strata fees\u201d;\n(b) by repealing subsection (1) and substituting the following subsection \u2014\n\u201c(1) Notwithstanding sections 55 and 56 but subject to the remaining\nprovisions of this section, a person who is a Caymanian may\nwithdraw from the person\u2019s account in a pension plan an amount not\nexceeding one hundred thousand dollars required to \u2014\n(a)\npay off an existing mortgage on a dwelling unit in the Islands\nso that the dwelling unit is free from any encumbrance; or\n(b) where there is an existing mortgage on a dwelling unit in the\nIslands, pay off the existing mortgage and any arrears in strata\nfees related to the mortgaged property.\u201d;\n(c)\nin subsection (2), by deleting the words \u201csubsection (1)\u201d and substituting\nthe words \u201csubsection (1)(a) or pay off an existing mortgage and pay off\narrears in strata fees related to the mortgaged property pursuant to\nsubsection (1)(b)\u201d;\n(d) in subsection (3) as follows \u2014\n(i)\nin paragraph (b), by deleting the word \u201cand\u201d;\n(ii) by inserting after paragraph (b) the following paragraph \u2014\n\u201c(ba) if applicable, a copy of a letter issued by or on behalf of the\nrelevant corporation addressed to the person making the\napplication (whether or not solely to that person) certifying the\n\nSection 8\nNational Pensions (Amendment) Act, 2023\n\nPage 14\nAct 23 of 2023\nc\n\nmatters set out in section 6(4) of the Strata Titles Registration\nAct (2013 Revision);\u201d; and\n(iii) by repealing paragraph (c) and substituting the following\nparagraphs \u2014\n\u201c(c) a copy of a letter issued by the financial institution holding the\nmortgage, addressed to the person making the application\n(whether or not solely to that person), showing approval in\nprinciple \u2014\n(i)\nfor paying off the existing mortgage and the amount to be\npaid off; or\n(ii) for paying off the existing mortgage and any arrears in\nstrata fees related to the mortgaged property, and the\namount to be paid off;\n(d) where the person has made a previous withdrawal under this\nPart, evidence that the member has complied with sections\n52B(10), 52BA(12), 52C(9) and 52D(1), if applicable; and\n(e)\nif required by the administrator, an application fee not\nexceeding fifty dollars.\u201d;\n(e)\nby inserting after subsection (3) the following subsections \u2014\n\u201c(3A) The letter referred to in subsection (3)(c)(i) shall specify \u2014\n(a)\nthe name of each person that applied for the withdrawal;\n(b) the relevant block and parcel number of the relevant property to\nwhich the withdrawal relates;\n(c)\nthe specific sources of funding for the purchase, including each\namount and specific pension plan from which the respective\nwithdrawal will be taken; and\n(d) confirmation that the mortgage is for the member\u2019s primary\nresidence which shall contain no more than two dwelling units.\n(3B) The letter referred to in subsection (3)(c)(ii) shall \u2014\n(a)\nspecify the matters set out in subsection (3A);\n(b) provide confirmation that the arrears in strata fees is for the\nmember\u2019s primary residence which shall contain no more than\ntwo dwelling units; and\n(c)\nhave annexed to it a copy of the letter referred to in subsection\n(3)(ba).\u201d;\n(f)\nby repealing subsection (4) and substituting the following subsections \u2014\n\u201c(4) Two or more persons who are Caymanian and who are approved in\nprinciple by a financial institution may, in accordance with this\n\nNational Pensions (Amendment) Act, 2023\nSection 8\n\nc\nAct 23 of 2023\nPage 15\n\nsection, withdraw the amount required from their respective accounts\nin a pension plan up to the maximum of one hundred thousand dollars\neach towards \u2014\n(a)\npaying off an existing mortgage on the respective person\u2019s\nprimary residence; or\n(b) where there is an existing mortgage on the respective person\u2019s\nprimary residence and arrears in strata fees in respect of the\nprimary residence, paying off both the mortgage and the arrears\nin strata fees.\n(4A) Where a person withdraws an amount from the person\u2019s account in a\npension plan pursuant to subsection (1)(b), the person shall pay the\npart of the amount allocated to paying off the arrears in strata fees\nthrough a financial institution.\u201d;\n(g) in subsection (5)(a) as follows \u2014\n(i)\nby deleting the words \u201cforty-five days\u201d and substituting the words\n\u201csixty days\u201d; and\n(ii) by inserting after the word \u201cmortgage\u201d the words \u201cand, if applicable,\nthe arrears in strata fees related to the mortgaged property\u201d;\n(h) in subsection (7), by inserting after paragraph (b) the following\nparagraph \u2014\n\u201c(ba) a list of all persons who are repaying withdrawn amounts into\ntheir respective accounts in a pension plan under this section;\u201d;\n(i)\nin subsection (9) as follows \u2014\n(i)\nby deleting the word \u201cWhere\u201d and substituting the words \u201cSubject to\nsubsection (9A), where\u201d;\n(ii) by deleting the word \u201cacquired\u201d and substituting the words \u201cpaid\noff\u201d; and\n(iii) by deleting the words \u201cattaining the normal age of pension\nentitlement\u201d and substituting the words \u201crepaying the withdrawal\namount in full\u201d;\n(j)\nby inserting after subsection (9) the following subsection \u2014\n\u201c(9A) The payments received by a pension plan administrator under\nsection 52D shall be deducted from the amount that the member is\nrequired to repay under subsection (9).\u201d;\n(k) by repealing subsection (11) and substituting the following subsection \u2014\n\u201c(11) In this section \u2014\n\u201ccorporation\u201d has the meaning assigned by section 2 of the Strata\nTitles Registration Act (2013 Revision); and\n\nSection 9\nNational Pensions (Amendment) Act, 2023\n\nPage 16\nAct 23 of 2023\nc\n\n\u201cencumbrance\u201d has the meaning assigned to that expression under\nsection 2 of the Registration (Land) Act (1996 Revision).\u201d; and\n(l)\nby inserting after subsection (11) the following subsection \u2014\n\u201c(12) A dwelling unit under subsection (1) refers to a dwelling unit which\nserves as the primary place of residence for the person making the\nwithdrawal under that section.\u201d.\n9.\nAmendment of section 52D - additional contributions\n9.\nThe principal Act is amended in section 52D by repealing subsection (1) and\nsubstituting the following subsections \u2014\n\u201c(1) Notwithstanding section 47 or any provision under another Act in\nforce in the Islands to the contrary, where a person makes a\nwithdrawal from the person\u2019s account in a pension plan pursuant to\nsection 52B, 52BA or 52C, the person shall, in addition to the amount\nthat the person is required to contribute to a pension plan pursuant to\nsection 47, contribute an additional amount of three per cent of the\nperson\u2019s earnings to the pension plan from the month immediately\nfollowing the date of issuance of the cheque pursuant to section\n52B(6)(a), 52BA(8)(a) or 52C(5)(a) \u2014\n(a)\nuntil the total additional contributions equal the actual amount\nwithdrawn; or\n(b) until the person attains the normal age of pension entitlement,\nwhichever is earlier.\n(1A) A member may make further lump sum payments, in addition to the\npercentage required to be paid under subsection (1), to facilitate\nfaster repayment of the withdrawal under section 52B, 52BA or\n52C.\u201d.\n10.\nAmendment of section 52E - total amount withdrawn from more than one\npension plan not to exceed thirty-five thousand dollars\n10. The principal Act is amended in section 52E as follows \u2014\n(a)\nby repealing the section heading and substituting the following section\nheading \u2014\n\u201cTotal amount withdrawn from more than one pension plan\nnot to exceed fifty thousand dollars except under section\n52C\u201d;\n(b) in subsection (1) as follows \u2014\n(i)\nby deleting the words \u201cunder section 52B or 52C\u201d and substituting\nthe words \u201cunder section 52B or 52BA\u201d; and\n\nNational Pensions (Amendment) Act, 2023\nSection 11\n\nc\nAct 23 of 2023\nPage 17\n\n(ii) by deleting the words \u201cthirty-five thousand dollars\u201d and substituting\nthe words \u201cfifty thousand dollars\u201d; and\n(c)\nby inserting after subsection (1) the following subsection \u2014\n\u201c(1A) Where a person contributes or has contributed to more than one\npension plan under this Act, that person shall not withdraw more than\na total of one hundred thousand dollars in the aggregate from the\nperson\u2019s accounts in the pension plans under section 52C.\u201d.\n11.\nInsertion of sections 78A, 78B, 78C and 78D - remuneration and immunity of\nmembers of the Board; appointment and functions of committees; meetings\nof the Board; duty of confidentiality\n11. The principal Act is amended by inserting after section 78 the following sections \u2014\n\u201cRemuneration and immunity of members of the Board\n78A (1) Those members of the Board who are not public officers shall receive\nsuch remuneration in respect of each meeting attended, and the\nchairperson and deputy chairperson shall receive such additional\nremuneration as may be determined by the Cabinet.\n(2) Every member of the Board shall be personally indemnified against\nall claims, damages, costs, charges or expenses incurred by the\nmember in the discharge of the member\u2019s functions or duties under\nthis Act except claims, damages, costs, charges, or expenses caused\nby the member\u2019s bad faith.\nAppointment and functions of committees\n78B (1) The chairperson of a Board may appoint committees comprising no\nfewer than three members of the Board including the chairperson or\nthe deputy chairperson, and may delegate to such committees any of\nthe functions of the Board, except that \u2014\n(a)\nthe chairperson shall, as soon as practicable, notify the Cabinet\nof the appointment of any such committee; and\n(b) either the chairperson or the deputy chairperson shall be the\nchairperson of each committee so appointed.\n(2) The Secretary or the assistant Secretary of the Board shall be the\nSecretary of each committee so appointed.\nMeetings of the Board\n78C (1) The Board shall meet at least once every quarter and upon such other\noccasions as, in the opinion of the chairperson, may be necessary or\ndesirable in the public interest.\n\nSection 11\nNational Pensions (Amendment) Act, 2023\n\nPage 18\nAct 23 of 2023\nc\n\n(2) Any member of the Board who, without providing the prior written\nnotice to the chairperson, is absent from more than two out of five\nconsecutive meetings of that Board shall cease to be a member of the\nBoard.\n(3) In the temporary absence of the chairperson or in the event of that\nperson\u2019s inability to act, the deputy chairperson shall act as\nchairperson and exercise all the powers and functions of chairperson.\n(4) At every meeting of the Board \u2014\n(a)\nit shall reach its decision by a majority of the votes of members\npresent and voting;\n(b) the chairperson or presiding member shall have no original but\nonly a casting vote; and\n(c)\ntwo-thirds of the membership shall constitute a quorum.\n(5) Where a member of the Board has a personal or pecuniary interest,\ndirect or indirect, in any matter which is to be determined by the\nBoard, the member shall, if present at the meeting at which such\nmatter is to be determined, as soon as possible after the\ncommencement of the meeting, disclose the fact and leave the\nmeeting.\n(6) Subject to subsections (1) to (5), the Board shall have power to\nregulate its own procedure.\nDuty of confidentiality\n78D (1) The fact and any particulars of, or relating to, any matter falling for\nconsideration by, or the decision of, a Board shall be treated as\nconfidential by each member of the Board and the member shall not\ndisclose any such fact or particular otherwise than in the proper\nperformance of the member\u2019s duties under this Act or in compliance\nwith the order of a court of competent jurisdiction.\n(2) The failure of any member to comply with subsection (1) \u2014\n(a)\nis an offence; and\n(b) constitutes a sufficient ground for the termination of the\nmember\u2019s appointment.\n(3) Any allegations of a breach of subsection (1) shall be fully\ninvestigated by a constable of the rank of Inspector or above.\n(4) A person who commits an offence under subsection (2)(a) is liable\non summary conviction to a fine of ten thousand dollars or to\nimprisonment for a term of one year, or to both\u201d.\n\nNational Pensions (Amendment) Act, 2023\nSection 12\n\nc\nAct 23 of 2023\nPage 19\n\n12.\nRepeal and substitution of Schedule - Form\n12. The principal Act is amended by repealing the Schedule and substituting the\nfollowing Schedule \u2014\n\u201cSCHEDULE\n(sections 52B, 52BA and 52C)\nFORM\n\nNATIONAL PENSIONS ACT (2012 REVISION)\n\nAPPLICATION FOR WITHDRAWAL OF DEPOSIT UNDER SECTION 52B\nOR REDUCTION PAYMENT ON A MORTGAGE AND, IF APPLICABLE,\nARREARS IN STRATA FEES RELATED TO THE MORTGAGED\nPROPERTY OR RESIDENTIAL LAND LOAN UNDER SECTION 52BA OR\nTO PAY OFF AN EXISTING MORTGAGE AND, IF APPLICABLE,\nARREARS IN STRATA FEES RELATED TO THE MORTGAGED\nPROPERTY UNDER SECTION 52C OF THE ACT\n\nPART A - GENERAL INFORMATION\n\nA1. Full Name of Applicant:\n_____________________________________________________________________\nDate of Birth: (DD\/MON\/YY) ______  Applicant\u2019s Phone Number:_______________\nEmail Address: _________________  Mailing Address: ________________________\n\nA2. Name of Applicant\u2019s Current Employer 1:\n_____________________________________________________________________\n\nEmployer\u2019s Email Address: _________Employer\u2019s Phone Number: _______________\n\nMailing Address \u2013 Employer 1:\n\nName of Applicant\u2019s Current Employer 2:\n_____________________________________________________________________\n\nEmployer\u2019s Email Address: _____ Employer\u2019s Phone Number: __________________\n\nSection 12\nNational Pensions (Amendment) Act, 2023\n\nPage 20\nAct 23 of 2023\nc\n\nMailing Address \u2013 Employer 2:\n\nA3: Current Contributions\n\nName of Pension\nPlan to which the\nApplicant\nis\ncurrently\ncontributing\nName of Administrator\nof the Pension Plan to\nwhich the Applicant is\ncurrently contributing\nPension\nPlan\nAccount\nNumber\nAmount\nof\ncontributions\ncurrently\nbeing\nmade (CI$)\n\nA4: Withdrawal Requests\n\nName of Pension\nPlan to which the\nApplicant\nis\nrequesting\na\nwithdrawal\nName of Administrator\nof the Pension Plan\nfrom\nwhich\nthe\nApplicant is requesting\na withdrawal\nPension\nPlan\nAccount\nNumber\nAmount\nof\nwithdrawal being\nrequested (CI$) \u2013\nMust not be more\nthan $50,000 for a\ndeposit\nor\nreduction\npayment\nor\n$100,000 to pay\noff mortgage and,\nif\napplicable,\narrears in strata\nfees related to the\nmortgaged\nproperty\n\nNational Pensions (Amendment) Act, 2023\nSection 12\n\nc\nAct 23 of 2023\nPage 21\n\nA5: Type of Withdrawal\n\n      Deposit to purchase an existing dwelling unit\nDeposit to construct a new dwelling unit\n     Deposit to purchase residential land\n       Reduction payment on an existing\n                                                                                     mortgage and, if applicable, arrears in\n                                                                                     strata fees related to the mortgaged\n                                                                                     property\n     Reduction payment on a residential land loan\nPay off an existing mortgage and, if\n                                                                                      applicable, arrears in strata fees\n                                                                                      related to the mortgaged property\n\nA6: Total amount of withdrawal required:\n_________________________________________________________\n(Must not be more than $50,000 for a deposit or reduction payment or $100,000 for\npaying off an existing mortgage and, if applicable, arrears in strata fees related to the\nmortgaged property )\n\nA7: Block and Parcel Number of the relevant property:\n_______________________________________________\n\nA8: Will the Applicant be the sole owner of the property?  Yes\n\nNo\nIf no:\nName of the Additional Owner 1:  _________________________________\n\nIs the Additional Owner 1 also withdrawing from their pension plan?\n\nYes\n\nNo\nName of the Additional Owner 2:__________________________________________\n\nIs the Additional Owner 2 also withdrawing from their pension plan?\n\nYes\n\nNo\n\nA9: This application is accompanied by the following documents:\n(Select as appropriate)\n\nEvidence that the Applicant is Caymanian\n\nEvidence that the Applicant has legal title to the dwelling unit\n(In the case of withdrawal for reduction payment or to pay off an existing\nmortgage on a dwelling unit and, if applicable, arrears in strata fees related\nto the mortgaged property, land register is required)\n\n Letter from financial institution addressed to the Applicant\n\n Letter from corporation addressed to the Applicant\n\n In the case of a previous withdrawal by the Applicant, evidence of compliance\nwith section 52B(10), 52BA(12), 52C(9) and 52D(1), if applicable\n\nSection 12\nNational Pensions (Amendment) Act, 2023\n\nPage 22\nAct 23 of 2023\nc\n\nPART B - DECLARATION BY NON-CURRENT HOME OWNER -\nREQUIRED FOR ALL APPLICATIONS FOR DEPOSITS ONLY\n\n(To be completed only by an Applicant who is a non-current home owner for a deposit\nto purchase an existing dwelling unit, construct a new dwelling unit or purchase\nresidential land.If paying off existing mortgage disregard this Part and go to Part C.)\n\nA10.\nI, [__________________________________________] hereby declare that I\n\n (print full name)\ndo not currently own a dwelling unit in the Cayman Islands.\n\nSignature of Applicant: ______________________________        Date: ___________\n\nPART C - DECLARATION IN RELATION TO PRIMARY RESIDENCE -\nREQUIRED FOR ALL APPLICATIONS\n\n(To be completed only by an Applicant to purchase, construct, receive a reduction\npayment or pay off (and, if applicable, make a reduction payment towards or pay off\narrears in strata fees in respect of) a new dwelling unit or an existing dwelling unit.)\n\nA11.\nI, [__________________________________________] hereby declare that\n\n (print full name)\nthe dwelling unit listed in this application serves as my primary residence in the Cayman\nIslands.\n\nSignature of Applicant: ____________________________   Date: ________________\n\nNational Pensions (Amendment) Act, 2023\nSection 12\n\nc\nAct 23 of 2023\nPage 23\n\nPART D - GENERAL DECLARATION \u2013 REQUIRED FOR ALL\nAPPLICATIONS\n\nA12.\nI [________________________________________] hereby declare that this\n\n (print full name)\napplication is accordingly made for the withdrawal of [*deposit \/ reduction payment\/\namount to pay off an existing mortgage and, if applicable, make a reduction payment\ntowards or pay off arrears in strata fees related to the mortgaged property] as specified\nabove and it is certified that all particulars contained in this application and in the\ndocuments accompanying it or otherwise furnished in support of the application are true\nand correct.\n\nI hereby confirm that any changes in the details of this application occurring before a\ndecision is made regarding the granting or refusal of the withdrawal will be notified to\nthe Administrator(s).\n\nSignature of Applicant: ______________________      Date:_____________________\n\nPART E \u2013WITNESS\n\nA13.\nI [_________________________________________] hereby declare that the\n\n (print full name)\ndeclaration[s] was\/were signed in my presence and I am not an immediate family\nmember of the Applicant.\n\nPrint Full Name:\n_____________________________________________________________________\nMailing Address:\n_____________________________________________________________________\nEmail Address:\n_____________________________________________________________________\nPhone Number:\n_____________________________________________________________________\nWITNESS: ___________________________________Date:___________________\u201d.\n\nSignature of witness to declaration[s]\n\nSection 13\nNational Pensions (Amendment) Act, 2023\n\nPage 24\nAct 23 of 2023\nc\n\n13.\nTransitional\n13. (1) Where, prior to the commencement of this amending Act, a person makes an\napplication for a withdrawal under section 52B or 52C and the application has\nnot been determined at the date of commencement of this amending Act that\napplication shall be dealt with as if this amending Act had not come into force.\n(2) Where a person wishes to vary the amount on an application referred to under\nsubsection (1), the person shall resubmit the application in accordance with the\nrequirements under this amending Act.\n(3) Subject to subsections (4) and (5), the terms and conditions in respect of a\nwithdrawal which was granted under section 52B or 52C prior to the date of\ncommencement of this amending Act shall continue to apply to the withdrawal\nas if this amending Act had not come into force.\n(4) Where a person has received a withdrawal under section 52B or 52C prior to the\ncommencement of this amending Act (\u201cthe original withdrawal\u201d) and applies\nfor and is granted another withdrawal under section 52B, 52BA or 52C after the\ndate of commencement, the terms and conditions of the original withdrawal\nshall become subject to the provisions of this amending Act.\n(5) Where a person \u2014\n(a)\nhas received a withdrawal for a deposit under section 52B prior to the\ncommencement of this amending Act; and\n(b) wishes to apply for another withdrawal under that section after the\ncommencement of this amending Act,\nthe person shall return the original amount of the deposit to the person\u2019s pension\nplan account and submit a new application for a withdrawal for a deposit in\naccordance with this Act.\nPassed by the Parliament the 23rd day of November, 2023.\nHon. Sir Alden McLaughlin\nSpeaker\nZena Merren-Chin\nClerk of the Parliament","akn_extracted_at":"2026-06-22 15:43:48.095295+00","cms_id":"2023-0023","law_type":"amending","year":"2023","number":"23","title":"Financial Assistance (Appeals) Regulations, 2023","status":"in_force"},"provenance":{"files":[{"file_id":"6480","expr_id":"1640","kind":"akn_xml","filename":"2023-0023.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2023\/2023-0023\/2023-0023.akn.xml","content_md5":"29d07fa06507fdda3bbf16830391dddb","byte_size":"42082","http_last_modified":null,"fetched_at":"2026-06-22 15:43:48.222913+00"},{"file_id":"3279","expr_id":"1640","kind":"pristine_pdf","filename":"2023-0023.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2023\/2023-0023\/2023-0023.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/AMENDING\/2023\/2023-0023\/2023-0023.pdf","content_md5":"9b5c987361e1cfb20018c98be7ad98c1","byte_size":"440907","http_last_modified":null,"fetched_at":"2026-06-16 04:01:10.903493+00"},{"file_id":"3280","expr_id":"1640","kind":"working_pdf","filename":"2023-0023.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2023\/2023-0023\/2023-0023.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2023\/2023-0023\/2023-0023.pdf","content_md5":"9b5c987361e1cfb20018c98be7ad98c1","byte_size":"440907","http_last_modified":null,"fetched_at":"2026-06-16 04:01:10.903493+00"}],"paragraph_count":5,"latest_history":null},"quality":{"expr_id":"1640","doc_id":"1640","quality_state":"known_issue","quality_score":"47","needs_human_review":"t","deterministic_categories":"{commencement_metadata_problem,duplicate_text,page_header_footer_noise,title_mismatch}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture,verify_commencement_metadata,verify_title_metadata}","finding_severity_counts":"{\"low\": 1, \"high\": 1, \"medium\": 2}","finding_summary":"stored title is not visible in the opening extracted text; repeated line furniture detected: cayman islands x3; act 23 of 2023 x26; national pensions amendment act 2023 x21","assessed_at":"2026-06-22 15:29:46.393838+00","updated_at":"2026-06-22 15:29:46.393838+00"}}