{"kind":"expression","expression":{"expr_id":"217","doc_id":"217","label":"SL 47 of 2009","is_as_enacted":"t","commenced_on":null,"superseded_on":null,"valid_from":null,"valid_to":null,"is_current":"t","incorporating":null,"akn_expr_iri":"\/akn\/ky\/act\/sl\/2009\/47\/eng@2009-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/sl\/2009\/47\", \"expression\": \"\/akn\/ky\/act\/sl\/2009\/47\/eng@2009-01-01\", \"manifestation\": \"\/akn\/ky\/act\/sl\/2009\/47\/eng@2009-01-01.pdf\"}, \"pdf\": {\"md5\": \"5eb8e27c8d2519224af0e45f7400b764\", \"path\": \"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2009\/2009-0047\/2009-0047_SL 47 of 2009.pdf\", \"pages\": 18, \"filename\": \"2009-0047_SL 47 of 2009.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 5235, \"paragraph_count\": 36, \"text_char_count\": 35976}, \"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\": \"Parliamentary Pensions Law PARLIAMENTARY PENSIONS (DEFINED CONTRIBUTION PLAN) REGULATIONS, (SL 47 of 2009) SL 47 of 2009 PUBLISHING DETAILS Arrangement of Regulations SL 47 of 2009 Parliamentary Pensions Law PARLIAMENTARY PENSIONS (DEFINED CONTRIBUTION PLAN) REGULATIONS, 2009 (SL 47 of 2009) Arrangement of Regulations Regulation 1. 2. 3. 4.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Accounts 6. 7. 8. 9. 10. 11.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Employer Contributions\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"Retirement Benefits 14. 15. 16. 17. 18. 19. 20.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_21\", \"num\": \"21.\", \"text\": \"Arrangement of Regulations SL 47 of 2009\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_22\", \"num\": \"22.\", \"text\": \"Death Benefits 23.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_24\", \"num\": \"24.\", \"text\": \"Pension payable to surviving spouse and children of active or deferred vested 25. 26. 27. 28. 29. 30. 31. 32. 33. 34.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_35\", \"num\": \"35.\", \"text\": \"Regulation 1 SL 47 of 2009 Parliamentary Pensions Law PARLIAMENTARY PENSIONS (DEFINED CONTRIBUTION PLAN) REGULATIONS, 2009 (SL 47 of 2009) In accordance with the powers conferred by sections 27 and 42 of the Parliamentary Pensions Law, 2004 the Governor in Cabinet makes the following Regulations \u2014\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Citation and commencement 1. (1) These Regulations may be cited as the Parliamentary Pensions (Defined Contribution Plan) Regulations, 2009. (2) These Regulations are deemed to have come into operation on 23rd August, 2004.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Definitions 2. In these Regulations \u2014 \u201caccrued benefit\u201d means the sum of the balances in a participant\u2019s accounts on the date of determination; \u201cactive defined contribution participant\u201d means a defined contribution participant contributing to the Fund for benefits covered under the Law or these regulations; \u201cAdministrator\u201d means the employee of the Board responsible for management of the Plan; \u201capproved plan\u201d means any plan registered with the Superintendent of Pensions within the Islands; Regulation 3 SL 47 of 2009 \u201cBoard\u201d means the Public Service Pensions Board established by section 5 of the Public Service Pensions Law (2004 Revision); \u201cfifty per cent joint and survivor annuity\u201d means a reduced annuity (determined by reference to Plan actuarial tables) for the life of the participant, followed, upon the participant\u2019s death, by an annuity for the life of the participant\u2019s spouse to whom the participant was married on the participant\u2019s benefit commencement date equal to fifty per cent of the reduced annuity that would have been payable to the participant had the participant been alive; \u201cLaw\u201d means the Parliamentary Pensions Law, 2004; \u201cmarried participant\u201d means a participant who is legally married on the participant\u2019s benefit commencement date or on the date of the participant\u2019s death; \u201cnormal retirement age\u201d means age 55; and \u201cparticipant\u201d means an elected member of the Legislative Assembly and, if the Speaker of the Legislative Assembly is not a member of the Legislative Assembly, the Speaker.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Notification of eligibility 3. The Administrator shall notify a member or a Speaker of his participation in the defined contribution part of the Plan when that member or Speaker first becomes a defined contribution participant pursuant to the Law and the accounts specified in regulation 6 are established on his behalf.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"No transfers to defined benefit part 4. A participant shall not be permitted to transfer from the defined contribution part of the Plan to the defined benefit part of the Plan. 5. Forms 5. The Board may prescribe various standard forms to be used for communication purposes and for such other purposes of these regulations as the Board deems appropriate. Accounts\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Maintenance of accounts 6. (1) The Administrator shall maintain on the books of the Fund for each active, deferred vested and retired participant and for any beneficiary of a deceased participant, for so long as the Plan maintains an obligation to pay to or on behalf of the participant or beneficiary a benefit under these regulations \u2014 (a) a participant contribution account; (b) an employer contribution account; and Regulation 7 SL 47 of 2009 (c) such other accounts and sub-accounts which the Administrator may deem appropriate. (2) The Administrator shall make adjustments to the account balances of a participant\u2019s accounts at such times and in such manner as prescribed by these regulations.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Participant contribution account- credits 7. On each account adjustment date specified in regulation 11, the Administrator shall credit the participant contribution account of each participant with an amount equal to the sum of \u2014 (a) the aggregate amount of participant contributions deducted from his pensionable earnings and paid into the Fund since the last account adjustment date; (b) the amount, if any, transferred to the Fund on behalf of the participant from an approved plan pursuant to regulation 12 since the last account adjustment date; and (c) for account adjustment dates falling on or prior to a participant\u2019s benefit commencement date, the interest attributable to his participant contribution account since the last account adjustment date determined by applying the credited rate of return for the period ending on the account adjustment date to \u2014 (i) the participant contribution account balance on the prior account adjustment date; and (ii) each contribution and distribution credited to or debited from such account since the last account adjustment date, taking into account the date each such contribution and distribution was paid into or out of the Fund.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Employer contribution account-credits 8. On each account adjustment date specified in regulation 11, the Administrator shall credit the employer contribution account of each participant with an amount equal to the sum of \u2014 (a) the employer matching contributions allocated to such participant\u2019s employer contribution account pursuant to regulation 13(2) since the last account adjustment date; and (b) for account adjustment dates falling on or prior to a participant\u2019s benefit commencement date, the interest attributable to the participant\u2019s employer contribution account since the last account adjustment date determined by applying the credited rate of return for the period ending on the account adjustment date to \u2014 Regulation 9 SL 47 of 2009 (i) the employer contribution account balance on the prior account adjustment date; and (ii) each contribution and distribution credited to or debited from such account since the last account adjustment date taking into account the date each such contribution and distribution was paid into or out of the Fund.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Account adjustments- debits 9. On each account adjustment date specified in regulation 11, the Administrator shall debit an amount equal to the sum of all distributions made to, by, or on behalf of, a participant since the last account adjustment date firstly, against his participant contribution account balance until such account balance is exhausted; and after his participant contribution account balance is exhausted, any distributions that remain to be debited shall be debited against his employer contribution account balance until that account balance is exhausted.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Beneficiary accounts 10. The account adjustments specified in regulation 9 in respect of a participant\u2019s accounts shall be made to the accounts, if any, of the surviving spouse, children, designated beneficiary or estate of a deceased participant on each applicable account adjustment date specified in regulation 11 until the balance of such accounts has been fully distributed in accordance with these regulations.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Account adjustment date 11. The Administrator shall make the account adjustments specified in regulations 7, 8, 9, and 10 to the account balances of a participant or beneficiary as at \u2014 (a) 31st December, 2004 and the last day of each calendar year thereafter that an account balance continues to be maintained on behalf of a participant or beneficiary; (b) the date of retirement, resignation or death of a participant; (c) the benefit commencement date of a participant or beneficiary; and (d) such other date or dates which the Administrator, in his discretion, considers necessary or appropriate. 12. Transfer of assets into the Fund from an approved plan 12. An active defined contribution participant may elect at any time to have any assets which are or were held in an approved plan on his behalf transferred to the Fund and credited to his participant contribution account. Regulation 13 SL 47 of 2009 Employer Contributions 13. Employer matching contributions 13. (1) The Government shall contribute to the Fund on behalf of each active defined contribution participant the amount specified by the latest actuarial report, which amount shall not be less than the amount a participant is required to contribute to the Fund for the same period of service. (2) Out of the amount contributed by the Government to the Fund on behalf of an active defined contribution participant pursuant to paragraph (1), the Administrator shall allocate to the participant\u2019s employer contribution account an employer matching contribution equal in amount to his participant contributions which were credited to his participant contribution account pursuant to regulation 7(a) for the period for which the employer contribution relates. Retirement Benefits\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_14\", \"num\": \"14.\", \"text\": \"Accrued benefit payable upon retirement 14. Upon retirement at any time after attaining early retirement age, an active defined contribution participant shall be entitled to receive his accrued benefit determined on his benefit commencement date, which shall not be later than his normal retirement age, and distributed in accordance with regulation 22.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_15\", \"num\": \"15.\", \"text\": \"Methods of benefit payment 15. (1) The normal form of payment of the accrued benefit of a participant shall be \u2014 (a) in the case of an unmarried participant, an annuity for the life of the participant paid by equal monthly payments (subject to annual adjustments for inflation pursuant to section 24 of the Law); or (b) in the case of a married participant, a fifty per cent joint and survivor annuity paid by equal monthly payments (subject to annual adjustments for inflation pursuant to section 24 of the Law). (2) In lieu of the pensions specified in paragraph (1), a participant may elect any one of the following optional forms of payment of his accrued benefit \u2014 (a) in the case of an unmarried participant an annuity consisting of equal monthly payments (adjusted annually for inflation pursuant to section 24 of the Law) for the life of the participant, but if the participant should die prior to receiving a total of one hundred and twenty monthly payments, the participant\u2019s designated beneficiary shall receive an immediate lump sum cash payment upon such death equal to the product of the deceased participant\u2019s monthly payment at the time of death times the number of Regulation 16 SL 47 of 2009 monthly payments which remain to be made to reach one hundred and twenty total payments; and (b) in the case of a married participant, subject to the written consent of his spouse to such election \u2014 (i) the annuity specified in paragraph (1)(a); or (ii) the annuity specified in paragraph (2)(a). (3) In addition to any other optional form of payment specified in this regulation, a participant may elect to receive up to twenty-five per cent of his accrued benefit in the form of an immediate lump sum cash payment, subject to the written consent of the spouse in the case of a married participant, and to receive the balance of his accrued benefit in any of the other forms applicable to such participant, as set out in this regulation. (4) The amount of benefit payable under each of the payment options specified in this regulation shall be determined by reference to Plan actuarial tables based on a defined contribution participant\u2019s account balances valued on his benefit commencement date and taking into consideration the age of the participant at the time of retirement (and, in the case of a fifty per cent joint and survivor annuity, the age of the participant\u2019s spouse).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_16\", \"num\": \"16.\", \"text\": \"Method of election 16. (1) Upon the request of a participant, or at least three months prior to such participant\u2019s normal retirement date, the Administrator shall provide the participant with a form of Application for Retirement (including commutation and optional form of benefit elections). (2) In order to elect an optional form of benefit, a participant shall complete the application indicating his election, sign the application (and, if applicable, have his spouse sign the consent to such election) and return it to the Administrator not later than one month prior to his benefit commencement date.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_17\", \"num\": \"17.\", \"text\": \"Disability retirement 17. (1) An active defined contribution participant who becomes permanently disabled shall be eligible to retire with an immediate pension, effective on the date of his permanent disability, provided such permanent disability is certified by the Chief Medical Officer, and shall be entitled to receive \u2014 (a) his accrued benefit determined on his benefit commencement date distributed in accordance with these regulations; and (b) an amount equal to the excess, if any, of twelve times such participant\u2019s final average pensionable earnings determined on the date of his retirement over the actuarially equivalent present value of the participant\u2019s accrued benefit, payable to the participant as a lump sum. Regulation 18 SL 47 of 2009 (2) Where a participant to whom a pension is being provided under this regulation (or to whom a pension on medical grounds was granted under the prior law) is found by the Chief Medical Officer to be no longer disabled or resumes his duties as a member or as Speaker, the payment of his pension shall be suspended until the attainment of early retirement age. (3) A participant whose pension is suspended pursuant to paragraph (2) shall resume active participation in the defined contribution part on the date of his resumption of duty. (4) For the purposes of paragraph (3), a participant\u2019s account balance shall, as of the date of the suspension of pension, be re-established, based on the account balance prior to receiving any benefit and debited with actual benefits paid and credited with interest for the period during which payments were made.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_18\", \"num\": \"18.\", \"text\": \"Disability benefit 18. (1) A pension payable to a participant under regulation 17 shall be determined in the same manner as if the participant had retired in accordance with regulation 14. (2) If an active defined contribution participant is permanently disabled due to injuries incurred \u2014 (a) whilst in the actual discharge of his duty; and (b) without his own default, and as a result of those injuries he is eligible for disability retirement under regulation 17 and retires under that regulation, he shall be provided with an additional pension which shall be equal in amount to one-third of his final average pensionable earnings, determined as at his disability retirement date.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_19\", \"num\": \"19.\", \"text\": \"Vesting 19. The accrued benefit of a participant shall at all times be fully vested and shall not be subject to forfeiture for any reason.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_20\", \"num\": \"20.\", \"text\": \"Resignation from Service prior to retirement 20. (1) An active defined contribution participant who resigns prior to becoming eligible for retirement under section 26 of the Law may, at any time after his resignation date, elect either to leave his accrued benefit in the Fund until he becomes eligible for retirement (in which case such participant\u2019s accounts will continue to be credited with interest prescribed by regulations) or to have the Board transfer to an approved plan an amount equal to the sum of \u2014 (a) the participant\u2019s participant contribution account balance; and (b) the participant\u2019s employer contribution account balance, subject to the limitations prescribed in paragraph (2). Regulation 21 SL 47 of 2009 (2) Notwithstanding paragraph (1)(b), the maximum amount that may be transferred by a participant to an approved plan pursuant to paragraph (1) shall be prescribed from time to time by the Board; and \u2014 (a) if the amount determined under paragraph (1) in the aggregate exceeds the permissible maximum by more than five thousand dollars, the excess of the amount determined under paragraph (1) shall remain in the Fund in the participant\u2019s employer contribution account and the participant shall have the rights of a deferred vested participant with respect to the account balance; and (b) if the excess amount does not exceed five thousand dollars, the amount determined under paragraph (1) shall be transferred to the approved plan. (3) Notwithstanding paragraph (2), the Board may further limit the amount, if any, in excess of the amount determined under paragraph (1)(a) that may be transferred to an approved plan if it considers such limitation necessary or advisable to avoid depletion of the Fund\u2019s assets. (4) A former defined contribution participant who does not make the election specified in paragraph (1) shall be deemed to have elected to leave his accrued benefit in the Fund until he becomes eligible for retirement (in which case such participant\u2019s accounts will continue to earn interest credited in accordance with regulations). 21. Distribution of participant contribution account balance 21. (1) The aggregate amount of benefit payments under these regulations made to or on behalf of any participant or beneficiary of a participant shall not be less than an amount equal to the participant contribution account balance of the participant at the time of the first to occur of retirement or death. (2) In the event that the total amount of benefits paid to or on behalf of a participant is less than the participant contribution account balance on the date of the participant\u2019s death, the remaining balance shall be paid in cash to the participant\u2019s or beneficiary\u2019s estate. 22. Forms of benefit and methods of payment 22. Except as otherwise specifically provided in these regulations, the accrued benefits payable to or on behalf of a retired, deferred vested or deceased participant under these regulations shall be paid in accordance with the forms of benefit and methods of payment as elected by such participant pursuant to these regulations. Regulation 23 SL 47 of 2009 Death Benefits\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_23\", \"num\": \"23.\", \"text\": \"Pension payable to surviving spouse and children 23. Upon the death of an active defined contribution participant there shall be paid to the participant\u2019s surviving spouse and children, if any, a pension determined in accordance with these regulations. 24. Pension payable to surviving spouse and children of active or deferred vested participants 24. (1) Upon the death of a participant prior to commencement of his benefits, there shall be paid to the participant\u2019s surviving spouse and children, if any, a pension in accordance with the provisions of this regulation. (2) Where the participant dies leaving a spouse but no children, the surviving spouse is entitled to a pension payable in the form of an annuity equal in value to such participant\u2019s account balances as at the date of such participant\u2019s death. (3) Where the participant dies leaving a spouse and children \u2014 (a) the surviving spouse is entitled to one-half of the pension specified in paragraph (2); and (b) one-half of the participant\u2019s account balances on the date of the participant\u2019s death shall be divided equally among the children and paid to the children in a single lump sum cash payment. (4) Notwithstanding paragraph (3), where at the time of a participant\u2019s death, the Administrator is in receipt of either \u2014 (a) an election by the participant to which the participant\u2019s spouse has consented in writing; or (b) a court order, directing that upon the participant\u2019s death the Administrator shall pay the surviving spouse\u2019s pension to the children, then the pension otherwise payable to the participant\u2019s surviving spouse, if any, shall be divided equally among the children and paid to the children in a single lump sum cash payment; and the pension shall be paid in addition to any other benefit otherwise payable to the children pursuant to this regulation. (5) Where the participant dies leaving children, but no surviving spouse, the deceased participant\u2019s account balances on the date of the participant\u2019s death shall be divided equally among the children and paid to the children in a single lump sum cash payment. (6) Where the participant dies leaving no spouse and no children, the full value of the deceased participant\u2019s account balances shall be paid in a single lump sum Regulation 25 SL 47 of 2009 to the participant\u2019s designated beneficiary, and if such designated beneficiary predeceases the participant, to the participant\u2019s estate. (7) This regulation shall apply to a beneficiary only if application of this regulation would result in a greater pension payable to the beneficiary than would be payable under regulation 25 and no pension shall be paid under regulation 25 to the legal representatives, surviving spouse or children to whom, after application of this paragraph, a pension is payable pursuant to this regulation.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_25\", \"num\": \"25.\", \"text\": \"Pensions to beneficiaries where a participant is killed on duty 25. Where an active defined contribution participant dies while still a member or a Speaker, as a result of injuries received \u2014 (a) whilst in the actual discharge of his duty; and (b) without his own fault, there shall be paid to the participant\u2019s beneficiaries, if any, a pension determined in accordance with regulation 27.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_26\", \"num\": \"26.\", \"text\": \"In-service death benefit 26. If an active defined contribution participant dies, upon his death there shall be paid to the deceased participant\u2019s designated beneficiary an amount equal to the excess, if any, of twelve times the participant\u2019s final average pensionable earnings determined on the date of his death over the actuarially equivalent present value determined by reference to Plan actuarial tables of the benefits, if any, payable to the participant\u2019s beneficiaries in accordance with regulation 24.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_27\", \"num\": \"27.\", \"text\": \"Determination of pension for purposes of regulation 25 27. (1) Where an active defined contribution participant dies in the circumstances mentioned in regulation 25, the pension payable shall be determined in accordance with this regulation. (2) Where the deceased participant dies leaving a spouse, a monthly pension shall be paid to the surviving spouse at a rate not exceeding fifteen-sixtieths of the participant\u2019s final average pensionable earnings on the date of injury. (3) Where the deceased participant dies leaving a spouse to whom a pension is provided pursuant to paragraph (2) and six children or less, a monthly pension shall be paid to each child, until the date specified in section 23 of the Law for cessation of children\u2019s pensions, at a rate not exceeding one-sixth of the pension, prior to commutation, provided to the surviving spouse under paragraph (2). (4) Where the deceased participant dies leaving six children or less, but does not leave a surviving spouse, a monthly pension shall be paid to each child, until Regulation 28 SL 47 of 2009 the date specified in section 23 of the Law for cessation of children\u2019s pensions, at a rate of twice the amount specified in paragraph (3). (5) Where the deceased participant dies leaving six children or less and a surviving spouse to whom a pension is provided pursuant to paragraph (2) and the surviving spouse subsequently dies, the monthly pension in respect of each child shall be increased on the date of death of the surviving spouse to twice the amount specified in paragraph (3). (6) Where the deceased participant dies leaving more than six children, the aggregate amount of pension payments that would be payable to six children pursuant to paragraph (3), (4) or (5), as the case may be, shall be divided equally among all the children during the period in which there are more than six children who are entitled to receive a pension under this regulation. (7) Where the deceased participant dies without leaving a surviving spouse and without leaving any children, and if the deceased participant\u2019s mother or father or both parents were wholly or mainly dependent on him for financial support and have no other means of financial support, as determined by the Administrator, a monthly pension shall be paid to the mother or father or both, while without adequate means of support at a rate not exceeding one-sixth of the deceased participant\u2019s final average pensionable earnings as at the date of injury. (8) A pension provided under paragraph (7) shall cease on the written instructions of the Administrator if it appears to the Administrator that the mother or father or both parents are receiving adequate financial support by other means. (9) An active defined contribution participant who dies as a result of injuries received while travelling in pursuance of official instruction shall be deemed to have died in the circumstances detailed in paragraph (1). (10) This regulation shall not apply in the case of the death of any active defined contribution participant if his beneficiaries, as defined in the Workmen\u2019s Compensation Law (1996 Revision), are entitled to compensation under that law if no pension is paid under this regulation.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_28\", \"num\": \"28.\", \"text\": \"Payment of pensions to surviving spouse 28. A surviving spouse to whom a pension is payable under regulation 24 or 25 may elect prior to his benefit commencement date to be paid in lieu of the pension \u2014 (a) a reduced pension at a rate of not less than three-fourths of the pension; and (b) an immediate lump sum cash payment equal in amount to the present value, determined with reference to Plan actuarial tables, of the difference between the pension and the reduced pension specified in paragraph (a). Regulation 29 SL 47 of 2009\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_29\", \"num\": \"29.\", \"text\": \"Payment of pensions to surviving children 29. Upon written notice received by the Administrator of the possibility of the birth of a posthumous child of a deceased participant, the Administrator shall delay payment of any pension payable to a child pursuant to regulation 24 or 25 for up to ten months after the participant\u2019s death in order to determine whether there are any posthumous children of the participant who are entitled to a pension under such regulation.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_30\", \"num\": \"30.\", \"text\": \"Commencement of benefits 30. The Administrator shall commence the payment of due benefits (including lump sum cash payments) \u2014 (a) in the case of a retired participant, at the end of the month following retirement; (b) in the case of a deferred vested participant who has yet to receive a full distribution of his account balances, at the end of the month following his attainment of normal retirement age; and (c) in the case of a beneficiary, at the end of the month following the participant\u2019s death, except as provided in regulation 29.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_31\", \"num\": \"31.\", \"text\": \"Death after benefit commencement date 31. Upon the death of a retired participant after the participant\u2019s benefit commencement date, the designated beneficiary of the participant shall be entitled to receive such benefit as is provided under the distribution form elected by the participant pursuant to regulation 22.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_32\", \"num\": \"32.\", \"text\": \"Benefit paid to estate if no surviving designated beneficiaries 32. If a deceased participant has failed to designate a beneficiary, or if his designated beneficiary has predeceased him, the amount payable under regulation 26 and 31 shall be paid to the participant\u2019s estate.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_33\", \"num\": \"33.\", \"text\": \"Benefit paid to beneficiary if no surviving spouse or children 33. If a deceased participant dies with no spouse and no children surviving him, the amount payable under regulation 24 shall be paid in a single lump sum to the participant\u2019s designated beneficiary, or if his designated beneficiary has predeceased him, the amount shall be paid in a single lump sum to his estate.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_34\", \"num\": \"34.\", \"text\": \"Cash out of small benefits 34. Notwithstanding any provision of the Law or these regulations to the contrary, if the present value of a participant\u2019s accrued benefit determined by reference to Plan actuarial tables \u2014 (a) on such participant\u2019s benefit commencement date; Regulation 35 SL 47 of 2009 (b) on the participant\u2019s date of death in the event that the participant died while in active service; or (c) on the participant\u2019s date of death in the event that the participant dies whilst in active service is less than five thousand dollars, the Board, in its discretion, may direct the Administrator to distribute the benefit to the participant, or the participant\u2019s beneficiaries if the participant is deceased, in a single lump sum cash payment payable on the participant\u2019s or beneficiaries\u2019 benefit commencement date. 35. Payments under Plan conditioned on periodic certification 35. (1) As a condition to the commencement and continued payment of pensions to or on behalf of a participant under the Plan, the Administrator shall require each person who is or will be in receipt of pension payments to submit prior to the recipient\u2019s benefit commencement date and on each anniversary thereafter (and at such other times as may be prescribed by the Administrator in his discretion) a signed certificate in the form and manner prescribed by the Board that such person is the participant or beneficiary who is authorised under the Plan to receive such pension payments. (2) The signature on a certificate shall be witnessed by a Justice of the Peace, a notary public, a minister of religion, an attorney licensed to practise law in the Islands, a member of the Legislative Assembly or the Administrator. (3) If the certificate specified in paragraph (1) is not received by the date prescribed, or if a certificate is not in the proper form or is otherwise defective, or if the Administrator has reasonable grounds to question its authenticity, the pension payments shall be suspended until the Administrator is in receipt of a proper certificate or is satisfied that such person is the appropriate recipient of the payments. Regulation 35 SL 47 of 2009 Made in Cabinet the 17th day of November, 2009. Kim Bullings Clerk of the Cabinet Approved in the Legislative Assembly on the 18th day of November, 2009, in accordance with section 27 of the Parliamentary Pensions Law, 2004. Zena Merren-Chin Clerk of the Legislative Assembly.\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": \"e_commence_2009_01_01\", \"date\": \"2009-01-01\", \"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_2009_01_01\", 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\"FRBRlanguage\": \"eng\"}, \"FRBRManifestation\": {\"FRBRuri\": \"\/akn\/ky\/act\/sl\/2009\/47\/eng@2009-01-01.xml\", \"FRBRdate\": [{\"date\": \"2026-06-22\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/sl\/2009\/47\/eng@2009-01-01.xml\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"Parliamentary Pensions (Defined Contribution Plan) Regulations\", \"actNumber\": \"47 of 2009\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"CAYMAN ISLANDS\n\nParliamentary Pensions Law\nPARLIAMENTARY PENSIONS (DEFINED\nCONTRIBUTION PLAN) REGULATIONS,\n2009\n\n(SL 47 of 2009)\nSupplement No.3 published with Gazette No. 86    dated 4 December, 2009.\n\nPage 2\nSL 47 of 2009\nc\n\nPUBLISHING DETAILS\n\nParliamentary Pensions (Defined Contribution Plan) Regulations, 2009\nArrangement of Regulations\n\nc\nSL 47 of 2009\nPage 3\n\nCAYMAN ISLANDS\n\nParliamentary Pensions Law\nPARLIAMENTARY PENSIONS (DEFINED\nCONTRIBUTION PLAN) REGULATIONS, 2009\n(SL 47 of 2009)\nArrangement of Regulations\nRegulation\nPage\n1.\nCitation and commencement .....................................................................................................5\n2.\nDefinitions ..................................................................................................................................5\n3.\nNotification of eligibility...............................................................................................................6\n4.\nNo transfers to defined benefit part ............................................................................................6\n5.\nForms ........................................................................................................................................6\nAccounts\n6\n6.\nMaintenance of accounts ...........................................................................................................6\n7.\nParticipant contribution account- credits .....................................................................................7\n8.\nEmployer contribution account-credits .......................................................................................7\n9.\nAccount adjustments- debits ......................................................................................................8\n10.\nBeneficiary accounts ..................................................................................................................8\n11.\nAccount adjustment date ...........................................................................................................8\n12.\nTransfer of assets into the Fund from an approved plan ............................................................8\nEmployer Contributions\n9\n13.\nEmployer matching contributions ...............................................................................................9\nRetirement Benefits\n9\n14.\nAccrued benefit payable upon retirement ...................................................................................9\n15.\nMethods of benefit payment .......................................................................................................9\n16.\nMethod of election ................................................................................................................... 10\n17.\nDisability retirement ................................................................................................................. 10\n18.\nDisability benefit ...................................................................................................................... 11\n19.\nVesting .................................................................................................................................... 11\n20.\nResignation from Service prior to retirement ............................................................................ 11\n21.\nDistribution of participant contribution account balance ............................................................ 12\n\nArrangement of Regulations\nParliamentary Pensions (Defined Contribution Plan) Regulations, 2009\n\nPage 4\nSL 47 of 2009\nc\n\n22.\nForms of benefit and methods of payment ............................................................................... 12\nDeath Benefits\n13\n23.\nPension payable to surviving spouse and children ................................................................... 13\n24.\nPension payable to surviving spouse and children of active or deferred vested\nparticipants .............................................................................................................................. 13\n25.\nPensions to beneficiaries where a participant is killed on duty ................................................. 14\n26.\nIn-service death benefit ........................................................................................................... 14\n27.\nDetermination of pension for purposes of regulation 25 ........................................................... 14\n28.\nPayment of pensions to surviving spouse ................................................................................ 15\n29.\nPayment of pensions to surviving children ............................................................................... 16\n30.\nCommencement of benefits ..................................................................................................... 16\n31.\nDeath after benefit commencement date ................................................................................. 16\n32.\nBenefit paid to estate if no surviving designated beneficiaries .................................................. 16\n33.\nBenefit paid to beneficiary if no surviving spouse or children ................................................... 16\n34.\nCash out of small benefits ........................................................................................................ 16\n35.\nPayments under Plan conditioned on periodic certification ....................................................... 17\n\nParliamentary Pensions (Defined Contribution Plan) Regulations, 2009\nRegulation 1\n\nc\nSL 47 of 2009\nPage 5\n\nCAYMAN ISLANDS\n\nParliamentary Pensions Law\nPARLIAMENTARY PENSIONS (DEFINED\nCONTRIBUTION PLAN) REGULATIONS, 2009\n(SL 47 of 2009)\nIn accordance with the powers conferred by sections 27 and 42 of the Parliamentary\nPensions Law, 2004 the Governor in Cabinet makes the following Regulations \u2014\n1.\nCitation and commencement\n1.\n(1) These Regulations may be cited as the Parliamentary Pensions (Defined\nContribution Plan) Regulations, 2009.\n(2) These Regulations are deemed to have come into operation on 23rd\nAugust, 2004.\n2.\nDefinitions\n2.\nIn these Regulations \u2014\n\u201caccrued benefit\u201d means the sum of the balances in a participant\u2019s accounts\non the date of determination;\n\u201cactive defined contribution participant\u201d means a defined contribution\nparticipant contributing to the Fund for benefits covered under the Law or\nthese regulations;\n\u201cAdministrator\u201d means the employee of the Board responsible for\nmanagement of the Plan;\n\u201capproved plan\u201d means any plan registered with the Superintendent of\nPensions within the Islands;\n\nRegulation 3\nParliamentary Pensions (Defined Contribution Plan) Regulations, 2009\n\nPage 6\nSL 47 of 2009\nc\n\n\u201cBoard\u201d means the Public Service Pensions Board established by section 5 of\nthe Public Service Pensions Law (2004 Revision);\n\u201cfifty per cent joint and survivor annuity\u201d means a reduced annuity\n(determined by reference to Plan actuarial tables) for the life of the participant,\nfollowed, upon the participant\u2019s death, by an annuity for the life of the\nparticipant\u2019s spouse to whom the participant was married on the participant\u2019s\nbenefit commencement date equal to fifty per cent of the reduced annuity that\nwould have been payable to the participant had the participant been alive;\n\u201cLaw\u201d means the Parliamentary Pensions Law, 2004;\n\u201cmarried participant\u201d means a participant who is legally married on the\nparticipant\u2019s benefit commencement date or on the date of the participant\u2019s\ndeath;\n\u201cnormal retirement age\u201d means age 55; and\n\u201cparticipant\u201d means an elected member of the Legislative Assembly and, if\nthe Speaker of the Legislative Assembly is not a member of the Legislative\nAssembly, the Speaker.\n3.\nNotification of eligibility\n3.\nThe Administrator shall notify a member or a Speaker of his participation in the\ndefined contribution part of the Plan when that member or Speaker first becomes a\ndefined contribution participant pursuant to the Law and the accounts specified in\nregulation 6 are established on his behalf.\n4.\nNo transfers to defined benefit part\n4.\nA participant shall not be permitted to transfer from the defined contribution part of\nthe Plan to the defined benefit part of the Plan.\n5.\nForms\n5.\nThe Board may prescribe various standard forms to be used for communication\npurposes and for such other purposes of these regulations as the Board deems\nappropriate.\nAccounts\n6.\nMaintenance of accounts\n6.\n(1) The Administrator shall maintain on the books of the Fund for each active,\ndeferred vested and retired participant and for any beneficiary of a deceased\nparticipant, for so long as the Plan maintains an obligation to pay to or on\nbehalf of the participant or beneficiary a benefit under these regulations \u2014\n(a)\na participant contribution account;\n(b) an employer contribution account; and\n\nParliamentary Pensions (Defined Contribution Plan) Regulations, 2009\nRegulation 7\n\nc\nSL 47 of 2009\nPage 7\n\n(c)\nsuch other accounts and sub-accounts which the Administrator may deem\nappropriate.\n(2) The Administrator shall make adjustments to the account balances of a\nparticipant\u2019s accounts at such times and in such manner as prescribed by these\nregulations.\n7.\nParticipant contribution account- credits\n7.\nOn each account adjustment date specified in regulation 11, the Administrator shall\ncredit the participant contribution account of each participant with an amount equal\nto the sum of \u2014\n(a)\nthe aggregate amount of participant contributions deducted from his\npensionable earnings and paid into the Fund since the last account\nadjustment date;\n(b) the amount, if any, transferred to the Fund on behalf of the participant\nfrom an approved plan pursuant to regulation 12 since the last account\nadjustment date; and\n(c)\nfor account adjustment dates falling on or prior to a participant\u2019s benefit\ncommencement date, the interest attributable to his participant\ncontribution account since the last account adjustment date determined\nby applying the credited rate of return for the period ending on the\naccount adjustment date to \u2014\n(i)\nthe participant contribution account balance on the prior account\nadjustment date; and\n(ii) each contribution and distribution credited to or debited from such\naccount since the last account adjustment date, taking into account\nthe date each such contribution and distribution was paid into or out\nof the Fund.\n8.\nEmployer contribution account-credits\n8.\nOn each account adjustment date specified in regulation 11, the Administrator shall\ncredit the employer contribution account of each participant with an amount equal\nto the sum of \u2014\n(a)\nthe employer matching contributions allocated to such participant\u2019s\nemployer contribution account pursuant to regulation 13(2) since the last\naccount adjustment date; and\n(b) for account adjustment dates falling on or prior to a participant\u2019s benefit\ncommencement date, the interest attributable to the participant\u2019s\nemployer contribution account since the last account adjustment date\ndetermined by applying the credited rate of return for the period ending\non the account adjustment date to \u2014\n\nRegulation 9\nParliamentary Pensions (Defined Contribution Plan) Regulations, 2009\n\nPage 8\nSL 47 of 2009\nc\n\n(i)\nthe employer contribution account balance on the prior account\nadjustment date; and\n(ii) each contribution and distribution credited to or debited from such\naccount since the last account adjustment date taking into account\nthe date each such contribution and distribution was paid into or out\nof the Fund.\n9.\nAccount adjustments- debits\n9.\nOn each account adjustment date specified in regulation 11, the Administrator shall\ndebit an amount equal to the sum of all distributions made to, by, or on behalf of, a\nparticipant since the last account adjustment date firstly, against his participant\ncontribution account balance until such account balance is exhausted; and after his\nparticipant contribution account balance is exhausted, any distributions that remain\nto be debited shall be debited against his employer contribution account balance\nuntil that account balance is exhausted.\n10.\nBeneficiary accounts\n10. The account adjustments specified in regulation 9 in respect of a participant\u2019s\naccounts shall be made to the accounts, if any, of the surviving spouse, children,\ndesignated beneficiary or estate of a deceased participant on each applicable\naccount adjustment date specified in regulation 11 until the balance of such\naccounts has been fully distributed in accordance with these regulations.\n11.\nAccount adjustment date\n11. The\nAdministrator\nshall\nmake\nthe\naccount\nadjustments\nspecified\nin\nregulations 7, 8, 9, and 10 to the account balances of a participant or beneficiary\nas at \u2014\n(a)\n31st December, 2004 and the last day of each calendar year thereafter\nthat an account balance continues to be maintained on behalf of a\nparticipant or beneficiary;\n(b) the date of retirement, resignation or death of a participant;\n(c)\nthe benefit commencement date of a participant or beneficiary; and\n(d) such other date or dates which the Administrator, in his discretion,\nconsiders necessary or appropriate.\n12.\nTransfer of assets into the Fund from an approved plan\n12. An active defined contribution participant may elect at any time to have any assets\nwhich are or were held in an approved plan on his behalf transferred to the Fund and\ncredited to his participant contribution account.\n\nParliamentary Pensions (Defined Contribution Plan) Regulations, 2009\nRegulation 13\n\nc\nSL 47 of 2009\nPage 9\n\nEmployer Contributions\n13.\nEmployer matching contributions\n13. (1) The Government shall contribute to the Fund on behalf of each active defined\ncontribution participant the amount specified by the latest actuarial report,\nwhich amount shall not be less than the amount a participant is required to\ncontribute to the Fund for the same period of service.\n(2) Out of the amount contributed by the Government to the Fund on behalf of an\nactive defined contribution participant pursuant to paragraph (1), the\nAdministrator shall allocate to the participant\u2019s employer contribution account\nan employer matching contribution equal in amount to his participant\ncontributions which were credited to his participant contribution account\npursuant to regulation 7(a) for the period for which the employer contribution\nrelates.\nRetirement Benefits\n14.\nAccrued benefit payable upon retirement\n14. Upon retirement at any time after attaining early retirement age, an active defined\ncontribution participant shall be entitled to receive his accrued benefit determined\non his benefit commencement date, which shall not be later than his normal\nretirement age, and distributed in accordance with regulation 22.\n15.\nMethods of benefit payment\n15. (1) The normal form of payment of the accrued benefit of a participant shall be \u2014\n(a)\nin the case of an unmarried participant, an annuity for the life of the\nparticipant paid by equal monthly payments (subject to annual\nadjustments for inflation pursuant to section 24 of the Law); or\n(b) in the case of a married participant, a fifty per cent joint and survivor\nannuity paid by equal monthly payments (subject to annual adjustments\nfor inflation pursuant to section 24 of the Law).\n(2) In lieu of the pensions specified in paragraph (1), a participant may elect any\none of the following optional forms of payment of his accrued benefit \u2014\n(a)\nin the case of an unmarried participant an annuity consisting of equal\nmonthly payments (adjusted annually for inflation pursuant to section 24\nof the Law) for the life of the participant, but if the participant should die\nprior to receiving a total of one hundred and twenty monthly payments,\nthe participant\u2019s designated beneficiary shall receive an immediate lump\nsum cash payment upon such death equal to the product of the deceased\nparticipant\u2019s monthly payment at the time of death times the number of\n\nRegulation 16\nParliamentary Pensions (Defined Contribution Plan) Regulations, 2009\n\nPage 10\nSL 47 of 2009\nc\n\nmonthly payments which remain to be made to reach one hundred and\ntwenty total payments; and\n(b) in the case of a married participant, subject to the written consent of his\nspouse to such election \u2014\n(i)\nthe annuity specified in paragraph (1)(a); or\n(ii) the annuity specified in paragraph (2)(a).\n(3) In addition to any other optional form of payment specified in this regulation,\na participant may elect to receive up to twenty-five per cent of his accrued\nbenefit in the form of an immediate lump sum cash payment, subject to the\nwritten consent of the spouse in the case of a married participant, and to\nreceive the balance of his accrued benefit in any of the other forms applicable\nto such participant, as set out in this regulation.\n(4) The amount of benefit payable under each of the payment options specified in\nthis regulation shall be determined by reference to Plan actuarial tables based\non a defined contribution participant\u2019s account balances valued on his benefit\ncommencement date and taking into consideration the age of the participant at\nthe time of retirement (and, in the case of a fifty per cent joint and survivor\nannuity, the age of the participant\u2019s spouse).\n16.\nMethod of election\n16. (1) Upon the request of a participant, or at least three months prior to such\nparticipant\u2019s normal retirement date, the Administrator shall provide the\nparticipant with a form of Application for Retirement (including commutation\nand optional form of benefit elections).\n(2) In order to elect an optional form of benefit, a participant shall complete the\napplication indicating his election, sign the application (and, if applicable,\nhave his spouse sign the consent to such election) and return it to the\nAdministrator\nnot\nlater\nthan\none\nmonth\nprior\nto\nhis\nbenefit\ncommencement date.\n17.\nDisability retirement\n17. (1) An active defined contribution participant who becomes permanently disabled\nshall be eligible to retire with an immediate pension, effective on the date of\nhis permanent disability, provided such permanent disability is certified by the\nChief Medical Officer, and shall be entitled to receive \u2014\n(a)\nhis accrued benefit determined on his benefit commencement date\ndistributed in accordance with these regulations; and\n(b) an amount equal to the excess, if any, of twelve times such participant\u2019s\nfinal average pensionable earnings determined on the date of his\nretirement over the actuarially equivalent present value of the\nparticipant\u2019s accrued benefit, payable to the participant as a lump sum.\n\nParliamentary Pensions (Defined Contribution Plan) Regulations, 2009\nRegulation 18\n\nc\nSL 47 of 2009\nPage 11\n\n(2) Where a participant to whom a pension is being provided under this regulation\n(or to whom a pension on medical grounds was granted under the prior law) is\nfound by the Chief Medical Officer to be no longer disabled or resumes his\nduties as a member or as Speaker, the payment of his pension shall be\nsuspended until the attainment of early retirement age.\n(3) A participant whose pension is suspended pursuant to paragraph (2) shall\nresume active participation in the defined contribution part on the date of his\nresumption of duty.\n(4) For the purposes of paragraph (3), a participant\u2019s account balance shall, as of\nthe date of the suspension of pension, be re-established, based on the account\nbalance prior to receiving any benefit and debited with actual benefits paid and\ncredited with interest for the period during which payments were made.\n18.\nDisability benefit\n18. (1) A pension payable to a participant under regulation 17 shall be determined in\nthe same manner as if the participant had retired in accordance with\nregulation 14.\n(2) If an active defined contribution participant is permanently disabled due to\ninjuries incurred \u2014\n(a)\nwhilst in the actual discharge of his duty; and\n(b) without his own default,\nand as a result of those injuries he is eligible for disability retirement under\nregulation 17 and retires under that regulation, he shall be provided with an\nadditional pension which shall be equal in amount to one-third of his final\naverage pensionable earnings, determined as at his disability retirement date.\n19.\nVesting\n19. The accrued benefit of a participant shall at all times be fully vested and shall not be\nsubject to forfeiture for any reason.\n20.\nResignation from Service prior to retirement\n20. (1) An active defined contribution participant who resigns prior to becoming\neligible for retirement under section 26 of the Law may, at any time after his\nresignation date, elect either to leave his accrued benefit in the Fund until he\nbecomes eligible for retirement (in which case such participant\u2019s accounts will\ncontinue to be credited with interest prescribed by regulations) or to have the\nBoard transfer to an approved plan an amount equal to the sum of \u2014\n(a)\nthe participant\u2019s participant contribution account balance; and\n(b) the participant\u2019s employer contribution account balance, subject to the\nlimitations prescribed in paragraph (2).\n\nRegulation 21\nParliamentary Pensions (Defined Contribution Plan) Regulations, 2009\n\nPage 12\nSL 47 of 2009\nc\n\n(2) Notwithstanding paragraph (1)(b), the maximum amount that may be\ntransferred by a participant to an approved plan pursuant to paragraph (1) shall\nbe prescribed from time to time by the Board; and \u2014\n(a)\nif the amount determined under paragraph (1) in the aggregate exceeds\nthe permissible maximum by more than five thousand dollars, the excess\nof the amount determined under paragraph (1) shall remain in the Fund in\nthe participant\u2019s employer contribution account and the participant shall\nhave the rights of a deferred vested participant with respect to the\naccount balance; and\n(b) if the excess amount does not exceed five thousand dollars, the amount\ndetermined under paragraph (1) shall be transferred to the approved plan.\n(3) Notwithstanding paragraph (2), the Board may further limit the amount, if any,\nin excess of the amount determined under paragraph (1)(a) that may be\ntransferred to an approved plan if it considers such limitation necessary or\nadvisable to avoid depletion of the Fund\u2019s assets.\n(4) A former defined contribution participant who does not make the election\nspecified in paragraph (1) shall be deemed to have elected to leave his accrued\nbenefit in the Fund until he becomes eligible for retirement (in which case\nsuch participant\u2019s accounts will continue to earn interest credited in\naccordance with regulations).\n21.\nDistribution of participant contribution account balance\n21. (1) The aggregate amount of benefit payments under these regulations made to or\non behalf of any participant or beneficiary of a participant shall not be less\nthan an amount equal to the participant contribution account balance of the\nparticipant at the time of the first to occur of retirement or death.\n(2) In the event that the total amount of benefits paid to or on behalf of a\nparticipant is less than the participant contribution account balance on the date\nof the participant\u2019s death, the remaining balance shall be paid in cash to the\nparticipant\u2019s or beneficiary\u2019s estate.\n22.\nForms of benefit and methods of payment\n22. Except as otherwise specifically provided in these regulations, the accrued benefits\npayable to or on behalf of a retired, deferred vested or deceased participant under\nthese regulations shall be paid in accordance with the forms of benefit and methods\nof payment as elected by such participant pursuant to these regulations.\n\nParliamentary Pensions (Defined Contribution Plan) Regulations, 2009\nRegulation 23\n\nc\nSL 47 of 2009\nPage 13\n\nDeath Benefits\n23.\nPension payable to surviving spouse and children\n23. Upon the death of an active defined contribution participant there shall be paid to\nthe participant\u2019s surviving spouse and children, if any, a pension determined in\naccordance with these regulations.\n24.\nPension payable to surviving spouse and children of active or deferred\nvested participants\n24. (1) Upon the death of a participant prior to commencement of his benefits, there\nshall be paid to the participant\u2019s surviving spouse and children, if any, a\npension in accordance with the provisions of this regulation.\n(2) Where the participant dies leaving a spouse but no children, the surviving\nspouse is entitled to a pension payable in the form of an annuity equal in value\nto such participant\u2019s account balances as at the date of such participant\u2019s\ndeath.\n(3) Where the participant dies leaving a spouse and children \u2014\n(a)\nthe surviving spouse is entitled to one-half of the pension specified in\nparagraph (2); and\n(b) one-half of the participant\u2019s account balances on the date of the\nparticipant\u2019s death shall be divided equally among the children and paid\nto the children in a single lump sum cash payment.\n(4) Notwithstanding paragraph (3), where at the time of a participant\u2019s death, the\nAdministrator is in receipt of either \u2014\n(a)\nan election by the participant to which the participant\u2019s spouse has\nconsented in writing; or\n(b) a court order,\ndirecting that upon the participant\u2019s death the Administrator shall pay the\nsurviving spouse\u2019s pension to the children, then the pension otherwise payable\nto the participant\u2019s surviving spouse, if any, shall be divided equally among\nthe children and paid to the children in a single lump sum cash payment; and\nthe pension shall be paid in addition to any other benefit otherwise payable to\nthe children pursuant to this regulation.\n(5) Where the participant dies leaving children, but no surviving spouse, the\ndeceased participant\u2019s account balances on the date of the participant\u2019s death\nshall be divided equally among the children and paid to the children in a single\nlump sum cash payment.\n(6) Where the participant dies leaving no spouse and no children, the full value of\nthe deceased participant\u2019s account balances shall be paid in a single lump sum\n\nRegulation 25\nParliamentary Pensions (Defined Contribution Plan) Regulations, 2009\n\nPage 14\nSL 47 of 2009\nc\n\nto the participant\u2019s designated beneficiary, and if such designated beneficiary\npredeceases the participant, to the participant\u2019s estate.\n(7) This regulation shall apply to a beneficiary only if application of this\nregulation would result in a greater pension payable to the beneficiary than\nwould be payable under regulation 25 and no pension shall be paid under\nregulation 25 to the legal representatives, surviving spouse or children to\nwhom, after application of this paragraph, a pension is payable pursuant to this\nregulation.\n25.\nPensions to beneficiaries where a participant is killed on duty\n25. Where an active defined contribution participant dies while still a member or a\nSpeaker, as a result of injuries received \u2014\n(a)\nwhilst in the actual discharge of his duty; and\n(b) without his own fault,\nthere shall be paid to the participant\u2019s beneficiaries, if any, a pension\ndetermined in accordance with regulation 27.\n26.\nIn-service death benefit\n26. If an active defined contribution participant dies, upon his death there shall be paid\nto the deceased participant\u2019s designated beneficiary an amount equal to the excess,\nif any, of twelve times the participant\u2019s final average pensionable earnings\ndetermined on the date of his death over the actuarially equivalent present value\ndetermined by reference to Plan actuarial tables of the benefits, if any, payable to\nthe participant\u2019s beneficiaries in accordance with regulation 24.\n27.\nDetermination of pension for purposes of regulation 25\n27. (1) Where an active defined contribution participant dies in the circumstances\nmentioned in regulation 25, the pension payable shall be determined in\naccordance with this regulation.\n(2) Where the deceased participant dies leaving a spouse, a monthly pension shall\nbe paid to the surviving spouse at a rate not exceeding fifteen-sixtieths of the\nparticipant\u2019s final average pensionable earnings on the date of injury.\n(3) Where the deceased participant dies leaving a spouse to whom a pension is\nprovided pursuant to paragraph (2) and six children or less, a monthly pension\nshall be paid to each child, until the date specified in section 23 of the Law for\ncessation of children\u2019s pensions, at a rate not exceeding one-sixth of the\npension, prior to commutation, provided to the surviving spouse under\nparagraph (2).\n(4) Where the deceased participant dies leaving six children or less, but does not\nleave a surviving spouse, a monthly pension shall be paid to each child, until\n\nParliamentary Pensions (Defined Contribution Plan) Regulations, 2009\nRegulation 28\n\nc\nSL 47 of 2009\nPage 15\n\nthe date specified in section 23 of the Law for cessation of children\u2019s pensions,\nat a rate of twice the amount specified in paragraph (3).\n(5) Where the deceased participant dies leaving six children or less and a\nsurviving spouse to whom a pension is provided pursuant to paragraph (2) and\nthe surviving spouse subsequently dies, the monthly pension in respect of each\nchild shall be increased on the date of death of the surviving spouse to twice\nthe amount specified in paragraph (3).\n(6) Where the deceased participant dies leaving more than six children, the\naggregate amount of pension payments that would be payable to six children\npursuant to paragraph (3), (4) or (5), as the case may be, shall be divided\nequally among all the children during the period in which there are more than\nsix children who are entitled to receive a pension under this regulation.\n(7) Where the deceased participant dies without leaving a surviving spouse and\nwithout leaving any children, and if the deceased participant\u2019s mother or father\nor both parents were wholly or mainly dependent on him for financial support\nand have no other means of financial support, as determined by the\nAdministrator, a monthly pension shall be paid to the mother or father or both,\nwhile without adequate means of support at a rate not exceeding one-sixth of\nthe deceased participant\u2019s final average pensionable earnings as at the date of\ninjury.\n(8) A pension provided under paragraph (7) shall cease on the written instructions\nof the Administrator if it appears to the Administrator that the mother or father\nor both parents are receiving adequate financial support by other means.\n(9) An active defined contribution participant who dies as a result of injuries\nreceived while travelling in pursuance of official instruction shall be deemed\nto have died in the circumstances detailed in paragraph (1).\n(10) This regulation shall not apply in the case of the death of any active defined\ncontribution participant if his beneficiaries, as defined in the Workmen\u2019s\nCompensation Law (1996 Revision), are entitled to compensation under that\nlaw if no pension is paid under this regulation.\n28.\nPayment of pensions to surviving spouse\n28. A surviving spouse to whom a pension is payable under regulation 24 or 25 may\nelect prior to his benefit commencement date to be paid in lieu of the pension \u2014\n(a)\na reduced pension at a rate of not less than three-fourths of the\npension; and\n(b) an immediate lump sum cash payment equal in amount to the present\nvalue, determined with reference to Plan actuarial tables, of the\ndifference between the pension and the reduced pension specified in\nparagraph (a).\n\nRegulation 29\nParliamentary Pensions (Defined Contribution Plan) Regulations, 2009\n\nPage 16\nSL 47 of 2009\nc\n\n29.\nPayment of pensions to surviving children\n29. Upon written notice received by the Administrator of the possibility of the birth of a\nposthumous child of a deceased participant, the Administrator shall delay payment\nof any pension payable to a child pursuant to regulation 24 or 25 for up to ten\nmonths after the participant\u2019s death in order to determine whether there are any\nposthumous children of the participant who are entitled to a pension under such\nregulation.\n30.\nCommencement of benefits\n30. The Administrator shall commence the payment of due benefits (including lump\nsum cash payments) \u2014\n(a)\nin the case of a retired participant, at the end of the month following\nretirement;\n(b) in the case of a deferred vested participant who has yet to receive a full\ndistribution of his account balances, at the end of the month following his\nattainment of normal retirement age; and\n(c)\nin the case of a beneficiary, at the end of the month following the\nparticipant\u2019s death, except as provided in regulation 29.\n31.\nDeath after benefit commencement date\n31. Upon the death of a retired participant after the participant\u2019s benefit commencement\ndate, the designated beneficiary of the participant shall be entitled to receive such\nbenefit as is provided under the distribution form elected by the participant pursuant\nto regulation 22.\n32.\nBenefit paid to estate if no surviving designated beneficiaries\n32. If a deceased participant has failed to designate a beneficiary, or if his designated\nbeneficiary has predeceased him, the amount payable under regulation 26 and 31\nshall be paid to the participant\u2019s estate.\n33.\nBenefit paid to beneficiary if no surviving spouse or children\n33. If a deceased participant dies with no spouse and no children surviving him, the\namount payable under regulation 24 shall be paid in a single lump sum to the\nparticipant\u2019s designated beneficiary, or if his designated beneficiary has\npredeceased him, the amount shall be paid in a single lump sum to his estate.\n34.\nCash out of small benefits\n34. Notwithstanding any provision of the Law or these regulations to the contrary, if the\npresent value of a participant\u2019s accrued benefit determined by reference to Plan\nactuarial tables \u2014\n(a)\non such participant\u2019s benefit commencement date;\n\nParliamentary Pensions (Defined Contribution Plan) Regulations, 2009\nRegulation 35\n\nc\nSL 47 of 2009\nPage 17\n\n(b) on the participant\u2019s date of death in the event that the participant died\nwhile in active service; or\n(c)\non the participant\u2019s date of death in the event that the participant dies\nwhilst in active service\nis less than five thousand dollars, the Board, in its discretion, may direct the\nAdministrator to distribute the benefit to the participant, or the participant\u2019s\nbeneficiaries if the participant is deceased, in a single lump sum cash payment\npayable on the participant\u2019s or beneficiaries\u2019 benefit commencement date.\n35.\nPayments under Plan conditioned on periodic certification\n35. (1) As a condition to the commencement and continued payment of pensions to or\non behalf of a participant under the Plan, the Administrator shall require each\nperson who is or will be in receipt of pension payments to submit prior to the\nrecipient\u2019s benefit commencement date and on each anniversary thereafter\n(and at such other times as may be prescribed by the Administrator in his\ndiscretion) a signed certificate in the form and manner prescribed by the Board\nthat such person is the participant or beneficiary who is authorised under the\nPlan to receive such pension payments.\n(2) The signature on a certificate shall be witnessed by a Justice of the Peace, a\nnotary public, a minister of religion, an attorney licensed to practise law in the\nIslands, a member of the Legislative Assembly or the Administrator.\n(3) If the certificate specified in paragraph (1) is not received by the date\nprescribed, or if a certificate is not in the proper form or is otherwise defective,\nor if the Administrator has reasonable grounds to question its authenticity, the\npension payments shall be suspended until the Administrator is in receipt of a\nproper certificate or is satisfied that such person is the appropriate recipient of\nthe payments.\n\nRegulation 35\nParliamentary Pensions (Defined Contribution Plan) Regulations, 2009\n\nPage 18\nSL 47 of 2009\nc\n\nMade in Cabinet the 17th day of November, 2009.\nKim Bullings\nClerk of the Cabinet\nApproved in the Legislative Assembly on the 18th day of November, 2009, in\naccordance with section 27 of the Parliamentary Pensions Law, 2004.\nZena Merren-Chin\nClerk of the Legislative Assembly.","akn_extracted_at":"2026-06-22 15:39:28.203803+00","cms_id":"2009-0047","law_type":"subordinate","year":"2009","number":"47","title":"Parliamentary Pensions (Defined Contribution Plan) Regulations","status":"in_force"},"provenance":{"files":[{"file_id":"5052","expr_id":"217","kind":"akn_xml","filename":"2009-0047_SL 47 of 2009.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2009\/2009-0047\/2009-0047_SL 47 of 2009.akn.xml","content_md5":"6f71c6dd503555c65cc8b9d969dbf333","byte_size":"36962","http_last_modified":null,"fetched_at":"2026-06-22 15:39:28.517974+00"},{"file_id":"433","expr_id":"217","kind":"pristine_pdf","filename":"2009-0047_SL 47 of 2009.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2009\/2009-0047\/2009-0047_SL 47 of 2009.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/SUBORDINATE\/2009\/2009-0047\/2009-0047_SL 47 of 2009.pdf","content_md5":"5eb8e27c8d2519224af0e45f7400b764","byte_size":"428421","http_last_modified":null,"fetched_at":"2026-06-21 23:09:37.592344+00"},{"file_id":"434","expr_id":"217","kind":"working_pdf","filename":"2009-0047_SL 47 of 2009.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2009\/2009-0047\/2009-0047_SL 47 of 2009.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2009\/2009-0047\/2009-0047_SL 47 of 2009.pdf","content_md5":"5eb8e27c8d2519224af0e45f7400b764","byte_size":"428421","http_last_modified":null,"fetched_at":"2026-06-21 23:09:37.592344+00"}],"paragraph_count":27,"latest_history":null},"quality":{"expr_id":"217","doc_id":"217","quality_state":"needs_review","quality_score":"80","needs_human_review":"t","deterministic_categories":"{commencement_metadata_problem,duplicate_text,page_header_footer_noise}","llm_categories":"{truncated_text,other}","repair_actions":"{collapse_duplicate_text,manual_review,reextract_full_text,strip_page_furniture,verify_commencement_metadata}","finding_severity_counts":"{\"low\": 1, \"medium\": 1}","finding_summary":"Sample appears mostly complete but contains a large omitted\u2011text marker and potential paragraph\u2011numbering inconsistency that warrant verification against the authoritative source.","assessed_at":"2026-06-22 15:29:45.940785+00","updated_at":"2026-06-22 15:29:45.940785+00"}}