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Clause 1 provides the short title of the legislation. Clause 2 amends section 3 of the Public Service Pensions Act (2021 Revision) in order to provide the correct definition of \u201ccredited rate of return\u201d which is the one being used by Administrator since 8th August, 2019. Clause 3 is a validating clause which provides that any administrative action taken by the Administrator on or after 8th August, 2019 in calculating the credited rate of return based on the definitions given in clause 2 is validated. Public Service Pensions (Amendment and Validation) Bill, 2021 Clause 1 Introduced PUBLIC SERVICE PENSIONS (AMENDMENT AND VALIDATION) BILL, 2021 A BILL FOR AN ACT TO AMEND THE PUBLIC SERVICE PENSIONS ACT (2021 REVISION) TO CHANGE THE DEFINITION OF THE CREDITED RATE OF RETURN; TO VALIDATE CERTAIN ACTIONS RELATING TO CALCULATING THE CREDITED RATE OF RETURN; 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 1. This Act may be cited as the Public Service Pensions (Amendment and Validation) Act, 2021.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of section 3 of the Public Service Pensions Act (2021 Revision) - definitions 2. The Public Service Pensions Act (2021 Revision) is amended in section 3 in the definition of the words \u201ccredited rate of return\u201d as follows \u2014 (a) in paragraph (a), by deleting the words \u201csuch date as the Cabinet may for this purpose in writing appoint\u201d and substituting the words \u201cand including 31st December, 2018\u201d; and (b) in paragraph (c), by repealing subparagraph (i) and substituting the following subparagraph \u2014 Clause 3 Public Service Pensions (Amendment and Validation) Bill, 2021 Introduced \u201c(i) where on or after 31st December, 2018 an account adjustment date is the last day of the calendar quarter, the credited rate of return shall be the average rate of investment return on Fund investments for that calendar quarter and the eleven quarters immediately preceding that calendar quarter; and\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Validation 3. Any administrative action taken by the Administrator on or after 8th August, 2019 in calculating the credited rate of return based on the definitions provided in section 2 is validated. Passed by the Parliament the day of , 2021. 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TO\nVALIDATE CERTAIN ACTIONS RELATING TO CALCULATING THE CREDITED RATE\nOF RETURN; AND FOR INCIDENTAL AND CONNECTED PURPOSES\u2000\n\nPage 2\n Introduced\nc\n\nPUBLISHING DETAILS\nSponsoring Ministry\/Portfolio: Portfolio of the Civil Service (PoCS)\n\nPublic Service Pensions (Amendment and Validation) Bill, 2021\nObjects and Reasons\n\nc\n Introduced\nPage 3\n\nMemorandum of\nOBJECTS AND REASONS\nThis Bill seeks to amend the definition of \u201ccredited rate of return\u201d in section 3 of the Public\nService Pensions Act (2021 Revision) in order to ensure that the definition complies with\nthat which is being used by the Administrator of the Public Service Pensions Board since\n8th August 2019, which is the date of commencement of the Public Service Pensions\n(Amendment) Act, 2019.\nClause 1 provides the short title of the legislation.\nClause 2 amends section 3 of the Public Service Pensions Act (2021 Revision) in order to\nprovide the correct definition of \u201ccredited rate of return\u201d which is the one being used by\nAdministrator since 8th August, 2019.\nClause 3 is a validating clause which provides that any administrative action taken by the\nAdministrator on or after 8th August, 2019 in calculating the credited rate of return based\non the definitions given in clause 2 is validated.\n\nPublic Service Pensions (Amendment and Validation) Bill, 2021\nClause 1\n\nc\n Introduced\nPage 5\n\nCAYMAN ISLANDS\n\nPUBLIC SERVICE PENSIONS (AMENDMENT\nAND VALIDATION) BILL, 2021\n\nA BILL FOR AN ACT TO AMEND THE PUBLIC SERVICE PENSIONS ACT (2021\nREVISION) TO CHANGE THE DEFINITION OF THE CREDITED RATE OF RETURN; TO\nVALIDATE CERTAIN ACTIONS RELATING TO CALCULATING THE CREDITED RATE\nOF RETURN; AND FOR INCIDENTAL AND CONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title\n1.\nThis Act may be cited as the Public Service Pensions (Amendment and Validation)\nAct, 2021.\n2.\nAmendment of section 3 of the Public Service Pensions Act (2021 Revision)\n- definitions\n2.\nThe Public Service Pensions Act (2021 Revision) is amended in section 3 in the\ndefinition of the words \u201ccredited rate of return\u201d as follows \u2014\n(a)\nin paragraph (a), by deleting the words \u201csuch date as the Cabinet may for\nthis purpose in writing appoint\u201d and substituting the words \u201cand including\n31st December, 2018\u201d; and\n(b) in paragraph (c), by repealing subparagraph (i) and substituting the\nfollowing subparagraph \u2014\n\nClause 3\nPublic Service Pensions (Amendment and Validation) Bill, 2021\n\nPage 6\n Introduced\nc\n\n\u201c(i) where on or after 31st December, 2018 an account\nadjustment date is the last day of the calendar quarter, the\ncredited rate of return shall be the average rate of\ninvestment return on Fund investments for that calendar\nquarter and the eleven quarters immediately preceding\nthat calendar quarter; and\u201d.\n3.\nValidation\n3.\nAny administrative action taken by the Administrator on or after 8th August, 2019 in\ncalculating the credited rate of return based on the definitions provided in section 2 is\nvalidated.\nPassed by the Parliament the\nday of\n, 2021.\nSpeaker\nClerk of the Parliament","akn_extracted_at":"2026-06-22 15:41:20.000239+00","cms_id":"2021-0002","law_type":"bill","year":"2021","number":"2","title":"Cayman Islands Coast Guard Act, 2021","status":"bill"},"provenance":{"files":[{"file_id":"7065","expr_id":"2266","kind":"akn_xml","filename":"2021-0002.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2021\/2021-0002\/2021-0002.akn.xml","content_md5":"fb6fa0bd371b028b7594874f33c90522","byte_size":"6098","http_last_modified":null,"fetched_at":"2026-06-22 15:41:20.038747+00"},{"file_id":"4531","expr_id":"2266","kind":"pristine_pdf","filename":"2021-0002.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2021\/2021-0002\/2021-0002.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/BILLS\/2021\/2021-0002\/2021-0002.pdf","content_md5":"ccdec3221664489771a5b43f868bc673","byte_size":"367955","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.3278+00"},{"file_id":"4532","expr_id":"2266","kind":"working_pdf","filename":"2021-0002.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2021\/2021-0002\/2021-0002.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2021\/2021-0002\/2021-0002.pdf","content_md5":"ccdec3221664489771a5b43f868bc673","byte_size":"367955","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.3278+00"}],"paragraph_count":9,"latest_history":null},"quality":{"expr_id":"2266","doc_id":"2266","quality_state":"known_issue","quality_score":"55","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\": 2, \"high\": 1, \"medium\": 1}","finding_summary":"stored title is not visible in the opening extracted text; 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