{"kind":"expression","expression":{"expr_id":"2317","doc_id":"2317","label":"Airports Authority (Charges) 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\/bill\/2023\/24\/eng@2023-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/bill\/2023\/24\", \"expression\": \"\/akn\/ky\/bill\/2023\/24\/eng@2023-01-01\", \"manifestation\": \"\/akn\/ky\/bill\/2023\/24\/eng@2023-01-01.pdf\"}, \"pdf\": {\"md5\": \"2aa10e0fe03499047d576003946407f6\", \"path\": \"\/Users\/q\/kyleg-data\/working\/BILLS\/2023\/2023-0024\/2023-0024.pdf\", \"pages\": 23, \"filename\": \"2023-0024.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 5573, \"paragraph_count\": 13, \"text_char_count\": 36030}, \"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\": null, \"doc\": null, \"bill\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"NATIONAL PENSIONS (AMENDMENT) BILL, 2023 A BILL FOR 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; 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 Introduced PUBLISHING DETAILS Sponsoring Ministry\/Portfolio: Ministry of Border Control and Labour (BCL) National Pensions (Amendment) Bill, 2023 Objects and Reasons Introduced Memorandum of OBJECTS AND REASONS This Bill amends the National Pensions Act (2012 Revision) (the \u201cprincipal Act\u201d) to allow Caymanians to withdraw from their pension plans to pay towards a mortgage or residential land loan, to increase the maximum amount allowed for withdrawals from pensions plans and to change the additional contributions required as a result of the withdrawal. The Bill also amends the structure and governance of the National Pensions Board and provides for incidental and connected purposes. Clause 1 provides the short title and commencement of the legislation. Clause 2 amends section 47 of the principal Act to extend the application of that section to providing for a reduction payment on an existing mortgage or a residential land loan. Clause 3 amends Part VIIA of the principal Act to change the part heading to include reference to reduction payment on an existing mortgage or residential land loan. Clause 4 amends section 52A of the principal Act to provide for the definition of the words \u201creduction payment\u201d. Clause 5 amends section 52B of the principal Act, among other things, to increase the amount allowed to be withdrawn from a member\u2019s pension account for a deposit to fifty thousand dollars. Clause 6 amends the principal Act to insert section 52BA to provide for the withdrawal of an amount from a member\u2019s pension account to provide a reduction payment on an existing mortgage or residential land loan. Clause 7 amends section 52C of the principal Act, among other things, to increase the amount allowed for a withdrawal from a pension account to pay off an existing mortgage on the member\u2019s primary residence to one hundred thousand dollars. Clause 8 amends section 52D of the principal Act to increase the percentage of additional contributions which are required to be paid by a person who withdraws from the member\u2019s pension fund under section 52B, 52BA or 52C to three percent of the person\u2019s earnings. Clause 9 amends section 52E of the principal Act to change the maximum limits on the total amount withdrawn where the person contributes to or has contributed to more than one pension plan to fifty thousand dollars. Clause 10 amends the principal Act to insert new sections 78A, 78B, 78C and 78D which respectively provide for the remuneration and immunity of members of the Board, the appointment and functions of committees, meetings of the Board and the duty of confidentiality of members of the Board. Clause 11 amends the Schedule of the principal Act to make changes to the Form as a result of the amendments to sections 52B to 52E. Objects and Reasons National Pensions (Amendment) Bill, 2023 Introduced Clause 12 contains the transitional provisions. National Pensions (Amendment) Bill, 2023 Arrangement of Clauses Introduced NATIONAL PENSIONS (AMENDMENT) BILL, Arrangement of Clauses Clause 1. 2.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of Part VIIA - withdrawal of pension funds to purchase or construct dwelling 4. 5.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Insertion of section 52BA - withdrawal from pension account to provide reduction\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Amendment of section 52C - withdrawal of amount from pension account to pay off an 8.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Amendment of section 52E - total amount withdrawn from more than one pension plan\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"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 11.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"National Pensions (Amendment) Bill, 2023 Clause 1 Introduced NATIONAL PENSIONS (AMENDMENT) BILL, A BILL FOR 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; 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.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of section 47 - contribution rate 2. The National Pensions Act (2012 Revision), in this Act referred to as the \u201cprincipal Act\u201d, is amended in section 47(10) by repealing paragraph (c) and substituting the following paragraph \u2014 Clause 3 National Pensions (Amendment) Bill, 2023 Introduced \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 on an existing mortgage or a residential land loan; or (iv) payment of the outstanding balance of the member\u2019s mortgage in full but excluding the payment of rent or similar purposes; and;\u201d. 3. Amendment of Part VIIA - withdrawal of pension funds to purchase or construct dwelling unit, purchase residential land or pay off an existing mortgage in the Islands 3. 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 or pay off existing mortgage in the Islands\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Amendment of section 52A - definitions in Part VIIA 4. 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 (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 a residential mortgage or 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 \u201creduction payment\u201d, payment towards a residential mortgage or a residential land loan applies to \u2014 National Pensions (Amendment) Bill, 2023 Clause 5 Introduced (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; or (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.\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Amendment of section 52B - withdrawal of amount from pension account as a deposit 5. The principal Act is amended in section 52B as follows \u2014 (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(10), 52(C)(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 of the relevant property to which each withdrawal relates; Clause 5 National Pensions (Amendment) Bill, 2023 Introduced (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; (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 that 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 retirement age\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. National Pensions (Amendment) Bill, 2023 Clause 6 Introduced 6. Insertion of section 52BA - withdrawal from pension account to provide reduction payment on existing mortgage or residential land loan 6. The principal Act is amended by inserting after section 56B the following section \u2014 \u201cWithdrawal of amount from pension account to provide a reduction payment on an existing mortgage 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 an existing mortgage on no more than two dwelling units or a residential land loan in the Islands. (2) A person who wishes to withdraw an amount required to provide a reduction payment on an existing mortgage or residential land loan 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) 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 the existing mortgage in respect of no more than two dwelling units or a residential land loan and the amount to be paid; (e) where the person has made a previous withdrawal under this Part, evidence that the member has complied with sections 52B(10), 52BA(10), 52(C)(9) and 52D(1), if applicable; and (f) if required by the administrator, an application fee not exceeding fifty dollars. (4) The letter referred to in subsection (3)(d) shall specify \u2014 (a) the name of each person that applied for the withdrawal; (b) the relevant Block and Parcel of the relevant property to which the withdrawal relates; and Clause 6 National Pensions (Amendment) Bill, 2023 Introduced (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) For the purposes of this section, two or more persons who are Caymanians 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 the existing mortgage or residential land loan. (6) Where an application is made under subsection (2), the administrator \u2014 (a) shall, within sixty days of the application being submitted, issue the amount required to be paid towards the existing mortgage 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. (7) An administrator who contravenes subsection (6) 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. (8) 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 (6)(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 that are repaying withdrawn amounts into their respective accounts in a pension plan under this section. National Pensions (Amendment) Bill, 2023 Clause 7 Introduced (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. (10) Where, before repaying the withdrawal amount in full, a person sells the dwelling unit acquired 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 market value of the dwelling unit, whichever is greater, back to the person\u2019s pension plan account. (11) The payments received by an administrator under section 52D shall be deducted from the amount that the member is required to repay under subsection (10). (12) A person 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. (13) 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. 7. Amendment of section 52C - withdrawal of amount from pension account to pay off an existing mortgage 7. The principal Act is amended in section 52C as follows \u2014 (a) in subsection (1), by deleting the words \u201cthirty-five thousand dollars\u201d and substituting the words \u201cone hundred thousand dollars\u201d; (b) in subsection (3) as follows \u2014 (i) in paragraph (b), by deleting the word \u201cand\u201d; (ii) in paragraph (c), by deleting the words \u201cpaid off.\u201d and substituting the words \u201cpaid off;\u201d; and (iii) by inserting after paragraph (c) the following paragraphs \u2014 \u201c(d) where the person has made a previous withdrawal under this Part, evidence that the member has complied with sections 52B(10), 52BA(10), 52(C)(9) and 52D(1), if applicable; and (e) if required by the administrator, an application fee not exceeding fifty dollars.\u201d; (c) by inserting after subsection (3) the following subsection \u2014 \u201c(3A) The letter referred to in subsection (3)(c) shall specify \u2014 (a) the name of each person that applied for the withdrawal; Clause 8 National Pensions (Amendment) Bill, 2023 Introduced (b) the relevant Block and Parcel 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.\u201d; (d) in subsection (4), by deleting the words \u201cthirty-five thousand dollars each towards paying off an existing mortgage\u201d and substituting the words \u201cone hundred thousand dollars each towards paying off an existing mortgage on the respective person\u2019s primary residence\u201d; (e) in subsection (5)(a), by deleting the words \u201cforty-five days\u201d and substituting the words \u201csixty days\u201d; (f) in subsection (7), by inserting after paragraph (b) the following paragraph \u2014 \u201c(ba) a list of all persons that are repaying withdrawn amounts into their respective accounts in a pension plan under this section;\u201d; (g) 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 retirement age\u201d and substituting the words \u201crepaying the withdrawal amount in full\u201d; (h) 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; and (i) 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_8\", \"num\": \"8.\", \"text\": \"Amendment of section 52D - additional contributions 8. 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 National Pensions (Amendment) Bill, 2023 Clause 9 Introduced 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(6)(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. 9. Amendment of section 52E - total amount withdrawn from more than one pension plan not to exceed thirty-five thousand dollars 9. The principal Act is amended in section 52E as follows \u2014 (a) in the section heading, by deleting the words by deleting the words \u201cthirtyfive thousand dollars\u201d and substituting the words \u201cfifty thousand dollars\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 (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. Clause 10 National Pensions (Amendment) Bill, 2023 Introduced 10. 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 10. 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. (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 National Pensions (Amendment) Bill, 2023 Clause 11 Introduced (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.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Repeal and substitution of Schedule - Form 11. The principal Act is amended by repealing the Schedule and substituting the following Schedule \u2014 Clause 11 National Pensions (Amendment) Bill, 2023 Introduced \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 OR RESIDENTIAL LAND LOAN UNDER SECTION 52BA OR TO PAY OFF AN EXISTING MORTGAGE 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: __________________ Mailing Address \u2013 Employer 2: National Pensions (Amendment) Bill, 2023 Clause 11 Introduced 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 for pay off of mortgage 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 Reduction payment on a residential land loan Pay off an existing mortgage A6: Total amount of withdrawal required: _________________________________________________________ (Must not be more than $50,000 for a deposit or reduction payment or $100,000 for pay off of an existing mortgage) Clause 11 National Pensions (Amendment) Bill, 2023 Introduced 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, land register is required) Letter from financial institution addressed to the Applicant In the case of a previous withdrawal by the Applicant, evidence of compliance with section 52B(10), 52BA(10), 52(C)(9) and 52D(1), if applicable 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: ___________ National Pensions (Amendment) Bill, 2023 Clause 11 Introduced 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 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: ________________ 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] 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:_____________________ Clause 12 National Pensions (Amendment) Bill, 2023 Introduced 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] 12. Transitional 12. (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, National Pensions (Amendment) Bill, 2023 Clause 12 Introduced 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              day of                                 , 2023. 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The Bill\nalso amends the structure and governance of the National Pensions Board and provides for\nincidental and connected purposes.\nClause 1 provides the short title and commencement of the legislation.\nClause 2 amends section 47 of the principal Act to extend the application of that section to\nproviding for a reduction payment on an existing mortgage or a residential land loan.\nClause 3 amends Part VIIA of the principal Act to change the part heading to include\nreference to reduction payment on an existing mortgage or residential land loan.\nClause 4 amends section 52A of the principal Act to provide for the definition of the words\n\u201creduction payment\u201d.\nClause 5 amends section 52B of the principal Act, among other things, to increase the\namount allowed to be withdrawn from a member\u2019s pension account for a deposit to fifty\nthousand dollars.\nClause 6 amends the principal Act to insert section 52BA to provide for the withdrawal of\nan amount from a member\u2019s pension account to provide a reduction payment on an existing\nmortgage or residential land loan.\nClause 7 amends section 52C of the principal Act, among other things, to increase the\namount allowed for a withdrawal from a pension account to pay off an existing mortgage\non the member\u2019s primary residence to one hundred thousand dollars.\nClause 8 amends section 52D of the principal Act to increase the percentage of additional\ncontributions which are required to be paid by a person who withdraws from the member\u2019s\npension fund under section 52B, 52BA or 52C to three percent of the person\u2019s earnings.\nClause 9 amends section 52E of the principal Act to change the maximum limits on the\ntotal amount withdrawn where the person contributes to or has contributed to more than\none pension plan to fifty thousand dollars.\nClause 10 amends the principal Act to insert new sections 78A, 78B, 78C and 78D which\nrespectively provide for the remuneration and immunity of members of the Board, the\nappointment and functions of committees, meetings of the Board and the duty of\nconfidentiality of members of the Board.\nClause 11 amends the Schedule of the principal Act to make changes to the Form as a result\nof the amendments to sections 52B to 52E.\n\nObjects and Reasons\nNational Pensions (Amendment) Bill, 2023\n\nPage 4\n Introduced\nc\n\nClause 12 contains the transitional provisions.\n\nNational Pensions (Amendment) Bill, 2023\nArrangement of Clauses\n\nc\n Introduced\nPage 5\n\nCAYMAN ISLANDS\n\nNATIONAL PENSIONS (AMENDMENT) BILL,\n2023\n\nArrangement of Clauses\nClause\nPage\n1.\nShort title and commencement ..................................................................................................7\n2.\nAmendment of section 47 - contribution rate ..............................................................................7\n3.\nAmendment of Part VIIA - withdrawal of pension funds to purchase or construct dwelling\nunit, purchase residential land or pay off an existing mortgage in the Islands .............................8\n4.\nAmendment of section 52A - definitions in Part VIIA ..................................................................8\n5.\nAmendment of section 52B - withdrawal of amount from pension account as a deposit .............9\n6.\nInsertion of section 52BA - withdrawal from pension account to provide reduction\npayment on existing mortgage or residential land loan ............................................................. 11\n7.\nAmendment of section 52C - withdrawal of amount from pension account to pay off an\nexisting mortgage .................................................................................................................... 13\n8.\nAmendment of section 52D - additional contributions ............................................................... 14\n9.\nAmendment of section 52E - total amount withdrawn from more than one pension plan\nnot to exceed thirty-five thousand dollars ................................................................................. 15\n10.\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 ........................................................................................................................... 16\n11.\nRepeal and substitution of Schedule - Form ............................................................................ 17\n12.\nTransitional .............................................................................................................................. 22\n\nNational Pensions (Amendment) Bill, 2023\nClause 1\n\nc\n Introduced\nPage 7\n\nCAYMAN ISLANDS\n\nNATIONAL PENSIONS (AMENDMENT) BILL,\n2023\n\nA BILL FOR AN ACT TO AMEND THE NATIONAL PENSIONS ACT (2012 REVISION)\nTO ALLOW CAYMANIANS TO WITHDRAW FROM THEIR PENSION PLANS TO PAY\nTOWARDS A MORTGAGE OR RESIDENTIAL LAND LOAN; TO INCREASE THE\nMAXIMUM AMOUNT ALLOWED FOR WITHDRAWALS FROM PENSIONS PLANS; TO\nCHANGE THE ADDITIONAL CONTRIBUTIONS REQUIRED AS A RESULT OF THE\nWITHDRAWAL; TO AMEND THE STRUCTURE AND GOVERNANCE OF THE\nNATIONAL PENSIONS BOARD; AND FOR INCIDENTAL AND CONNECTED\nPURPOSES\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.\n2.\nAmendment of section 47 - contribution rate\n2.\nThe National Pensions Act (2012 Revision), in this Act referred to as the \u201cprincipal\nAct\u201d, is amended in section 47(10) by repealing paragraph (c) and substituting the\nfollowing paragraph \u2014\n\nClause 3\nNational Pensions (Amendment) Bill, 2023\n\nPage 8\n Introduced\nc\n\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 on an existing mortgage or\na residential land loan; or\n(iv) payment of the outstanding balance of the member\u2019s\nmortgage in full but excluding the payment of rent or\nsimilar purposes; and;\u201d.\n3.\nAmendment of Part VIIA - withdrawal of pension funds to purchase or\nconstruct dwelling unit, purchase residential land or pay off an existing\nmortgage in the Islands\n3.\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 or pay off existing mortgage\nin the Islands\u201d.\n4.\nAmendment of section 52A - definitions in Part VIIA\n4.\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(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 a residential\nmortgage or 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 \u201creduction payment\u201d, payment\ntowards a residential mortgage or a residential land loan applies to \u2014\n\nNational Pensions (Amendment) Bill, 2023\nClause 5\n\nc\n Introduced\nPage 9\n\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; or\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.\u201d.\n5.\nAmendment of section 52B - withdrawal of amount from pension account as\na deposit\n5.\nThe principal Act is amended in section 52B as follows \u2014\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(10), 52(C)(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 of the relevant property to which\neach withdrawal relates;\n\nClause 5\nNational Pensions (Amendment) Bill, 2023\n\nPage 10\n Introduced\nc\n\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(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 that 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 retirement age\u201d and\nsubstituting the words \u201crepaying the withdrawal amount 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.\n\nNational Pensions (Amendment) Bill, 2023\nClause 6\n\nc\n Introduced\nPage 11\n\n6.\nInsertion of section 52BA - withdrawal from pension account to provide\nreduction payment on existing mortgage or residential land loan\n6.\nThe principal Act is amended by inserting after section 56B the following section \u2014\n\u201cWithdrawal of amount from pension account to provide a reduction\npayment on an existing mortgage 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 an existing mortgage on no more than two dwelling units\nor a residential land loan in the Islands.\n(2) A person who wishes to withdraw an amount required to provide a\nreduction payment on an existing mortgage or residential land loan\npursuant to subsection (1) shall, subject to subsection (3), make an\napplication to the relevant administrator in the form prescribed in the\nSchedule.\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) a 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 the existing mortgage in respect of no more than\ntwo dwelling units or a residential land loan and the amount to\nbe paid;\n(e)\nwhere the person has made a previous withdrawal under this\nPart, evidence that the member has complied with sections\n52B(10), 52BA(10), 52(C)(9) and 52D(1), if applicable; and\n(f)\nif required by the administrator, an application fee not\nexceeding fifty dollars.\n(4) The letter referred to in subsection (3)(d) shall specify \u2014\n(a)\nthe name of each person that applied for the withdrawal;\n(b) the relevant Block and Parcel of the relevant property to which\nthe withdrawal relates; and\n\nClause 6\nNational Pensions (Amendment) Bill, 2023\n\nPage 12\n Introduced\nc\n\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) For the purposes of this section, two or more persons who are\nCaymanians approved in principle by a financial institution may, in\naccordance with this section, withdraw the amount required from\ntheir respective accounts in a pension plan up to the maximum of fifty\nthousand dollars each towards providing a reduction payment on the\nexisting mortgage or residential land loan.\n(6) Where an application is made under subsection (2), the\nadministrator \u2014\n(a)\nshall, within sixty days of the application being submitted, issue\nthe amount required to be paid towards the existing mortgage\nor residential land loan in the form of a cheque payable to the\nrelevant financial institution and deliver it to the applicant if\nsatisfied that the applicant is entitled under subsection (1) to\nwithdraw 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(7) An administrator who contravenes subsection (6) 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(8) 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 (6)(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 that are repaying withdrawn amounts into\ntheir respective accounts in a pension plan under this section.\n\nNational Pensions (Amendment) Bill, 2023\nClause 7\n\nc\n Introduced\nPage 13\n\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.\n(10) Where, before repaying the withdrawal amount in full, a person sells\nthe dwelling unit acquired through the use of an amount withdrawn\npursuant to this section, the person shall upon completion of the sale\nreturn the amount withdrawn or ten per cent of the fair market value\nof the dwelling unit, whichever is greater, back to the person\u2019s\npension plan account.\n(11) The payments received by an administrator under section 52D shall\nbe deducted from the amount that the member is required to repay\nunder subsection (10).\n(12) A person who contravenes subsection (10) 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(13) 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.\n7.\nAmendment of section 52C - withdrawal of amount from pension account to\npay off an existing mortgage\n7.\nThe principal Act is amended in section 52C as follows \u2014\n(a)\nin subsection (1), by deleting the words \u201cthirty-five thousand dollars\u201d and\nsubstituting the words \u201cone hundred thousand dollars\u201d;\n(b) in subsection (3) as follows \u2014\n(i)\nin paragraph (b), by deleting the word \u201cand\u201d;\n(ii) in paragraph (c), by deleting the words \u201cpaid off.\u201d and substituting\nthe words \u201cpaid off;\u201d; and\n(iii) by inserting after paragraph (c) the following paragraphs \u2014\n\u201c(d) where the person has made a previous withdrawal under this\nPart, evidence that the member has complied with sections\n52B(10), 52BA(10), 52(C)(9) and 52D(1), if applicable; and\n(e)\nif required by the administrator, an application fee not\nexceeding fifty dollars.\u201d;\n(c)\nby inserting after subsection (3) the following subsection \u2014\n\u201c(3A) The letter referred to in subsection (3)(c) shall specify \u2014\n(a)\nthe name of each person that applied for the withdrawal;\n\nClause 8\nNational Pensions (Amendment) Bill, 2023\n\nPage 14\n Introduced\nc\n\n(b) the relevant Block and Parcel of the relevant property to which\nthe 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\nunits.\u201d;\n(d) in subsection (4), by deleting the words \u201cthirty-five thousand dollars each\ntowards paying off an existing mortgage\u201d and substituting the words \u201cone\nhundred thousand dollars each towards paying off an existing mortgage on\nthe respective person\u2019s primary residence\u201d;\n(e)\nin subsection (5)(a), by deleting the words \u201cforty-five days\u201d and\nsubstituting the words \u201csixty days\u201d;\n(f)\nin subsection (7), by inserting after paragraph (b) the following\nparagraph \u2014\n\u201c(ba) a list of all persons that are repaying withdrawn amounts into\ntheir respective accounts in a pension plan under this section;\u201d;\n(g) in 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 retirement age\u201d and\nsubstituting the words \u201crepaying the withdrawal amount in full\u201d;\n(h) by 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; and\n(i)\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.\n8.\nAmendment of section 52D - additional contributions\n8.\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\n\nNational Pensions (Amendment) Bill, 2023\nClause 9\n\nc\n Introduced\nPage 15\n\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(6)(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.\n9.\nAmendment of section 52E - total amount withdrawn from more than one\npension plan not to exceed thirty-five thousand dollars\n9.\nThe principal Act is amended in section 52E as follows \u2014\n(a)\nin the section heading, by deleting the words by deleting the words \u201cthirtyfive thousand dollars\u201d and substituting the words \u201cfifty thousand dollars\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(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.\n\nClause 10\nNational Pensions (Amendment) Bill, 2023\n\nPage 16\n Introduced\nc\n\n10.\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\n10. 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(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\nNational Pensions (Amendment) Bill, 2023\nClause 11\n\nc\n Introduced\nPage 17\n\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.\n11.\nRepeal and substitution of Schedule - Form\n11. The principal Act is amended by repealing the Schedule and substituting the\nfollowing Schedule \u2014\n\nClause 11\nNational Pensions (Amendment) Bill, 2023\n\nPage 18\n Introduced\nc\n\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 OR RESIDENTIAL LAND\nLOAN UNDER SECTION 52BA OR TO PAY OFF AN EXISTING\nMORTGAGE 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\nMailing Address \u2013 Employer 2:\n\nNational Pensions (Amendment) Bill, 2023\nClause 11\n\nc\n Introduced\nPage 19\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 for pay\noff of mortgage\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 mortgage\n     Reduction payment on a residential land loan\nPay off an existing mortgage\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\npay off of an existing mortgage)\n\nClause 11\nNational Pensions (Amendment) Bill, 2023\n\nPage 20\n Introduced\nc\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, land register is required)\n\n Letter from financial institution addressed to the Applicant\n\n In the case of a previous withdrawal by the Applicant, evidence of compliance\nwith section 52B(10), 52BA(10), 52(C)(9) and 52D(1), if applicable\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\nNational Pensions (Amendment) Bill, 2023\nClause 11\n\nc\n Introduced\nPage 21\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 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\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] as specified above and it is certified that all\nparticulars contained in this application and in the documents accompanying it or\notherwise furnished in support of the application are true and 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\nClause 12\nNational Pensions (Amendment) Bill, 2023\n\nPage 22\n Introduced\nc\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\n12.\nTransitional\n12. (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,\n\nNational Pensions (Amendment) Bill, 2023\nClause 12\n\nc\n Introduced\nPage 23\n\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              day of                                 , 2023.\n\nSpeaker\n\nClerk of the Parliament","akn_extracted_at":"2026-06-22 15:41:15.939904+00","cms_id":"2023-0024","law_type":"bill","year":"2023","number":"24","title":"Airports Authority (Charges) Regulations, 2023","status":"bill"},"provenance":{"files":[{"file_id":"7116","expr_id":"2317","kind":"akn_xml","filename":"2023-0024.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2023\/2023-0024\/2023-0024.akn.xml","content_md5":"4fbb8462eef48b4a785512b7a7d42d62","byte_size":"38435","http_last_modified":null,"fetched_at":"2026-06-22 15:41:16.073471+00"},{"file_id":"4633","expr_id":"2317","kind":"pristine_pdf","filename":"2023-0024.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2023\/2023-0024\/2023-0024.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/BILLS\/2023\/2023-0024\/2023-0024.pdf","content_md5":"2aa10e0fe03499047d576003946407f6","byte_size":"387322","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.359733+00"},{"file_id":"4634","expr_id":"2317","kind":"working_pdf","filename":"2023-0024.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2023\/2023-0024\/2023-0024.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2023\/2023-0024\/2023-0024.pdf","content_md5":"2aa10e0fe03499047d576003946407f6","byte_size":"387322","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.359733+00"}],"paragraph_count":4,"latest_history":null},"quality":{"expr_id":"2317","doc_id":"2317","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; introduced x21; national pensions amendment bill 2023 x20","assessed_at":"2026-06-22 15:29:46.237199+00","updated_at":"2026-06-22 15:29:46.237199+00"}}