{"kind":"expression","expression":{"expr_id":"531","doc_id":"531","label":"2023 Revision","is_as_enacted":"f","commenced_on":"2023-01-24","superseded_on":null,"valid_from":"2023-01-24","valid_to":null,"is_current":"t","incorporating":"[\"SL 5\/2021 - Public Service Pensions (Amendment and Validation) Act, 2022 - LG72\/2021\/s2 - 16-Dec-2021\"]","akn_expr_iri":"\/akn\/ky\/act\/1999\/6\/eng@2023-01-24","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/1999\/6\", \"expression\": \"\/akn\/ky\/act\/1999\/6\/eng@2023-01-24\", \"manifestation\": \"\/akn\/ky\/act\/1999\/6\/eng@2023-01-24.pdf\"}, \"pdf\": {\"md5\": \"965c65246f1fb0d668fc051b107383c3\", \"path\": \"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/1999\/1999-0006\/1999-0006_2023 Revision.pdf\", \"pages\": 52, \"filename\": \"1999-0006_2023 Revision.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 16389, \"paragraph_count\": 69, \"text_char_count\": 105570}, \"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\": \"Death Benefits 59. 60. 61. 62. 63. 64. 65. PART IV - Transitional Provisions 66. 67. 68. SCHEDULE 1 PART 1 - Constitution and Procedure of Board and of any committee appointed by the Board Part 2 - Duties of the Chief Executive Officer SCHEDULE 2 Approved Investments ENDNOTES Public Service Pensions Act (2023 Revision) (2023 Revision) PART I \u2013 General Preliminary\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title 1. This Act may be cited as the Public Service Pensions Act (2023 Revision).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Pension rights to be determined under this Act 2. On and after the 14th April, 1999, the pension rights of all plan members shall be determined under provisions of the Plan as set out in this Act.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Definitions 3. In this Act \u2014 \u201caccounts\u201d mean \u2014 (a) a plan member contribution account for the benefit of a plan member under the defined benefit part of the Plan; (b) a plan member contribution account; and (c) an employer contribution account for the benefit of a plan member under the defined contribution part of the Plan; Public Service Pensions Act (2023 Revision) \u201caccount adjustment date\u201d means the date on which a plan member\u2019s accounts are adjusted, which date shall be the last day of each calendar year and such other dates as may be prescribed by regulations; \u201caccrued benefit\u201d means \u2014 (a) in the case of the defined benefit part of the Plan, a plan member\u2019s pension under the Plan expressed in the form of an annual benefit commencing at normal retirement age and based on service and pensionable earnings on the date of determination; and (b) in the case of the defined contribution part of the Plan, the sum of the balances in a plan member\u2019s accounts on the date of determination; \u201cacting allowance\u201d means a monthly allowance paid in addition to basic salary for carrying out duties in excess of a plan member\u2019s substantive office relating to an acting appointment; \u201cactuary\u201d means a person who \u2014 (a) either \u2014 (i) has qualified as an actuary by examination of the Institute of Actuaries in England, the Faculty of Actuaries in Scotland, the Societies of Actuaries in the United States of America or the Canadian Institute of Actuaries in Canada and who is a current member in good standing of one of those professional associations; or (ii) holds some other actuarial qualification and who is, in the opinion of the Financial Secretary, suitable for recognition as an actuary for the purposes of this Act; and (b) who has been appointed by the Board (subject to the approval of the Auditor General) as the actuary for the Plan; \u201cAdministrator\u201d means the employee of the Board responsible for management of the Plan or any other person authorised by the Board to act on behalf of such employee; \u201capproved investment\u201d means an investment listed in Schedule 2; \u201capproved plan\u201d means the Plan and any plan registered with the Superintendent of Pensions within the Islands; \u201cbasic salary\u201d means a salaried plan member\u2019s full monthly salary for such plan member\u2019s substantive office, not including plan member contributions, or acting, duty or other allowances; \u201cbasic wages\u201d means an hourly-rated plan member\u2019s full monthly wages for such plan member\u2019s substantive office, not including plan member contributions, acting, duty or other allowances; Public Service Pensions Act (2023 Revision) \u201cbeneficiary\u201d means any person who is entitled under this Act to receive a pension upon the death of a plan member; \u201cbenefit commencement date\u201d means the first day of the first period for which a plan member or a beneficiary is entitled to receive an annuity or other benefit under the Plan; \u201cBoard\u201d means the Public Service Pensions Board as established by section 5; \u201cChief Executive Officer\u201d means the Chief Executive Officer appointed under section 5; \u201cchild\u201d means a plan member\u2019s child (including an adopted child who was adopted in a manner recognised by law, an illegitimate child, a posthumous child or a step child) who is either \u2014 (a) under the age of eighteen; (b) under the age of twenty-three and in full-time education; or (c) mentally or physically incapable of employment, as certified by the Chief Medical Officer; \u201ccivil partner\u201d has the meaning assigned by section 2 of the Civil Partnership Act, 2020 [Law 35 of 2020]; \u201ccivil partnership\u201d has the meaning assigned by section 2 of the Civil Partnership Act, 2020 [Law 35 of 2020]; \u201cCPI\u201d means the consumer price index of the Islands as prepared by the Government; \u201ccommutation\u201d means the optional form of benefit whereby a plan member elects to receive upon retirement, in lieu of that person\u2019s full pension under this Act, an immediate lump sum payment of a portion of the present value of that person\u2019s accrued benefit and a reduced pension equal in value to the remainder of that person\u2019s accrued benefit after deducting the lump sum payment, determined in accordance with rules prescribed by regulations; \u201ccontracted officer\u2019s supplement\u201d means the supplement paid to employees of the Government Statutory Authorities and Government companies pursuant to local or overseas contracts; \u201ccredited rate of return\u201d means \u2014 (a) the rate of investment return to be credited to accounts on an account adjustment date, as determined by the Administrator on 13th April, 1999, and at the end of each calendar year up to and including 31st December, 2018 and \u2014 (i) where on or after 14th April, 1999 an account adjustment date is the last day of a calendar year the credited rate of return shall be the average rate of investment return on Fund investments for that calendar year and the two immediately preceding calendar years; and Public Service Pensions Act (2023 Revision) (ii) where an account adjustment date does not fall on the last day of a calendar year, the credited rate of return shall be the credited rate of return that was applied on the previous account adjustment date prorated for the period of the year up to such account adjustment date; (b) with respect to a plan member\u2019s contributions made to the Fund under the prior law credited to a plan member\u2019s contribution account on the 14th April, 1999 under section 30(2), the average rate of investment return on Fund investments for the period commencing on the date the Fund was established under the prior law and ending on the 13th April, 1999, as determined by the Administrator; and (c) the rate of investment return to be credited to accounts on account adjustment date, as determined by the Administrator with effect from the first calendar quarter following the 31st day of December, 2018 and at the end of each calendar quarter \u2014 (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 (ii) where an account adjustment date does not fall on the last day of a calendar quarter, the credited rate of return shall be the credited rate of return that was applied on the previous account adjustment date prorated for the period of the calendar quarter up to such account adjustment date; \u201cdeferred benefit\u201d means a benefit under the Plan payable to a deferred vested plan member at normal retirement age; \u201cdeferred vested plan member\u201d means a former plan member who is entitled to a deferred benefit under the Plan; \u201cdesignated beneficiary\u201d means a person designated by the Plan member under section 19 to receive benefits under section 43, 60, 62, 63 or 65 or any other benefits not specified for payment to a plan member\u2019s spouse, civil partner or children or an entity in the event of the plan member\u2019s death; \u201cdirector\u201d means a member of the Board; \u201cdisability retirement\u201d means retirement due to permanent disability under section 35 or 52; \u201cduty allowance\u201d means a monthly allowance paid in addition to basic salary for carrying out duties in excess of a plan member\u2019s substantive office where an acting allowance cannot be paid; \u201cearly retirement\u201d means retirement under section 32 or 50 on or after attaining early retirement age but before attaining normal retirement age; Public Service Pensions Act (2023 Revision) \u201cearly retirement age\u201d means (a) in relation to an active plan member employed prior to the effective date \u2014 (i) any age between ages fifty and fifty-nine inclusive, after the plan member has completed at least ten years of qualifying service; or (ii) any age between ages sixty and sixty-four inclusive; (b) in relation to a plan member employed on or after the effective date, any age between ages fifty-five and sixty-four inclusive, after the plan member has completed at least ten years of qualifying service; (c) in relation to a person who, on or after the effective date, is a deferred vested plan member or retired plan member and incurs a permitted break in service as prescribed in regulations \u2014 (i) any age between ages fifty and fifty-nine inclusive, after the plan member has completed at least ten years of qualifying service; or (ii) any age between ages sixty and sixty-four inclusive; and (d) in relation to a person who, on or after the effective date, is a deferred vested plan member or retired plan member and does not incur a permitted break in service as prescribed in regulations, any age between ages fiftyfive and sixty-four inclusive, after the plan member has completed ten years of qualifying service; and, for the purposes of this definition, \u201ceffective date\u201d means the date of commencement of the Public Service Pensions (Amendment) Act, 2016 [Law 22 of 2016]; \u201cemployee\u201d means an employee of an employer; \u201cemployer\u201d means \u2014 (a) the Government; or (b) a statutory authority or a Government company (approved by the Cabinet) that has opted to join the Plan; \u201cemployer contribution account\u201d means the book-keeping account documenting total employer contributions made on behalf of the plan member under the defined contribution part, or transferred from the defined benefit part under paragraph (b) of section 48(1), plus interest credited in accordance with rules prescribed by regulations; \u201cfinal average pensionable earnings\u201d means the sum of \u2014 (a) a plan member\u2019s final full calendar month\u2019s basic salary or basic wage, as the case may be, prior to death, resignation, retirement or permanent disability; (b) the average over a plan member\u2019s final thirty-six consecutive calendar months pensionable service of that person\u2019s acting allowances and duty allowances; except that, for the purposes of this paragraph, if a plan Public Service Pensions Act (2023 Revision) member incurs a break in service or an unpaid leave of absence within such thirty-six month period and is subsequently re-employed, the period during which that person was not in pensionable service shall be disregarded and the last calendar month of that person\u2019s pre-break service and first calendar month of that person\u2019s re-employment shall be deemed to be consecutive calendar months; and (c) if a plan member is employed as a police officer, that person\u2019s final month\u2019s housing allowance; \u201cformer plan member\u201d means a plan member who \u2014 (a) terminated employment and remains in the Plan; or (b) remains in employment but ceases to accrue benefits prior to being qualified for retirement under the Plan; \u201cfull-time education\u201d means attendance as a full-time student at a college, university or other institution of tertiary education; \u201cFund\u201d means the Public Service Pensions Fund which is a continuation of the Public Service Pensions Fund established under section 5 of the prior law; \u201cGovernment company\u201d means \u2014 (a) a company in which the Government has a controlling interest; and (b) in respect of each such company, includes all subsidiary entities of the company. \u201cInvestment Committee\u201d means the Committee established by the Board pursuant to section 5(2A) and specified in Schedule 1; \u201cinvestment grade\u201d means a grade given to any security or other obligation by any two or more internationally recognised credit rating agencies to indicate that the security or other obligation is eligible for investment and it has at least an adequate capacity to pay interest and repay principal; \u201cinvestment manager\u201d means a person or entity who meets the qualifications for an investment manager in accordance with rules prescribed by regulations; \u201cinvestment return\u201d means the annual earnings on Fund investments, less expenses of the Fund for the same period; \u201clate retirement\u201d means retirement under section 33 or 51 after attaining normal retirement age; \u201cmember\u201d means a member of the Board or a committee or sub-committee of the Board; \u201cnormal retirement\u201d means retirement under section 31 or 50 upon attaining normal retirement age; \u201cnormal retirement age\u201d means the age of sixty-five; Public Service Pensions Act (2023 Revision) \u201cOther Public Service\u201d means Service with a statutory authority or Government company that has opted to join the Plan with the approval of the Board; \u201cplan member contribution account\u201d means \u2014 (a) in relation to a defined contribution plan member, the book-keeping account documenting total plan member contributions made by a plan member under the Plan, or transferred from an approved plan pursuant to section 49, plus the interest credited in accordance with rules prescribed by regulations; and (b) in relation to a defined benefit plan member, the book-keeping account documenting the following \u2014 (i) the total plan member contributions made by a plan member under the Plan; and (ii) the plan member account opening balance \u2014 (A) established as at 1st January 1990 and representing the benefit accrued from the date of the plan member\u2019s employment in Service or from the date that person reaches the age of 18 while employed in Service (whichever date is later) until 31st December 1989; and (B) specified in a schedule maintained by the Board pursuant to section 6(1)(ha); and (iii) the interest credited in accordance with rules prescribed by regulations. \u201cpension\u201d means the benefit, in the form of an annuity, lump sum or other form of benefit, due and payable to the plan member or the plan member\u2019s beneficiaries under the Plan; \u201cpensionable earnings\u201d means for any full calendar month the sum of \u2014 (a) basic salary or basic wages, as the case may be; (b) acting allowances; and (c) duty allowances, paid to the plan member; \u201cpensionable service\u201d means service which, pursuant to rules prescribed by regulations, shall be taken into account in computing benefits under the defined benefit part of the Plan; \u201cpermanent disability\u201d means a disability which is likely to render a plan member incapable by reason of infirmity of mind or body of discharging the duties of that person\u2019s office, which infirmity is certified by the Chief Medical Officer as likely to be permanent; Public Service Pensions Act (2023 Revision) \u201cPlan\u201d means the scheme set up by this Act and regulations which set out the provisions of pension benefits granted to plan members under the general, defined benefit and defined contribution Parts; \u201cPlan actuarial tables\u201d mean actuarial tables used by the Administrator, in consultation with the actuary, in the determination of the amounts of benefits payable under the Plan and in the determination of actuarially equivalent values; \u201cplan member\u201d means an employee in Service, an employee on an approved leave of absence or an employee who has retired or resigned from Service on pensionable terms; \u201cprior law\u201d and \u201cprior plan\u201d mean the repealed Pensions Law (1999 Revision) and subsidiary legislation made thereunder, as in effect on the 13th April, 1999 and the pension scheme thereby established; \u201cpublicly traded company\u201d means a company whose stock is traded on \u2014 (a) a stock exchange in the Islands; or (b) any other exchange recognised by internationally recognised credit rating agencies on which securities are traded, if the prices at which the securities have been traded on such market are regularly published in a newspaper or business or financial publication of general or regular paid circulation; \u201cPublic Service\u201d means employment by the Government; \u201cqualifying service\u201d means service which, under rules prescribed by regulations, may be taken into account in determining whether a plan member is eligible for early retirement under section 32 or 50 or to minimum pension benefits under section 39; \u201cregulations\u201d mean regulations made under section 4; \u201cretired plan member\u201d means a plan member who is no longer in Service and is receiving pension benefits under this Act; \u201cretirement\u201d means normal, early, late, disability or special retirement from Service as provided under this Act; \u201csalary grade\u201d means \u2014 (a) for plan members within the Public Service, remuneration bands as defined in the Public Service Management Act (2018 Revision); and (b) for plan members within the Other Public Service, the applicable pay grades within the salary structure utilised by the statutory authority or government company; \u201cService\u201d means Public Service and Other Public Service; \u201cspecial retirement\u201d means retirement under special circumstances under section 37 or 54; and Public Service Pensions Act (2023 Revision) \u201ctransfer value\u201d means the amount a plan member may transfer to that person\u2019s defined contribution accounts from the defined benefit part of the Plan under section 48(2) or the amount a former plan member may transfer to an approved plan from the defined benefit or defined contribution parts under section 34 or 55. Pension Regulations\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Regulations 4. (1) The Cabinet may make regulations \u2014 (a) to prescribe the particulars which may be prescribed under sections 3, 10, 15, 17, 28, 30, 31, 32, 34, 36 , 37, 41, 42, 43, 44, 48, 53, 55, 58, 59, 60, 61, 62 and 63; and (b) such as may be required for the effective implementation of this Act. (2) The regulations may, from time to time, be amended, added to or revoked by regulations made by the Cabinet after the Board has considered the financial impact of such amendments on the finances of the Fund. (3) If the Cabinet is satisfied that it is equitable that any regulation should have retrospective effect in order to confer a benefit upon or remove a disability attaching to any person or class of persons, that regulation may be given retrospective effect for that purpose unless the regulation, as amended, would reduce the benefit of a plan member that has accrued prior to such amendment. Public Service Pensions Board\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Public Service Pensions Board 5. (1) There is established the Public Service Pensions Board in which the Fund shall be vested and which shall, subject to this Act, be responsible for administering the Fund. (1A) The Board shall consist of directors appointed in accordance with Schedule 1. (1B) The directors shall be responsible for the policy and general administration of the affairs and business of the Board. (1C) The directors in carrying out their duties under this Act shall also comply with the provisions of the Public Management and Finance Act (2020 Revision) and where there is any conflict between the provisions of this Act and the Public Management and Finance Act (2020 Revision) the provisions of the latter Act shall prevail to the extent of the inconsistency. Public Service Pensions Act (2023 Revision) (2) The Board may employ a person to serve as Administrator, a person to serve as Chief Executive Officer, Public Service Pensions (who may be the same person) and such other additional staff as it deems necessary to administer the Plan. (2A) The Board may \u2014 (a) act by committee or sub-committee; and (b) delegate by instrument in writing any of its powers and duties to a committee or sub-committee and to any of their members. (3) The constitution and procedure of the Board or of any committee appointed by the Board and the duties of the Chief Executive Officer are set out in Schedule 1. (4) The Board shall be a body corporate with perpetual succession and a common seal and shall, in its corporate name, be capable of suing and being sued and shall have the power to hold land. (5) Any written notice, order or other document required to be served upon the Board, may be served by leaving the same, or sending it through the post in a prepaid letter, addressed to the Board at the office of the Secretary of the Board. (6) The common seal of the Board shall be kept in the custody of the Secretary of the Board and shall not be affixed to any instrument except by the authority of the resolution of the Board. The sealing of any instrument shall be authenticated by the signature of either the Chairperson or the Deputy Chairperson, and of the Secretary.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Powers and duties of Board 6. (1) The Board shall be responsible for \u2014 (a) the administration of the Fund including \u2014 (i) receiving into the Fund all sums due to it; (ii) calculation and payment from the Fund of pensions due under this Act; (iii) payments from the Fund necessary for the administration of the Fund; (iv) investment of the Fund in accordance with this Act; (v) accounting for all moneys collected, paid or invested under this Act; (vi) causing a periodic actuarial review of the Fund under section 12; and (vii) the sale of investments as necessary to meet immediate liabilities and needs, and for reinvestment; (b) liaising with the Deputy Governor and statutory authorities regarding collection of data; Public Service Pensions Act (2023 Revision) (c) liaising with the Financial Secretary and statutory authorities regarding contribution payments; (d) accounting and reporting in respect of the Plan, as provided in section 11; (e) repealed by section 4 of the  Public Service Pensions (Amendment) Act, 2004 [Law 19 of 2004]; (f) record keeping, as provided in section 11; (g) recommending for approval amendments to the Plan, as provided in section 18; (h) adopting and maintaining a schedule of benefits payable under sections 27(2) and 42(2) with respect to persons who resigned, retired or died prior to the 14th April, 1999; and (ha) adopting and maintaining a schedule setting out the plan member account opening balances relating to defined benefit plan members; and (i) administering such other pension plans or ex gratia payments as the Cabinet may direct; except that no assets of the Fund shall be used to pay for any benefit or expense of such other pension plans or ex gratia payments unless the Government prepaid such amounts. (1A) Without prejudice to the generality of subsection (1), in accordance with section 12, the Board shall be responsible for recommending to the Cabinet contribution rates payable under the Plan from time to time. (1B) The Board shall be responsible for the oversight and monitoring of the Administrator, the Investment Committee and any other committees or subcommittees appointed by the Board in accordance with section 5; and when exercising its fiduciary responsibility the Board shall act in the best interests of the plan members and beneficiaries of the Fund. (2) In the performance of its duties under this Act, the Board may take such professional advice as it considers appropriate and pay for it out of the Fund. (3) No director, member of a committee or sub-committee of the Board or employee of the Board shall be personally liable for any act or default of the Board done or omitted to be done in good faith in the course of the operations of the Board.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Custody of Plan assets 7. The Board shall cause to be established one or more custody accounts into which the assets of the Fund shall be deposited and held.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Calculation of benefits 8. A pension provided under this Act shall be calculated by the Administrator based on Plan actuarial tables and in accordance with the provisions of the Plan in effect on the date of a plan member\u2019s resignation, death, permanent disability or retirement except as provided in sections 22, 27(2) and 42(2). Public Service Pensions Act (2023 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Correction of mistakes in administering pensions 9. The Board shall establish a procedure which enables any person to bring to the Board\u2019s attention a failure of administrative process which has prevented a pension from being paid or that has resulted in the incorrect calculation of the amount of a pension.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Communications to plan members 10. The Board shall provide in writing to each plan member or beneficiary \u2014 (a) a handbook summarising the provisions of the Plan; (b) an annual benefit statement; (c) a statement of retirement benefits at retirement; (d) a statement of vested benefits at resignation; (e) a death benefit statement at the time of death of the plan member; and (f) any other information prescribed by regulations.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Accounts, book-keeping and reporting 11. (1) The financial statements of the Board shall be prepared and maintained in accordance with the standards prescribed for this purpose by the Financial Secretary. (2) Within the period of three months after the 30th June in each year the Board shall prepare and submit to the Auditor General in respect of that year \u2014 (a) a balance sheet; (b) a statement of revenue and expenditure by the Board during the year; and (c) such other financial statements as may be required to comply with subsection (1). (3) On receipt of the financial statements referred to in subsection (2), the Auditor General shall examine and audit the financial statements and shall certify the financial statements subject to such report, if any, as that Auditor General may think fit. (4) The Auditor General shall, within a period of six months after the close of the year to which they relate, return to the Board the certified financial statements together with that Auditor General\u2019s report, if any. (5) Within thirty days after receipt from the Auditor General of the certified financial statements and that Auditor General\u2019s report, if any, the Board shall prepare and submit to the Financial Secretary a report of the financial activities of the Board during the year to which the certified financial statements relate, which report shall include a copy of the certified financial statements and of the Auditor General\u2019s report, if any. Public Service Pensions Act (2023 Revision) (6) The report of the Board together with a copy of the certified financial statements and the Auditor General\u2019s report, if any, shall be laid by the Financial Secretary on the table of the Parliament for twenty-one days as soon as practicable after that Financial Secretary receives it, and such report of the Board shall be gazetted.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Actuarial valuation and contribution rates 12. (1) On the coming into force of this Act, and at such other times thereafter as it deems appropriate, but in no event later than the three-year anniversary of the latest review, the Board shall cause a review to be carried out to assess and evaluate the assets and liabilities of the Fund in order \u2014 (a) to determine whether it remains capable of meeting its liabilities for the following period of at least forty years at the rate or rates of contribution then in force; (b) if it is not so capable, to ascertain what rate or rates of contribution would be required to reinstate that capability; and (c) to determine the amount to be reflected on the balance sheet, and the first of such reviews shall assess the assets and liabilities of the Fund as at the 1st January, 1999. (2) The review shall be carried out by the actuary using reasonable actuarial assumptions agreed upon by the actuary and the Board. (3) A report of the actuarial review carried out under subsection (1) shall be made to the Board and the Board shall send a copy of the report to the Financial Secretary and may, after considering the report, recommend changes to the contribution rates. (3A) After receiving a report under subsection (3) the Financial Secretary shall submit the report to the Cabinet and the Cabinet shall either \u2014 (a) accept the report and approve, by regulations, the changes to the contribution rates recommended by the Board; or (b) within ninety days of receiving the report, cause its own actuarial valuation to be carried out if it determines that there is good reason to do so. (3B) Where an actuarial valuation carried out by the Cabinet under subsection (3A) (b) corroborates the report submitted by the Board the Cabinet shall, no later than six months after receiving the valuation approve, by regulations, the rates recommended by the Board under subsection (3). (4) The Financial Secretary shall, immediately after an actuarial report is accepted or corroborated, lay the report on the table of the Cayman Islands Parliament for twenty-one days and shall cause such report to be gazetted; and the Financial Secretary shall not be required to lay any report which has not been so accepted or corroborated. Public Service Pensions Act (2023 Revision) Funding and Investments\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"Continuation of Public Service Pensions Fund 13. The Public Service Pensions Fund established under the prior law shall be continued under this Act.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_14\", \"num\": \"14.\", \"text\": \"Payments into Fund 14. There shall be paid into the Fund \u2014 (a) all plan member and employer contributions; (b) all assets transferred from an approved plan on behalf of a defined contribution plan member under section 49; (c) all rent, interest, dividends, income and other sums derived from the assets of the Fund; (d) such other sums as may legally be provided by an employer; and (e) such other sums as may be received and accepted by the Board on behalf of the Fund.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_15\", \"num\": \"15.\", \"text\": \"Disbursements from Fund 15. (1) There shall be paid out of the Fund \u2014 (a) all pension benefits; (b) all expenses properly incurred in the administration of the Plan and of the Fund; (c) upon the direction of the Administrator, payment under section 34 or 35 of the plan member\u2019s transfer value to an approved plan; and (d) ex gratia pensions granted on and after the 14th April, 1999, subject to the Government\u2019s pre-payment into the Fund of amounts necessary to pay such ex gratia pensions. (2) No payments shall be made out of the Fund unless authorised by or under this Act. (3) The Cabinet may, by regulations, prescribe the persons to whom, and the circumstances in which, ex gratia pensions may be granted under subsection (1)(d) and such regulations may have retrospective effect.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_16\", \"num\": \"16.\", \"text\": \"Fund investments 16. (1) The Fund shall be invested by the Board in a manner consistent with \u2014 (a) best-practice portfolio management; (b) the Board\u2019s duty to avoid undue risk of loss or impairment pursuant to subsection (3); Public Service Pensions Act (2023 Revision) (c) the Board\u2019s duties of care, diligence and skill pursuant to subsection (4); and (d) the investment policies and procedures formulated in accordance with subsection (5). (2) The Board may appoint one or more investment managers to whom the Board may delegate any or all of its investment duties hereunder. (3) The Board shall invest the Fund in such a manner to ensure that there is no undue risk of loss or impairment to the Fund, including by ensuring diversification of the investments of the Fund, and pursuant to the advice of the Investment Committee and any investment managers appointed by the Board under subsection (2). (4) The Board shall exercise the care, diligence and skill in the investment of the Fund that persons of ordinary prudence would exercise in dealing with the property of another. (5) The Board shall establish, maintain and adhere to investment policies and procedures that are consistent with its duties under subsections (1), (3) and (4) and that cover, among any other relevant issues \u2014 (a) the classes of investments in which the Fund is to be invested and the selection criteria for investments within those classes; (b) the determination of benchmarks or standards against which the performance of the Fund as a whole, classes of investments and individual investments will be assessed; (c) standards for reporting the investment performance of the Fund; (d) the balance between risk and return in the overall Fund portfolio; (e) the fund management structure; (f) the use of options, futures and other derivative financial instruments; (g) the investment in private equity funds, hedge funds and funds that invest in infrastructure; (h) the management of credit, liquidity, operational, currency, market and other financial risks; (i) the retention, exercise or delegation of voting rights acquired through investments; (j) the method of, and basis for, valuation of investments that are not regularly traded at a public exchange; and (k) the prohibition, restriction, constraint or limit on any investment. Public Service Pensions Act (2023 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_17\", \"num\": \"17.\", \"text\": \"Contributions to Fund 17. (1) Plan members shall contribute to the Fund at the rate prescribed by regulations, and in default of such prescription, at the rate of six per cent of their pensionable earnings. (2) (a) Employers (including statutory authorities and Government companies to which a plan member has been seconded or employed) shall contribute to the Fund the amount prescribed by the Board under section 6. (b) When an active plan member is transferred to a non-participating Statutory Authority or Government company, the non-participating Statutory Authority or Government company may opt, with the approval of the Cabinet, to join the Plan and shall, for the purpose of paying the employer contribution for such active plan member, be deemed a participating Statutory Authority or Government company . (3) A plan member\u2019s contribution shall be deducted each pay period by the Government (or by an employing Government company with which a plan member has been seconded or employed) from such plan member\u2019s pensionable earnings and paid by the Accountant General into the Fund on a monthly basis or, in the case of deductions made by an employing statutory authority, such deductions shall be paid to the Administrator on a monthly basis for payment into the Fund and such deductions shall be sent to the Administrator no later than the 15th day of the month immediately following the date when the deductions are due. (4) Any plan member contributions which are credited pursuant to this Act to a plan member\u2019s account shall be credited to that person\u2019s account on the date such contributions are received by the Administrator. (5) The Government\u2019s contribution in respect of a contributing plan member\u2019s Public Service shall be a charge on the revenue of the Islands and shall be determined and paid by the Government into the Fund at the same time as the Government pays the plan member\u2019s contribution into the Fund under subsection (3). (6) A statutory authority\u2019s or a Government company\u2019s contribution in respect of a contributing plan member\u2019s Other Public Service shall be paid to the Administrator for payment into the Fund at the same time the statutory authority or Government company pays the plan member\u2019s contribution to the Administrator under subsection (3). (7) Subject to the provisions, every plan member shall cease to contribute to the Fund on the day on which that person ceases to be employed in the Service. (8) Contributions shall be assessed, and deductions shall be made, based on the pensionable earnings paid to a plan member for the period for which the Public Service Pensions Act (2023 Revision) contributions and deductions relate, whether or not that person may have, for any reason, been entitled to additional payments for that period. Miscellaneous\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_18\", \"num\": \"18.\", \"text\": \"Plan amendments: financial impact 18. The Board shall determine the financial impact of all amendments to this Act and regulations and shall advise the Cabinet of its findings prior to such amendment being considered by the Cabinet or laid before the Parliament.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_19\", \"num\": \"19.\", \"text\": \"Designation of beneficiary 19. (1) Each plan member shall be given the opportunity to designate a beneficiary or beneficiaries who shall be entitled to receive benefits under section 43, 60, 62, 63 or 65 and regulations in the event of the plan member\u2019s death. (2) A plan member shall be permitted to change a beneficiary designated under subsection (1) at any time prior to that plan member\u2019s death. (3) In the event that a plan member dies without designating a beneficiary, or if no designated beneficiary survives the plan member, any benefit that would have been payable to the plan member\u2019s designated beneficiary under this Act and regulations shall be paid to the plan member\u2019s estate.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_20\", \"num\": \"20.\", \"text\": \"Payment and administration of children\u2019s pensions 20. In all cases of a child\u2019s pensions provided under this Act, the whole or any part of such pension may be paid, at the discretion of the Administrator, either to the mother, father, the legal guardian of such child, the child directly (if that person is over the age of eighteen) or to such other person or persons as the Administrator may, in that person\u2019s discretion, consider to be fit and proper persons, to apply the same for the benefit of such child, and after such payment the Fund shall be free of all responsibility in respect of such payment.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_21\", \"num\": \"21.\", \"text\": \"Cessation of payment of a child\u2019s pension 21. Any pension payable to a child under section 42, 44, 59 or 61 shall cease upon the latest to occur of \u2014 (a) the child\u2019s attainment of the age of eighteen; (b) if the child is in full-time education on that person\u2019s eighteenth birthday, the first to occur of \u2014 (i) the child\u2019s attainment of the age of twenty-three; or (ii) the child\u2019s cessation of full-time education; or Public Service Pensions Act (2023 Revision) (c) if the child is mentally or physically incapable of employment, as certified by the Chief Medical Officer, on that person\u2019s eighteenth birthday, the date on which the child is capable of employment.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_22\", \"num\": \"22.\", \"text\": \"Inflation protection 22. (1) Notwithstanding any other provisions of this Act, pensions in payment shall be adjusted for inflation on an annual basis as of the first day of each calendar year as follows \u2014 (a) when the increase in CPI is less than or equal to 5%, pension benefits shall be increased at a rate equal to 100% of the CPI, providing a maximum increase of 5%; (b) when the increase in CPI is greater than 5% but less than or equal to 8%, pension benefits shall be increased at a rate equal to the sum of 5% plus four-fifths of the difference between 5% and the CPI, providing a maximum increase of 7.4%; (c) when the increase in CPI is greater than 8% but less than or equal to 12%, pension benefits shall be increased at a rate equal to the sum of 7.4% plus six-tenths of the difference between 8% and the CPI, providing a maximum increase of 9.8%; or (d) when the increase in CPI is greater than 12%, pension benefits shall be increased at a minimum rate of 9.8% and the Board shall determine, and the Cabinet shall approve, any increases in pension benefits in excess of 9.8%.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_23\", \"num\": \"23.\", \"text\": \"Participation upon re-employment after retirement 23. (1) Subject to subsection (2), a retired plan member who is receiving a pension and who is subsequently re-employed in Service shall elect \u2014 (a) to have payments under that pension suspended and to be eligible, during the period of re-employment, to make contributions and accrue further benefits in a separate account under the defined contribution part of the Plan; or (b) to continue to receive that pension without interruption upon reemployment and to be ineligible to make contributions or accrue further benefits under the Plan. (2) A retired plan member who is receiving a pension and who is subsequently reemployed in Service or receives a contract renewal at the same salary grade or higher before attaining normal retirement age, is deemed to have payments under that pension suspended and to be eligible, during the period of reemployment, to make contributions and accrue further benefits in a separate account under the defined contribution part of the Plan. Public Service Pensions Act (2023 Revision) (3) Where a plan member who is eligible for early retirement opts for phased retirement by retiring and being subsequently re-employed in Service in a position on a lower salary grade or in a part time capacity, the plan member is eligible to receive a pension without interruption and is ineligible to make contributions or accrue further benefits under the Plan.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_24\", \"num\": \"24.\", \"text\": \"Plan member rights 24. (1) No plan member shall lose that person\u2019s right to a pension under this Act because that person is \u2014 (a) adjudicated bankrupt or declared insolvent by a competent Court; or (b) sentenced to a term of imprisonment by a competent Court for any offence. (2) A pension granted under this Act is exempt from execution, seizure, attachment or any other process in respect of any debt or claim of a creditor, except for the purposes specified in paragraph (a)(i) and (ii) of section 25.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_25\", \"num\": \"25.\", \"text\": \"Pensions not to be assignable 25. (1) A pension provided under this Act shall not be \u2014 (a) transferable or assignable by a plan member or beneficiary, except for the purpose of satisfying \u2014 (i) a debt due to the Government; or (ii) an order of a Court for the payment of periodical sums of money towards the maintenance of the spouse, civil partner, former spouse, former civil partner or minor child of the plan member to whom the pension has been granted; or (b) subject to, or available to, the creditors of a plan member prior to payment thereof. (2) A pension provided under this Act shall not be transferable or assignable by the Administrator, except for the purpose of satisfying \u2014 (a) a debt due to the Government, a statutory authority or a Government company, where there is no dispute as to the debt or the amount of any deduction from a pension to satisfy that debt; or (b) an order of a court for the payment of periodical sums of money towards the maintenance of the spouse, civil partner, former spouse, former civil partner or minor child of the Plan member to whom the pension has been granted. (3) Where there is a dispute, a party to the dispute may submit the dispute to binding arbitration under the Arbitration Act, 2012 [Law 3 of 2012]. Public Service Pensions Act (2023 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_26\", \"num\": \"26.\", \"text\": \"Non-resident non-Caymanians 26. (1) Notwithstanding any provision to the contrary, a retired or deferred vested plan member who became a plan member before the date of the commencement of the Public Service Pensions (Amendment) Act, 2019 [Law 23 of 2019], who \u2014 (a) is not the holder of Caymanian status as defined in section 26 of the Immigration (Transition) Act (2022 Revision); and (b) ceases to reside in the Islands, may, upon such cessation in residency, elect to receive the present value of the remainder of that person\u2019s accrued benefit (actuarially adjusted to take into account any benefits already paid to the plan member pursuant to any of the other forms of benefit available to the plan member or due to any prior distribution) in a single lump sum cash payment payable within one month after the plan member so ceases to be resident in the Islands. (1A) For the purposes of subsection (1)(b), a person shall be considered to have ceased to be resident in the Islands when that person no longer has a legal right to reside in the Islands and has been absent from the Islands for a period of not less than two months; and, in calculating a period of absence, no account shall be taken of a period of stay in the Islands, as a visitor or transit passenger, for a continuous period of three weeks or less. (1B) Notwithstanding any provision to the contrary, a retired or deferred vested plan member who became a plan member after the date of the commencement of the Public Service Pensions (Amendment) Act, 2019 [Law 23 of 2019], who \u2014 (a) is not the holder of Caymanian status as defined in section 26 of the Immigration (Transition) Act (2022 Revision); and (b) ceases to reside in the Islands, may, upon such cessation in residency, elect to receive the present value of the remainder of that person\u2019s accrued benefit (actuarially adjusted to take into account any benefits already paid to the plan member pursuant to any of the other forms of benefit available to the plan member or due to any prior distribution) in a single lump sum cash payment payable within one month after the plan member so ceases to be resident in the Islands. (1C) For the purposes of subsection (1B)(b), a person shall be considered to have ceased to be resident in the Islands when the person no longer has a legal right to reside in the Islands and has been absent from the Islands for a period of two years or more; and, in calculating a period of absence, no account shall be taken of a period of stay in the Islands, as a visitor or transit passenger, for a continuous period of three weeks or less. (1D) The provisions of subsections (1) to (1C) shall not apply until 1st January 2020 and the provisions of the principal Act which are in force immediately prior to 8th August, 2019, the date of the commencement of the Public Service Pensions Public Service Pensions Act (2023 Revision) (Amendment) Act, 2019 [Law 23 of 2019], shall continue in force until such commencement (2) The Administrator shall exempt from the coverage of the Plan any non-resident of the Islands who is not the holder of Caymanian status as defined in section 2 of the Immigration (Transition) Act (2021 Revision) if the non-resident, nonCaymanian requests such exemption and can demonstrate to the satisfaction of the Administrator that that person is a current plan member in another pension plan. (3) An employee who is entitled to a contracted officer\u2019s supplement shall not be entitled to coverage of the Plan and the Administrator shall exempt such an employee from the coverage of the Plan. PART II - Defined Benefits Applicability and Eligibility\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_27\", \"num\": \"27.\", \"text\": \"Applicability 27. (1) This Part shall apply to all defined benefit plan members. (2) Any employee \u2014 (a) who retired or resigned from Service prior to 14th April, 1999, the date of commencement of the Public Service Pensions Law, 1999 [Law 6 of 1999], and who was entitled to receive pension benefits under the prior law; or (b) who was employed in the Service after 1 January 1940 for a continuous period of ten years or more in a pensionable post and who resigned from Service on or before 31 December 1982 and who was not entitled to receive pension benefits; shall be entitled to receive pension benefits under this Act, pursuant to a schedule of benefits adopted and maintained by the Board pursuant to section 6(1)(h) and (i) in the case of an employee specified in paragraph (a), such pension benefits shall in no event be less than the benefits that would have been accrued or payable on the day immediately prior to the 14th April, 1999, the date of commencement of the Public Service Pensions Law, 1999 [Law 6 of 1999]; and (ii) in the case of the plan members specified in paragraphs (a) and (b), such pension benefits shall in no event be less than the minimum pension set out in section 39 or less than the minimum ex-gratia Public Service Pensions Act (2023 Revision) pension payable under the Public Service Pensions (Ex-gratia Pensions) Regulations (2019 Revision), whichever is the greater.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_28\", \"num\": \"28.\", \"text\": \"Defined benefit eligibility 28. (1) An active plan member under the prior plan on the 13th April, 1999 shall become an active defined benefit plan member under this Plan on the 14th April, 1999 and the plan member shall be entitled to benefits under this Plan which shall not be lesser in value than the benefits that person would have been entitled to under the prior plan on the 13th April, 1999. (2) An employee in the Service who does not fall within either paragraph (a) or (b) of section 27(2) shall be ineligible to participate in the defined benefit part of this Plan. (3) An active defined benefit plan member who transfers from Service to a nonparticipating statutory authority or Government company may, with the approval of the Board and the employing statutory authority, continue as an active defined benefit plan member. (4) An active defined benefit plan member who incurs a permitted break in service (as prescribed in regulations) may continue as an active defined benefit plan member upon that person\u2019s return to Service.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_29\", \"num\": \"29.\", \"text\": \"Option to transfer to defined contribution part 29. (1) An active defined benefit plan member may transfer that person\u2019s participation from the defined benefit part to the defined contribution part of the Plan. (2) A plan member who transfers to the defined contribution part shall not accrue or receive benefits under the defined benefit part, but shall, from the date of transfer, be governed by the provisions of the defined contribution part of the Plan. Accounts\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_30\", \"num\": \"30.\", \"text\": \"Plan member contribution account 30. (1) The Administrator shall maintain on the books of the Fund for each plan member who is an active defined benefit plan member, and for each retired and deferred vested plan member of the prior plan who made contributions under the prior law and who is entitled to a scheduled benefit under the Plan under section 27(2), and for any beneficiary of a deceased defined benefit plan member, for so long as the Plan maintains an obligation to pay to or on behalf of such plan member or beneficiary a benefit under this Act, a plan member contribution account. (2) The Administrator shall determine a plan member contribution account balance as at the 31st December, 1997 for each plan member described in subsection (1) Public Service Pensions Act (2023 Revision) who made contributions under the prior law. The plan member contribution account balance shall include all plan member contributions made to the Fund by the plan member under the prior law, plus interest credited in accordance with rules prescribed by regulations, minus distributions, if any, made to or on behalf of the plan member prior to the 14th April, 1999 which were attributable to the plan member contributions. (3) The Administrator shall make adjustments to each plan member contribution account balance at such times and in such manner as prescribed by regulations. Retirement Benefits\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_31\", \"num\": \"31.\", \"text\": \"Normal retirement 31. Upon the attainment of normal retirement age, an active defined benefit plan member shall be entitled to receive an immediate pension equal to that person\u2019s normal retirement benefit under this defined benefit part, as determined pursuant to rules prescribed by regulations, based on the plan member\u2019s pensionable service and final average pensionable earnings at normal retirement age.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_32\", \"num\": \"32.\", \"text\": \"Early retirement 32. Upon the attainment of early retirement age, an active defined benefit plan member shall be eligible to retire from Service with an immediate pension equal to that person\u2019s early retirement benefit under this defined benefit part, as determined pursuant to rules prescribed by regulations, based on the plan member\u2019s age, pensionable service and final average pensionable earnings at that person\u2019s actual date of retirement.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_33\", \"num\": \"33.\", \"text\": \"Late retirement 33. An active defined benefit plan member who continues employment with an employer after attaining normal retirement age shall be deemed to have retired from Service on the date that person attained normal retirement age and to have been re-employed in Service the following day, and section 23 shall apply to any such plan member.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_34\", \"num\": \"34.\", \"text\": \"Resignation from Service prior to retirement 34. (1) An active defined benefit plan member who resigns from Service prior to becoming eligible for retirement under this Act may, at any time after that person\u2019s resignation date, elect either to leave that person\u2019s accrued benefit in the Fund until that person becomes eligible for retirement (in which case that person\u2019s plan member contribution account will continue to be credited with interest in accordance with rules prescribed by regulations) or to have the Board transfer to an approved plan, subject to the limitations prescribed in subsection (2), an amount equal to the greater of \u2014 (a) the plan member contribution account balance of a plan member; or Public Service Pensions Act (2023 Revision) (b) the actuarial equivalent present value of the former plan member\u2019s accrued benefit on the date of resignation (determined by reference to Plan actuarial tables and based on pensionable service and final pensionable earnings on the date of resignation). (2) Notwithstanding paragraph (b) of subsection (1), the maximum amount that may be transferred by a plan member to an approved plan under subsection (1) shall be prescribed from time to time by the Board. In the event that the amount determined under subsection (1) in the aggregate exceeds the permissible maximum by more than five thousand dollars, the excess of the amount determined under subsection (1) shall remain in the Fund in the plan member\u2019s employer contribution account and the plan member shall have the rights of a deferred vested plan member with respect to such account balance. Where the excess amount does not exceed five thousand dollars, the amount determined under subsection (1) shall be transferred to the approved plan.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_35\", \"num\": \"35.\", \"text\": \"Disability retirement 35. (1) An active or a deferred vested defined benefit plan member who becomes permanently disabled shall be eligible to retire from Service with an immediate pension, effective on the date of that person\u2019s permanent disability, if that person\u2019s permanent disability is certified by the Chief Medical Officer. (2) Where a plan member to whom a pension is being provided under this section (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 is re-appointed to that person\u2019s prior office or appointed to an office in Service which the Administrator determines to be similar, the payment of that person\u2019s pension shall be suspended until the earlier of \u2014 (a) the plan member\u2019s attainment of normal retirement age; or (b) the later to occur of the plan member\u2019s subsequent termination from Service or attainment of early retirement age. (3) A plan member whose pension is suspended under subsection (2) shall become an active defined contribution plan member on the date of that person\u2019s reemployment. (4) Where a plan member to whom a pension is being provided under this section (or to whom a medical pension was granted under the prior law) is re-appointed to an office in Service which the Administrator determines to be dissimilar to the office that person held immediately prior to the onset of permanent disability, section 23 shall apply to the plan member. Public Service Pensions Act (2023 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_36\", \"num\": \"36.\", \"text\": \"Disability benefit 36. (1) The pension payable under section 35 shall be determined in the same manner as the plan member\u2019s normal retirement benefit, except that that person\u2019s pensionable service and final average pensionable earnings shall be determined on that person\u2019s actual date of disability retirement. (2) If an active defined benefit plan member is permanently disabled due to injuries incurred \u2014 (a) whilst in the actual discharge of that person\u2019s duty; and (b) without that person\u2019s own default, and as a result of the injury the plan member is eligible for disability retirement under section  35 and retires under that section, the plan member shall be provided with an additional pension determined in accordance with regulations.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_37\", \"num\": \"37.\", \"text\": \"Retirement under special circumstances 37. (1) An active defined benefit plan member shall be eligible to retire from Service with an immediate pension equal to the actuarial equivalent of that person\u2019s normal retirement benefit under this Part, as determined pursuant to regulations and with reference to Plan actuarial tables, based on the plan member\u2019s age, pensionable service and final average pensionable earnings on that person\u2019s actual special retirement date, upon \u2014 (a) the abolition of the plan member\u2019s office; or (b) the plan member\u2019s removal from office for the purpose of facilitating improvement in the organisation of the department to which the plan member belongs. (2) The Cabinet may determine that a plan member who retires due to special circumstances may, in addition to the pension provided in subsection (1), be provided an ex gratia pension. In that event, as required by paragraph (d) of section 15, the Government shall make a pre-payment to the Fund of an amount equal to the actuarial value of the ex gratia pension commitments as agreed between the Board and the Government based on the recommendation of the actuary which shall take into account any related death or inflation protection obligations.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_38\", \"num\": \"38.\", \"text\": \"Maximum pensions 38. (1) No pension provided under the defined benefit part of this Act to a plan member shall, prior to commutation, exceed a monthly amount equal to two-thirds of the highest pensionable earnings drawn by that person during any full calendar month of that person\u2019s Service, except as provided in section 39. (2) No pension provided under the defined benefit part of this Act to a plan member who has been granted a pension in respect of Other Public Service shall, prior Public Service Pensions Act (2023 Revision) to commutation, exceed, when added to the amount of any such pension or pensions drawn in respect of Other Public Service, a monthly amount equal to two-thirds of the highest pensionable earnings drawn by that person during any full calendar month of that person\u2019s Service, except as provided in section  39. (3) For purposes of subsections (1) and (2), an additional pension benefit provided under section 36(2) in respect of an injury occurring in the actual discharge of a plan member\u2019s duties shall not be taken into account; but where a defined benefit plan member is provided such an additional pension under this Act, the monthly amount thereof together with the remainder of that person\u2019s monthly pension or pensions shall not, prior to commutation, exceed five-sixths of that person\u2019s highest pensionable earnings during any full calendar month of that person\u2019s Service. (4) Where a plan member \u2014 (a) is fifty-five years of age or older but less than sixty-five years of age; and (b) the plan member has attained the maximum pension eligibility under this Act, the pension benefits accrued to that person at the date that person achieved such pension eligibility shall be determined and frozen and the plan member shall be enrolled on that date in the defined contribution plan. (5) A plan member enrolled in the defined contribution plan pursuant to subsection (4) shall contribute to the plan until that person reaches normal retirement age or until that person ceases to be employed, whichever is earlier. (6) Where a plan member reaches normal retirement age or that person ceases to be employed that person shall be paid both \u2014 (a) the pension benefits accrued under the defined pensions benefit plan which have been frozen pursuant to this section; and (b) the pension benefits, if any, accrued under the defined contribution plan. (7) A plan member who \u2014 (a) reaches normal retirement age, is receiving a pension and continues to be employed in Service; or (b) reaches normal retirement age, retired from the Service, is receiving a pension and is subsequently re-employed in Service, shall receive that person\u2019s pension without interruption but shall be ineligible to make contributions or to accrue benefits under the Plan. Public Service Pensions Act (2023 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_39\", \"num\": \"39.\", \"text\": \"Minimum pension payments 39. (1) Notwithstanding any provision of this Act to the contrary, no pension provided under Part II and payable to a plan member with ten or more years of qualifying service shall result in monthly payments, after commutation, of less than four hundred dollars except that such minimum pension payments shall not apply to benefits payable to a surviving spouse, civil partner or child upon the death of the plan member. (2) The aggregate amount of pension payments under this Act made to or on behalf of any defined benefit plan member shall in no event be less than an amount equal to that person\u2019s plan member contribution account balance at the time of retirement or death. Where the total amount of pension paid to or on behalf of a defined benefit plan member is less than that person\u2019s plan member contribution account balance on the date of the plan member\u2019s death or the death of the plan member\u2019s last surviving beneficiary, the difference shall be paid in cash to the plan member\u2019s or beneficiary\u2019s estate.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_40\", \"num\": \"40.\", \"text\": \"Vesting 40. The accrued benefit of a defined benefit plan member shall, at all times, be fully vested and shall not be subject to forfeiture for any reason, except that where the pension or a part of the pension is transferred or assigned under section 25(1)(a)(i) the accrued benefit shall not vest.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_41\", \"num\": \"41.\", \"text\": \"Forms of benefit and methods of payment 41. The pension payable to or on behalf of a retired, deferred vested or deceased defined benefit plan member under this Act shall be paid in accordance with the forms of benefit and methods of payment as elected by such plan member pursuant to regulations. Death Benefits\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_42\", \"num\": \"42.\", \"text\": \"Pensions payable to surviving spouse, civil partner and children 42. (1) Upon the death of an active, retired or deferred vested defined benefit plan member there shall be paid to the plan member\u2019s surviving spouse, civil partner and children, if any, a pension determined in accordance with regulations. (2) Where a plan member of the prior plan died before the 14th April, 1999, the pension, if any, payable to the deceased plan member\u2019s beneficiaries under this Act shall be as set out in a schedule of benefits adopted and maintained by the Board under paragraph (h) of section 6(1). Public Service Pensions Act (2023 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_43\", \"num\": \"43.\", \"text\": \"In-service death benefit 43. (1) If an active defined benefit plan member dies in Service, upon that person\u2019s death there shall be paid to the deceased plan member\u2019s designated beneficiary an amount equal to the excess, if any, of the greater of \u2014 (a) twelve times the plan member\u2019s final average pensionable earnings, determined as at the date of that person\u2019s death; or (b) the plan member\u2019s contribution account balance determined as at the date of that person\u2019s death, over the actuarially equivalent present value determined by reference to Plan actuarial tables of the benefits, if any, payable to the plan member\u2019s beneficiaries in accordance with section 42 and regulations. (2) If the deceased plan member failed to designate a beneficiary, or if that person\u2019s designated beneficiary has predeceased that person and there is no new designated beneficiary, the amount payable under this section shall be paid to the plan member\u2019s estate.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_44\", \"num\": \"44.\", \"text\": \"Pensions to beneficiaries where a plan member is killed on duty 44. Where an active defined benefit plan member dies while in Service as a result of injuries received \u2014 (a) whilst in the actual discharge of that person\u2019s duty; and (b) without that person\u2019s own default, in addition to any benefit payable to the deceased plan member\u2019s designated beneficiaries or estate under section 43, there shall be paid to the plan member\u2019s beneficiaries, if any, a pension determined in accordance with regulations. PART III - Defined Contributions Applicability and Eligibility\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_45\", \"num\": \"45.\", \"text\": \"Applicability 45. This Part shall apply to all defined contribution plan members.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_46\", \"num\": \"46.\", \"text\": \"Defined contribution eligibility 46. An employee who is not participating in the defined benefit part shall, unless exempted pursuant to section 26(2) or 26(3), become an active defined contribution plan member \u2014 (a) on or after 1 January, 2000; Public Service Pensions Act (2023 Revision) (b) on the first day of the month next following the date on which the employee attains the age of eighteen; or (c) on the date that person is first employed in Service, whichever date is latest.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_47\", \"num\": \"47.\", \"text\": \"No transfers to defined benefit part 47. No transfers of participation will be permitted from the defined contribution part to the defined benefit part of the Plan. Accounts\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_48\", \"num\": \"48.\", \"text\": \"Maintenance of accounts 48. (1) The Administrator shall maintain on the books of the Fund for each active, deferred vested and retired defined contribution plan member (and each former defined benefit plan member who, under section 34(2), has the rights of a deferred vested defined contribution plan member with respect to the portion of that person\u2019s deferred vested benefit which remains in the Fund), and for any beneficiary of a deceased defined contribution plan member, for so long as the Plan maintains an obligation to pay to or on behalf of the plan member or beneficiary a benefit under this Act \u2014 (a) a plan member contribution account; (b) an employer contribution account; and (c) such other accounts and sub-accounts which the Administrator may, from time to time, deem appropriate. (2) The Administrator shall determine for each active defined benefit plan member who elects to transfer to the defined contribution part from the defined benefit part under section 29 a plan member contribution account balance and, based on Plan actuarial tables, an employer contribution account balance on the date of transfer. (3) The plan member contribution account balance for each such plan member shall equal the sum of the contributions made by the plan member up to the date of transfer plus interest credited in accordance with regulations. (4) The employer contribution account balance for each such plan member shall equal the excess, if any, of the actuarial equivalent present value of the plan member\u2019s accrued benefit under the defined benefit part on the date of transfer (determined by reference to Plan actuarial tables and based on pensionable service and final pensionable earnings on such date) over an amount equal to the value of that person\u2019s plan member contribution account balance on that date. Public Service Pensions Act (2023 Revision) (5) The Administrator shall make adjustments to the account balances of a defined contribution plan member\u2019s accounts at such times and in such manner as prescribed by regulations.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_49\", \"num\": \"49.\", \"text\": \"Transfer of assets into Fund from an approved plan 49. An active defined contribution plan member may elect at any time to have any assets which are or were held in an approved plan on that person\u2019s behalf transferred to the Fund and credited to that person\u2019s plan member contribution account. Retirement Benefits\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_50\", \"num\": \"50.\", \"text\": \"Accrued benefit payable upon retirement 50. Upon retirement from Service at any time after attaining early retirement age, an active defined contribution plan member shall be entitled to receive that person\u2019s accrued benefit determined on that person\u2019s benefit commencement date, which shall not be later than that person\u2019s normal retirement age, and distributed in accordance with section 58.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_51\", \"num\": \"51.\", \"text\": \"Late retirement 51. An active defined contribution plan member who continues employment with an employer after attaining normal retirement age shall be deemed to have retired from Service on the date that person attained normal retirement age and to have been reemployed in Service the following day, and section 23 shall apply to any such plan member.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_52\", \"num\": \"52.\", \"text\": \"Disability retirement 52. (1) An active or a deferred vested defined contribution plan member who becomes permanently disabled shall be eligible to retire from Service with an immediate pension, effective on the date of that person\u2019s permanent disability, provided such permanent disability is certified by the Chief Medical Officer, and shall be entitled to receive \u2014 (a) that person\u2019s accrued benefit determined on that person\u2019s benefit commencement date distributed in accordance with section 58; and (b) an amount equal to the excess, if any, of twelve times such plan member\u2019s final average pensionable earnings determined on the date of that person\u2019s retirement over the actuarially equivalent present value of the plan member\u2019s accrued benefit, payable to the plan member as a lump sum. (2) Where a plan member to whom a pension is being provided under subsection (1) is found by the Chief Medical Officer to be no longer disabled or is re-appointed to that person\u2019s prior office or appointed to an office in Service which the Administrator determines to be similar, the payment of that person\u2019s pension shall be suspended until the earlier of \u2014 Public Service Pensions Act (2023 Revision) (a) the plan member\u2019s attainment of normal retirement age; or (b) the later to occur of the plan member\u2019s subsequent termination from Service or attainment of early retirement age. (3) A plan member whose pension is suspended under subsection (2) shall resume active participation in the defined contribution part on the date of that person\u2019s re-employment. (4) Where a plan member to whom a pension is being provided under this section is re-appointed to an office in Service which the Administrator determines to be dissimilar to the office that person held immediately prior to the onset of permanent disability, section 23 shall apply to the plan member.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_53\", \"num\": \"53.\", \"text\": \"Disability benefit 53. (1) A pension payable to a plan member under section 52 shall be determined in the same manner as if the plan member had retired in accordance with section 50. (2) If an active defined contribution plan member is permanently disabled due to injuries incurred \u2014 (a) whilst in the actual discharge of that person\u2019s duty; and (b) without that person\u2019s own default, and as a result of those injuries that person is eligible for disability retirement under section 52 and retires under that section, that person shall be provided with an additional pension determined in accordance with rules prescribed by regulations.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_54\", \"num\": \"54.\", \"text\": \"Retirement under special circumstances 54. (1) Upon the occurrence of any of the circumstances described in section 37(1), an active defined contribution plan member shall be eligible to retire from Service with an immediate pension equal to that person\u2019s accrued benefit determined on that person\u2019s benefit commencement date and distributed in accordance with section 58. (2) The Governor may determine that a plan member who retires due to special circumstances may, in addition to the pension provided in subsection (1), be provided an ex gratia pension.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_55\", \"num\": \"55.\", \"text\": \"Resignation from Service prior to retirement 55. (1) An active defined contribution plan member who resigns from Service prior to becoming eligible for retirement under this Act may, at any time after that person\u2019s resignation date, elect either to leave that person\u2019s accrued benefit in the Fund until that person becomes eligible for retirement (in which case such plan member\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 Public Service Pensions Act (2023 Revision) (a) the plan member\u2019s plan member contribution account balance; and (b) the plan member\u2019s employer contribution account balance, subject to the limitations prescribed in subsections (2) and (3). (2) Notwithstanding paragraph (b) of subsection (1), the maximum amount that may be transferred by a plan member to an approved plan under subsection (1) shall be prescribed from time to time by the Board. If the amount determined under subsection (1) in the aggregate exceeds the permissible maximum by more than five thousand dollars, the excess of the amount determined under subsection (1) shall remain in the Fund in the plan member\u2019s employer contribution account and the plan member shall have the rights of a deferred vested plan member with respect to the account balance. If the excess amount does not exceed five thousand dollars, the amount determined under subsection (1) shall be transferred to the approved plan. (3) Notwithstanding subsection (2), the Board may further limit the amount, if any, in excess of the amount determined under paragraph (a) of subsection (1) 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 plan member who does not make the election described in subsection (1) shall be deemed to have elected to leave that person\u2019s accrued benefit in the Fund until that person becomes eligible for retirement (in which case such plan member\u2019s accounts will continue to earn interest credited in accordance with regulations).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_56\", \"num\": \"56.\", \"text\": \"Vesting 56. The accrued benefit of a defined contribution plan member shall, at all times, be fully vested and shall not be subject to forfeiture for any reason, except that where the pension or a part of the pension is transferred or assigned under section 25(1)(a)(i) the accrued benefit shall not vest.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_57\", \"num\": \"57.\", \"text\": \"Distribution of plan member contribution account balance 57. The aggregate amount of benefit payments under this Act made to or on behalf of any defined contribution plan member or beneficiary of a plan member shall not be less than an amount equal to the plan member contribution account balance of the plan member at the time of the first to occur of retirement or death. In the event that the total amount of benefits paid to or on behalf of a defined contribution plan member is less than the plan member contribution account balance on the date of the plan member\u2019s death, the remaining balance shall be paid in cash to the plan member\u2019s or beneficiary\u2019s estate. Public Service Pensions Act (2023 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_58\", \"num\": \"58.\", \"text\": \"Forms of benefit and methods of payment 58. Except as otherwise specifically provided in this Act, the accrued benefits payable to or on behalf of a retired, deferred vested or deceased defined contribution plan member under this Act shall be paid in accordance with the forms of benefit and methods of payment as elected by such plan member pursuant to regulations. Death Benefits\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_59\", \"num\": \"59.\", \"text\": \"Pensions payable to surviving spouse, civil partner and children 59. Upon the death of an active or deferred vested defined contribution plan member there shall be paid to the plan member\u2019s surviving spouse, civil partner and children, if any, a pension determined in accordance with the rules prescribed by regulations.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_60\", \"num\": \"60.\", \"text\": \"In-service death benefit 60. If an active defined contribution plan member dies in Service, upon that person\u2019s death there shall be paid to the deceased plan member\u2019s designated beneficiary an amount equal to the excess, if any, of twelve times the plan member\u2019s final average pensionable earnings determined on the date of that person\u2019s death over the actuarially equivalent present value determined by reference to Plan actuarial tables of the benefits, if any, payable to the plan member\u2019s beneficiaries in accordance with section 59 and rules prescribed by regulations.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_61\", \"num\": \"61.\", \"text\": \"Pensions to beneficiaries where a plan member is killed on duty 61. Where an active defined contribution plan member dies while in Service as a result of injuries received \u2014 (a) whilst in the actual discharge of that person\u2019s duty; and (b) without that person\u2019s own default, in addition to any benefit payable to the deceased plan member\u2019s designated beneficiaries or estate under section 60, there shall be paid to the plan member\u2019s beneficiaries, if any, a pension determined in accordance with regulations.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_62\", \"num\": \"62.\", \"text\": \"Death after resignation but prior to benefit commencement date 62. Upon the death of a deferred vested defined contribution plan member prior to the plan member\u2019s benefit commencement date, the deceased deferred vested plan member\u2019s designated beneficiary shall be entitled to receive an immediate lump sum cash payment equal to the excess, if any, of the plan member\u2019s accrued benefit determined on the date of that person\u2019s death, less any prior distributions, over the actuarially equivalent present value determined by reference to Plan actuarial tables of the benefits, if any, payable to such plan member\u2019s beneficiaries in accordance with section 59 and regulations. Public Service Pensions Act (2023 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_63\", \"num\": \"63.\", \"text\": \"Death after benefit commencement date 63. Upon the death of a retired defined contribution plan member after the plan member\u2019s benefit commencement date, the designated beneficiary of the plan member shall be entitled to receive such benefit as is provided under the distribution form elected by the plan member under section 58 or as may be prescribed by regulations.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_64\", \"num\": \"64.\", \"text\": \"Benefit paid to estate if no surviving designated beneficiaries 64. If a deceased plan member has failed to designate a beneficiary, or if that person\u2019s designated beneficiary has predeceased that person, the amount payable under sections 60, 62 and 63 shall be paid to the plan member\u2019s estate.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_65\", \"num\": \"65.\", \"text\": \"Benefit paid to beneficiary if no surviving spouse, civil partner or children 65. If a deceased plan member dies with no spouse, no civil partner and no children surviving that person, the amount payable under section 59 shall be paid in a single lump sum to the plan member\u2019s designated beneficiary, or if that person\u2019s designated beneficiary has predeceased that person, the amount shall be paid in a single lump sum to that person\u2019s estate. PART IV - Transitional Provisions\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_66\", \"num\": \"66.\", \"text\": \"Payment of ex gratia allowances under prior law 66. Where a plan member had applied for an ex gratia allowance under the prior law but had not attained the age of sixty prior to the 14th April, 1999, in the year in which the plan member attains the age of sixty the Government shall either make a pre-payment to the Fund of an amount equal to the actuarial present value of such ex gratia allowance commitments as agreed between the Board and the Government based on the recommendation of the actuary or shall prepay by the 30th January of such year, and for each year thereafter, an amount equal to the full year\u2019s payments to such plan member.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_67\", \"num\": \"67.\", \"text\": \"Calculation of pension in cases of temporary reduction of salary or wages 67. Notwithstanding anything in this Act or in the Public Service Management Law (2018 Revision), in any case where pursuant to the Public Service Management Law (2018 Revision), there has been a temporary reduction in a plan member\u2019s salary or wages, the pension of the plan member that is based on that person\u2019s salary or wages shall be calculated on the salary or wages that would, but for the temporary reduction in that person\u2019s salary or wages, have been payable to that plan member. Public Service Pensions Act (2023 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_68\", \"num\": \"68.\", \"text\": \"Savings and validation 68. (1)  Where, prior to the date of the commencement of the Public Service (Amendment) Law, 2019 [Law 23 of 2019] an application was made under the Public Service Pensions Act (2017 Revision) and the application has not been determined at the date of commencement of the Public Service (Amendment) Law, 2019 [Law 23 of 2019] that application shall be determined as if the Public Service (Amendment) Law, 2019 [Law 23 of 2019] had not come into force. (2)  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. Public Service Pensions Act (2023 Revision) SCHEDULE 1 SCHEDULE 1 (section 5) PART 1 - Constitution and Procedure of Board and of any committee appointed by the Board 1. (1) Subject to sub-paragraph (3), the Board shall consist of the following directors \u2014 (a) the Financial Secretary (ex officio); (b) the Chief Officer, Portfolio of the Civil Service (ex officio); (c) the President of the Cayman Islands Civil Service Association (CICSA) (ex officio) or that person\u2019s nominee; (d) subject to paragraph 2, five directors appointed by the Governor who are neither employees in the Public Service nor Other Public Service; and (e) the Chief Executive Officer (ex officio and non-voting). (2) Notwithstanding section 9(6)(c) of the Public Authorities Act (2020 Revision), the ex officio directors of the Board as specified in sub-paragraph 1(a) to (c) are permitted to vote on any matter before the Board in accordance with this Part. (3) The Board, after being constituted under sub-paragraph (1) may appoint as a member of the Board a retired defined contribution plan member under the Plan who has been nominated by active defined contribution members. 2. In appointing the directors under paragraph 1(1)(d) the Governor shall ensure that \u2014 (a) one of the directors has substantial professional investment experience; (b) one of the directors is an attorney-at-law with substantial fiduciary expertise; and (c) one of the directors is a retired plan member under the Plan. 3. The chairperson shall be appointed by the Governor from among the five directors appointed by the Governor and, in the absence of the chairperson, a temporary chairperson may be approved by the directors in attendance. 4. The Chief Executive Officer may designate an officer of the staff or other staff of another entity to act as secretary to the Board, the Investment Committee and any other committees or sub-committees established under this Act. 5. A director who is appointed by the Governor or by the Board shall hold office at the Governor\u2019s or the Board\u2019s pleasure respectively, for a four year term but, at the discretion of the Governor or the Board as the case maybe, may be appointed for two additional consecutive terms of two years. SCHEDULE 1 Public Service Pensions Act (2023 Revision) 6. A director who is appointed by the Governor or by the Board may resign that person\u2019s office at any time in writing addressed to the Governor or the Board and shall cease to be a director from the date of the receipt of such resignation by the Governor or by the Board. 7. Where a director resigns under paragraph 6 the Governor shall appoint or the Board select a new director for the remaining term of the former director. 8. The Board shall meet at least once in every three calendar months. 9. A director shall be deemed to be present at a meeting of the Board, the Investment Committee or of any other committee or sub-committee of the Board if the member physically attends or participates in the meeting by conference telephone or by some other conference facility. 10. The Board\u2019s proceedings shall be governed by standing orders prepared by the Board and such standing orders shall be kept under review, and may be amended, by the Board. 11. There is established a committee to be known as the Investment Committee to whom the Board may delegate its authority with respect to the investment of Fund assets. 12. (1) The Investment Committee shall be comprised of the following members \u2014 (a) the Chief Executive Officer; (b) a plan member representative who is a director; (c) the member with substantial professional investment experience from the Board appointed under paragraph 1(1)(d); and (d) not more than two other individuals with substantial professional investment experience, who may be a current director of the Board (excluding the Chairperson). (2) In addition to delegating any of its powers set out in the principal Act with respect to the investment of the Fund, the Board may delegate to the Investment Committee the authority to set asset allocation ranges, evaluate and monitor investment performance and make recommendations to the Board in respect of all other areas related to the Fund\u2019s investment strategy and programme. 13. The Governor or the Board, respectively shall terminate the appointment of any director so appointed by the Governor or the Board who \u2014 (a) resigns that person\u2019s office; (b) becomes of unsound mind or incapable of carrying out that person\u2019s duties; (c) becomes bankrupt, suspends payment to or compounds with that person\u2019s creditors; (d) is convicted in the Islands or any other jurisdiction of an offence involving dishonesty, fraud or any indictable offence; (e) commits serious misconduct in relation to that person\u2019s duties; or Public Service Pensions Act (2023 Revision) SCHEDULE 1 (f) is absent without leave for three or more consecutive meetings. Part 2 - Duties of the Chief Executive Officer The Chief Executive Officer is entrusted with the day to day operations of the Plan and any other plan administered by the Board and has the following duties \u2014 (a) providing instructions to any investment managers appointed by the Board under section 16(2); (b) managing the cash flow of the Fund; (c) delegating tasks relating to the overall management of the Fund to selected employees and or selected agents retained by the Board, including the actuaries, investment advisor and other fiduciaries of the Plan; (d) assisting auditors; (e) developing funding policies; (f) interpreting the Plan or any other Plan administered by the Board; (g) execution of adopted strategies including plan design and structure; (h) ensuring an education programme is in place for the Board, its committees and sub-committees; (i) the preparation of reports of the Board required under this Act; (j) hiring staff and providing oversight and monitoring of the administration of the Plan among other operational responsibilities; and (k) reporting to the Board on activities, at least annually, and performing such other duties as the Board, in its discretion, may assign. SCHEDULE 2 Public Service Pensions Act (2023 Revision) SCHEDULE 2 (section 16) Approved Investments 1. This Schedule of approved investments is intended to provide guidance to the Board with respect to Fund investments and is not intended to be restrictive to the specific asset classes and sub-classes designated below. 2. The Fund\u2019s investment policy is designed to be a fully invested portfolio, reflecting the broad spectrum of long-term risks and opportunities in the global economy and financial markets (without taking undue risk of loss or impairment), taking into account the actuarial assumptions and funding requirements of the Plan and maintaining adequate liquidity to meet required benefit payments to plan members and expenses of the Plan. 3. Subject to paragraph 4, the list of approved investments in paragraph 5 may be held in segregated arrangements or through holding units in an open-end or closed-end mutual, collective or pooled fund, a private equity fund, a hedge fund, or a fund that invests in infrastructure. 4. Funds specified under paragraph 3 must be listed on a recognised international stock exchange, other than private equity funds, hedge funds or funds that invest in infrastructure. 5. The approved investments, by asset class, are as follows \u2014 (a) Fixed Income Portfolio \u2014 (i) treasury bills; (ii) bonds and notes, including domestic and foreign government bonds, commercial paper and investment grade corporate bonds; (iii) cash and cash equivalents; and (iv) guaranteed insurance company contracts; (b) Equity Portfolio \u2014 (i) large cap value and growth of stocks of publicly traded companies; (ii) small and mid-cap stocks of publicly traded companies; (iii) convertible securities of publicly traded companies; (iv) emerging markets stocks; and (v) private equity funds; (c) Alternative Investment Portfolio \u2014 (i) real estate, including real estate investment trusts; (ii) mortgages, asset-backed securities and bank loans; Public Service Pensions Act (2023 Revision) SCHEDULE 2 (iii) energy and natural resources; (iv) derivative investment contracts which provide for portfolio protection, such as currency hedging, warrants, options and future contracts; (v) absolute return funds; (vi) hedge funds which are pools of capital from accredited investors or institutions which invest in a variety of assets using risk management techniques; and (vii) funds that invest in infrastructure. Publication in consolidated and revised form authorised by the Cabinet this 10th day of January, 2023. Kim Bullings Clerk of the Cabinet Public Service Pensions Act (2023 Revision) ENDNOTES ENDNOTES ENDNOTES Notes: (not forming part of this Act) The Public Service Pensions (Amendment) Act, 2000 [Law 1 of 2000] contained certain validation and consequential provisions which are set out hereafter in revised form \u2014 Validation of failure to transfer The Pensions Law (1999 Revision) (now repealed) A. Where on the 14th April, 1999 there was a failure to transfer contributions made in accordance with section 10(1) of the repealed Pensions Law (1999 Revision), contrary to section 10(8) of that Law, such failure is validated and the contributor concerned shall lawfully remain a defined benefit plan member under the principal Act in all respects as though that person had entered into Public Service before the 14th April, 1999. Validation of failure to treat as defined contribution plan member The Public Service Pensions Law, 1999 [Law 6 of 1999] B. Where, after the 14th April, 1999 and before the 4th July, 2000 \u2014 (a) there was a failure to make an employee in Service a defined contribution plan member, and to deduct and make contributions in accordance with Part III of the Public Service Pensions Law, 1999 [Law 6 of 1999] and regulations made thereunder; and (b) contributions were made and deducted in respect of the employee referred to in paragraph (a) as though that person were a defined benefit plan member participant, the failure to treat the employee as a defined contribution plan member is validated and the employee shall lawfully remain a defined benefit plan member under the Public Service Pensions Act (2023 Revision). Validation of failure to include contracted officers in the Plan C. Where, between the 14th April, 1999 and the 4th July, 2000, there has been a failure to treat an employee in Service who is entitled to a contracted officer\u2019s supplement, as defined in section 3 of the Public Service Pensions Law (2017 Revision), as a plan member contrary to that Law, such failure is validated and the employee shall continue in all respects as though that person were exempted from the coverage of the Plan from the 14th April, 1999. Effect of sections A, B and C on proceedings D. Sections A, B and C shall have effect for the purposes of any proceedings begun on or after the 14th April, 1999, whether before or after the 4th July, 2000, but shall not affect proceedings begun before the 14th April, 1999. ENDNOTES Public Service Pensions Act (2023 Revision) Table of Legislation history: SL # Act\/Law # Legislation Commencement Gazette 5\/2021 Public Service Pensions (Amendment and Validation) Act, 16-Dec-2021 LG72\/2021\/s2 Public Service Pensions Act (2021 Revision) 19-Feb-2021 LG16\/2021\/s8 56\/2020 Citation of Acts of Parliament Act, 2020 3-Dec-2020 LG89\/2020\/s1 44\/2020 Public Service Pensions (Amendment) Law, 2020 4-Sep-2020 LG64\/2020\/s10 35\/2020 Civil Partnership Law, 2020 4-Sep-2020 LG64\/2020\/s1 Public Service Pensions Law (2020 Revision) 16-Jan-2020 LG6-2020\/s7 23\/2019 Public Service Pensions (Amendment) Law, 2019 8-Aug-2019 LG28\/2019\/s14 Public Service Pensions Law (2017 Revision) 31-May-2017 GE45\/2017\/s32 51\/2016 Public Service Pensions (Amendment) Law, 2016 (Commencement) Order, 2016 9-Sep-2016 GE71\/2016\/s2 22\/2016 Public Service Pensions (Amendment) Law, 2016 9-Sep-2016 GE54\/2016\/s3 Public Service Pensions Law (2013 Revision) 21-Oct-2013 G21\/2012\/s12 17\/2012 Public Service Pensions (Amendment) Law, 2012 13-Sep-2012 GE88\/2012\/s3 Public Service Pensions Law (2011 Revision) 21-Nov-2011 G24\/2011\/s7 18\/2010 Public Service Pensions (Amendment) Law, 2010 29-Jun-2010 GE36\/2010\/s3 Public Service Pensions Law (2004 Revision) 19-Apr-2004 G8\/2004\/s2 19\/2004 Public Service Pensions (Amendment) Law, 2004 12-Aug-2004 GE25\/2004\/s2 Public Service Pensions Law (2003 Revision) 28-Jul-03 G15\/2003\/s10 12\/2002 Public Service Pensions (Amendment) Law, 2002 30-Jul-2092 GE26\/2002\/s4 Public Service Pensions Law (2001 Revision) 26-Feb-2001 G5\/2001\/s9 1\/2000 Public Service Pensions (Amendment and Validation) Law, 4-Jul-2000 G14\/2000\/s2 6\/1999 Public Service Pensions Law, 1999 14-Apr-1999 G12\/1999\/s5 Public Service Pensions Act (2023 Revision) ENDNOTES ENDNOTES Public Service Pensions Act (2023 Revision) (Price: $10.40)\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": 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\"identification\": {\"source\": \"#cilegis\", \"FRBRWork\": {\"FRBRuri\": \"\/akn\/ky\/act\/1999\/6\", \"FRBRdate\": [{\"date\": \"2023-01-24\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/1999\/6\/!main\", \"FRBRalias\": [{\"name\": \"cmsId\", \"value\": \"1999-0006\"}], \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRnumber\": \"6 of 1999\", \"FRBRcountry\": \"ky\", \"FRBRsubtype\": \"principal\"}, \"FRBRExpression\": {\"FRBRuri\": \"\/akn\/ky\/act\/1999\/6\/eng@2023-01-24\", \"FRBRdate\": [{\"date\": \"2023-01-24\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/1999\/6\/eng@2023-01-24\/!main\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRlanguage\": \"eng\"}, \"FRBRManifestation\": {\"FRBRuri\": \"\/akn\/ky\/act\/1999\/6\/eng@2023-01-24.xml\", \"FRBRdate\": [{\"date\": \"2026-06-22\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/1999\/6\/eng@2023-01-24.xml\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"Public Service Pensions Act\", \"actNumber\": \"6 of 1999\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"CAYMAN ISLANDS\n\nPUBLIC SERVICE PENSIONS ACT\n(2023 Revision)\n\nSupplement No. 10 published with Legislation Gazette No. 4 dated 24th January, 2023.\n\nPage 2\nRevised as at 31st  December, 2022\nc\n\nPUBLISHING DETAILS\nLaw 6 of 1999 consolidated with Laws 1 of 2000, 12 of 2002, 19 of 2004, 18 of 2010, 17\nof 2012, 22 of 2016, 23 of 2019, 35 of 2020, 44 of 2020 and Act 5 of 2021 and as amended\nby the Cayman Islands Constitution (Amendment) Order 2020 (UKSI 2020 No. 1283) and\nthe Citation of Acts of Parliament Act, 2020 [Act 56 of 2020].\n\nRevised under the authority of the Law Revision Act (2020 Revision).\n\nOriginally enacted \u2014\nLaw 6 of 1999-14th April, 1999\nLaw 1 of 2000-13th April, 2000\nLaw 12 of 2002-15th July, 2002\nLaw 19 of 2004-29th July, 2004\nLaw 18 of 2010-28th June, 2010\nLaw 17 of 2012-31st August, 2012\nLaw 22 of 2016-24th June, 2016\nLaw 23 of 2019-26th July, 2019\nLaw 35 of 2020-4th September, 2020\nLaw 44 of 2020-4th September, 2020\nAct 56 of 2020-7th December, 2020\nAct 5 of 2021-8th December, 2021.\n\nOriginally made \u2014\nU.K. Order 2020-11th November, 2020.\n\nConsolidated and revised this 31st day of December, 2022.\n\nNote (not forming part of this Act):  This revision replaces the 2021 Revision which\nshould now be discarded.\n\nPublic Service Pensions Act (2023 Revision)\nArrangement of Sections\n\nc\nRevised as at 31st  December, 2022\nPage 3\n\nCAYMAN ISLANDS\n\nPUBLIC SERVICE PENSIONS ACT\n(2023 Revision)\nArrangement of Sections\nSection\nPage\nPART I \u2013 General\nPreliminary\n7\n1.\nShort title ...................................................................................................................................7\n2.\nPension rights to be determined under this Act ..........................................................................7\n3.\nDefinitions ..................................................................................................................................7\nPension Regulations\n15\n4.\nRegulations ............................................................................................................................. 15\nPublic Service Pensions Board\n15\n5.\nPublic Service Pensions Board ................................................................................................ 15\n6.\nPowers and duties of Board ..................................................................................................... 16\n7.\nCustody of Plan assets ............................................................................................................ 17\n8.\nCalculation of benefits ............................................................................................................. 17\n9.\nCorrection of mistakes in administering pensions..................................................................... 18\n10.\nCommunications to plan members ........................................................................................... 18\n11.\nAccounts, book-keeping and reporting ..................................................................................... 18\n12.\nActuarial valuation and contribution rates ................................................................................. 19\nFunding and Investments\n20\n13.\nContinuation of Public Service Pensions Fund ......................................................................... 20\n14.\nPayments into Fund ................................................................................................................. 20\n15.\nDisbursements from Fund ........................................................................................................ 20\n16.\nFund investments .................................................................................................................... 20\n17.\nContributions to Fund .............................................................................................................. 22\nMiscellaneous\n23\n18.\nPlan amendments: financial impact .......................................................................................... 23\n\nArrangement of Sections\nPublic Service Pensions Act (2023 Revision)\n\nPage 4\nRevised as at 31st  December, 2022\nc\n\n19.\nDesignation of beneficiary ........................................................................................................ 23\n20.\nPayment and administration of children\u2019s pensions .................................................................. 23\n21.\nCessation of payment of a child\u2019s pension ............................................................................... 23\n22.\nInflation protection ................................................................................................................... 24\n23.\nParticipation upon re-employment after retirement ................................................................... 24\n24.\nPlan member rights.................................................................................................................. 25\n25.\nPensions not to be assignable ................................................................................................. 25\n26.\nNon-resident non-Caymanians ................................................................................................ 26\nPART II - Defined Benefits\nApplicability and Eligibility\n27\n27.\nApplicability ............................................................................................................................. 27\n28.\nDefined benefit eligibility .......................................................................................................... 28\n29.\nOption to transfer to defined contribution part .......................................................................... 28\nAccounts\n28\n30.\nPlan member contribution account ........................................................................................... 28\nRetirement Benefits\n29\n31.\nNormal retirement .................................................................................................................... 29\n32.\nEarly retirement ....................................................................................................................... 29\n33.\nLate retirement ........................................................................................................................ 29\n34.\nResignation from Service prior to retirement ............................................................................ 29\n35.\nDisability retirement ................................................................................................................. 30\n36.\nDisability benefit ...................................................................................................................... 31\n37.\nRetirement under special circumstances.................................................................................. 31\n38.\nMaximum pensions .................................................................................................................. 31\n39.\nMinimum pension payments .................................................................................................... 33\n40.\nVesting .................................................................................................................................... 33\n41.\nForms of benefit and methods of payment ............................................................................... 33\nDeath Benefits\n33\n42.\nPensions payable to surviving spouse, civil partner and children ............................................. 33\n43.\nIn-service death benefit ........................................................................................................... 34\n44.\nPensions to beneficiaries where a plan member is killed on duty ............................................. 34\nPART III - Defined Contributions\nApplicability and Eligibility\n34\n45.\nApplicability ............................................................................................................................. 34\n46.\nDefined contribution eligibility .................................................................................................. 34\n47.\nNo transfers to defined benefit part .......................................................................................... 35\nAccounts\n35\n48.\nMaintenance of accounts ......................................................................................................... 35\n49.\nTransfer of assets into Fund from an approved plan ................................................................ 36\nRetirement Benefits\n36\n50.\nAccrued benefit payable upon retirement ................................................................................. 36\n51.\nLate retirement ........................................................................................................................ 36\n52.\nDisability retirement ................................................................................................................. 36\n53.\nDisability benefit ...................................................................................................................... 37\n54.\nRetirement under special circumstances.................................................................................. 37\n\nPublic Service Pensions Act (2023 Revision)\nArrangement of Sections\n\nc\nRevised as at 31st  December, 2022\nPage 5\n\n55.\nResignation from Service prior to retirement ............................................................................ 37\n56.\nVesting .................................................................................................................................... 38\n57.\nDistribution of plan member contribution account balance ....................................................... 38\n58.\nForms of benefit and methods of payment ............................................................................... 39\nDeath Benefits\n39\n59.\nPensions payable to surviving spouse, civil partner and children ............................................. 39\n60.\nIn-service death benefit............................................................................................................ 39\n61.\nPensions to beneficiaries where a plan member is killed on duty ............................................. 39\n62.\nDeath after resignation but prior to benefit commencement date ............................................. 39\n63.\nDeath after benefit commencement date ................................................................................. 40\n64.\nBenefit paid to estate if no surviving designated beneficiaries .................................................. 40\n65.\nBenefit paid to beneficiary if no surviving spouse, civil partner or children ................................ 40\nPART IV - Transitional Provisions\n66.\nPayment of ex gratia allowances under prior law ..................................................................... 40\n67.\nCalculation of pension in cases of temporary reduction of salary or wages .............................. 40\n68.\nSavings and validation ............................................................................................................. 41\nSCHEDULE 1\n43\nPART 1 - Constitution and Procedure of Board and of any committee appointed by the\nBoard\n43\nPart 2 - Duties of the Chief Executive Officer\n45\nSCHEDULE 2\n46\nApproved Investments\n46\nENDNOTES\n49\nTable of Legislation history: ............................................................................................................... 50\n\nPublic Service Pensions Act (2023 Revision)\nSection 1\n\nc\nRevised as at 31st  December, 2022\nPage 7\n\nCAYMAN ISLANDS\n\nPUBLIC SERVICE PENSIONS ACT\n(2023 Revision)\n\nPART I \u2013 General\nPreliminary\n1.\nShort title\n1.\nThis Act may be cited as the Public Service Pensions Act (2023 Revision).\n2.\nPension rights to be determined under this Act\n2.\nOn and after the 14th April, 1999, the pension rights of all plan members shall be\ndetermined under provisions of the Plan as set out in this Act.\n3.\nDefinitions\n3.\nIn this Act \u2014\n\u201caccounts\u201d mean \u2014\n(a)\na plan member contribution account for the benefit of a plan member under\nthe defined benefit part of the Plan;\n(b) a plan member contribution account; and\n(c)\nan employer contribution account for the benefit of a plan member under\nthe defined contribution part of the Plan;\n\nSection 3\nPublic Service Pensions Act (2023 Revision)\n\nPage 8\nRevised as at 31st  December, 2022\nc\n\n\u201caccount adjustment date\u201d means the date on which a plan member\u2019s accounts\nare adjusted, which date shall be the last day of each calendar year and such\nother dates as may be prescribed by regulations;\n\u201caccrued benefit\u201d means \u2014\n(a)\nin the case of the defined benefit part of the Plan, a plan member\u2019s pension\nunder the Plan expressed in the form of an annual benefit commencing at\nnormal retirement age and based on service and pensionable earnings on\nthe date of determination; and\n(b) in the case of the defined contribution part of the Plan, the sum of the\nbalances in a plan member\u2019s accounts on the date of determination;\n\u201cacting allowance\u201d means a monthly allowance paid in addition to basic salary\nfor carrying out duties in excess of a plan member\u2019s substantive office relating\nto an acting appointment;\n\u201cactuary\u201d means a person who \u2014\n(a)\neither \u2014\n(i)\nhas qualified as an actuary by examination of the Institute of\nActuaries in England, the Faculty of Actuaries in Scotland, the\nSocieties of Actuaries in the United States of America or the\nCanadian Institute of Actuaries in Canada and who is a current\nmember in good standing of one of those professional\nassociations; or\n(ii) holds some other actuarial qualification and who is, in the opinion of\nthe Financial Secretary, suitable for recognition as an actuary for the\npurposes of this Act; and\n(b) who has been appointed by the Board (subject to the approval of the\nAuditor General) as the actuary for the Plan;\n\u201cAdministrator\u201d means the employee of the Board responsible for\nmanagement of the Plan or any other person authorised by the Board to act on\nbehalf of such employee;\n\u201capproved investment\u201d means an investment listed in Schedule 2;\n\u201capproved plan\u201d means the Plan and any plan registered with the\nSuperintendent of Pensions within the Islands;\n\u201cbasic salary\u201d means a salaried plan member\u2019s full monthly salary for such plan\nmember\u2019s substantive office, not including plan member contributions, or\nacting, duty or other allowances;\n\u201cbasic wages\u201d means an hourly-rated plan member\u2019s full monthly wages for\nsuch plan member\u2019s substantive office, not including plan member\ncontributions, acting, duty or other allowances;\n\nPublic Service Pensions Act (2023 Revision)\nSection 3\n\nc\nRevised as at 31st  December, 2022\nPage 9\n\n\u201cbeneficiary\u201d means any person who is entitled under this Act to receive a\npension upon the death of a plan member;\n\u201cbenefit commencement date\u201d means the first day of the first period for which\na plan member or a beneficiary is entitled to receive an annuity or other benefit\nunder the Plan;\n\u201cBoard\u201d means the Public Service Pensions Board as established by section 5;\n\u201cChief Executive Officer\u201d means the Chief Executive Officer appointed under\nsection 5;\n\u201cchild\u201d means a plan member\u2019s child (including an adopted child who was\nadopted in a manner recognised by law, an illegitimate child, a posthumous\nchild or a step child) who is either \u2014\n(a)\nunder the age of eighteen;\n(b) under the age of twenty-three and in full-time education; or\n(c)\nmentally or physically incapable of employment, as certified by the Chief\nMedical Officer;\n\u201ccivil partner\u201d has the meaning assigned by section 2 of the Civil Partnership\nAct, 2020 [Law 35 of 2020];\n\u201ccivil partnership\u201d has the meaning assigned by section 2 of the Civil\nPartnership Act, 2020 [Law 35 of 2020];\n\u201cCPI\u201d means the consumer price index of the Islands as prepared by the\nGovernment;\n\u201ccommutation\u201d means the optional form of benefit whereby a plan member\nelects to receive upon retirement, in lieu of that person\u2019s full pension under this\nAct, an immediate lump sum payment of a portion of the present value of that\nperson\u2019s accrued benefit and a reduced pension equal in value to the remainder\nof that person\u2019s accrued benefit after deducting the lump sum payment,\ndetermined in accordance with rules prescribed by regulations;\n\u201ccontracted officer\u2019s supplement\u201d means the supplement paid to employees\nof the Government Statutory Authorities and Government companies pursuant\nto local or overseas contracts;\n\u201ccredited rate of return\u201d means \u2014\n(a)\nthe rate of investment return to be credited to accounts on an account\nadjustment date, as determined by the Administrator on 13th April, 1999,\nand at the end of each calendar year up to and including 31st December,\n2018 and \u2014\n(i)\nwhere on or after 14th April, 1999 an account adjustment date is the\nlast day of a calendar year the credited rate of return shall be the\naverage rate of investment return on Fund investments for that\ncalendar year and the two immediately preceding calendar years; and\n\nSection 3\nPublic Service Pensions Act (2023 Revision)\n\nPage 10\nRevised as at 31st  December, 2022\nc\n\n(ii) where an account adjustment date does not fall on the last day of a\ncalendar year, the credited rate of return shall be the credited rate of\nreturn that was applied on the previous account adjustment date\nprorated for the period of the year up to such account adjustment date;\n(b) with respect to a plan member\u2019s contributions made to the Fund under the\nprior law credited to a plan member\u2019s contribution account on the 14th\nApril, 1999 under section 30(2), the average rate of investment return on\nFund investments for the period commencing on the date the Fund was\nestablished under the prior law and ending on the 13th April, 1999, as\ndetermined by the Administrator; and\n(c)\nthe rate of investment return to be credited to accounts on account\nadjustment date, as determined by the Administrator with effect from the\nfirst calendar quarter following the 31st day of December, 2018 and at the\nend of each calendar quarter \u2014\n(i)\nwhere on or after 31st December, 2018 an account adjustment date is\nthe last day of the calendar quarter, the credited rate of return shall\nbe the average rate of investment return on Fund investments for that\ncalendar quarter and the eleven quarters immediately preceding that\ncalendar quarter; and\n(ii) where an account adjustment date does not fall on the last day of a\ncalendar quarter, the credited rate of return shall be the credited rate\nof return that was applied on the previous account adjustment date\nprorated for the period of the calendar quarter up to such account\nadjustment date;\n\u201cdeferred benefit\u201d means a benefit under the Plan payable to a deferred vested\nplan member at normal retirement age;\n\u201cdeferred vested plan member\u201d means a former plan member who is entitled\nto a deferred benefit under the Plan;\n\u201cdesignated beneficiary\u201d means a person designated by the Plan member under\nsection 19 to receive benefits under section 43, 60, 62, 63 or 65 or any other\nbenefits not specified for payment to a plan member\u2019s spouse, civil partner or\nchildren or an entity in the event of the plan member\u2019s death;\n\u201cdirector\u201d means a member of the Board;\n\u201cdisability retirement\u201d means retirement due to permanent disability under\nsection 35 or 52;\n\u201cduty allowance\u201d means a monthly allowance paid in addition to basic salary\nfor carrying out duties in excess of a plan member\u2019s substantive office where an\nacting allowance cannot be paid;\n\u201cearly retirement\u201d means retirement under section 32 or 50 on or after\nattaining early retirement age but before attaining normal retirement age;\n\nPublic Service Pensions Act (2023 Revision)\nSection 3\n\nc\nRevised as at 31st  December, 2022\nPage 11\n\n\u201cearly retirement age\u201d means\n(a)\nin relation to an active plan member employed prior to the effective date \u2014\n(i)\nany age between ages fifty and fifty-nine inclusive, after the plan\nmember has completed at least ten years of qualifying service; or\n(ii) any age between ages sixty and sixty-four inclusive;\n(b) in relation to a plan member employed on or after the effective date, any\nage between ages fifty-five and sixty-four inclusive, after the plan member\nhas completed at least ten years of qualifying service;\n(c)\nin relation to a person who, on or after the effective date, is a deferred\nvested plan member or retired plan member and incurs a permitted break\nin service as prescribed in regulations \u2014\n(i)\nany age between ages fifty and fifty-nine inclusive, after the plan\nmember has completed at least ten years of qualifying service; or\n(ii) any age between ages sixty and sixty-four inclusive; and\n(d) in relation to a person who, on or after the effective date, is a deferred\nvested plan member or retired plan member and does not incur a permitted\nbreak in service as prescribed in regulations, any age between ages fiftyfive and sixty-four inclusive, after the plan member has completed ten\nyears of qualifying service;\nand, for the purposes of this definition, \u201ceffective date\u201d means the date of\ncommencement of the Public Service Pensions (Amendment) Act, 2016 [Law 22\nof 2016];\n\u201cemployee\u201d means an employee of an employer;\n\u201cemployer\u201d means \u2014\n(a)\nthe Government; or\n(b) a statutory authority or a Government company (approved by the Cabinet)\nthat has opted to join the Plan;\n\u201cemployer contribution account\u201d means the book-keeping account\ndocumenting total employer contributions made on behalf of the plan member\nunder the defined contribution part, or transferred from the defined benefit part\nunder paragraph (b) of section 48(1), plus interest credited in accordance with\nrules prescribed by regulations;\n\u201cfinal average pensionable earnings\u201d means the sum of \u2014\n(a)\na plan member\u2019s final full calendar month\u2019s basic salary or basic wage, as\nthe case may be, prior to death, resignation, retirement or permanent\ndisability;\n(b) the average over a plan member\u2019s final thirty-six consecutive calendar\nmonths pensionable service of that person\u2019s acting allowances and duty\nallowances; except that, for the purposes of this paragraph, if a plan\n\nSection 3\nPublic Service Pensions Act (2023 Revision)\n\nPage 12\nRevised as at 31st  December, 2022\nc\n\nmember incurs a break in service or an unpaid leave of absence within such\nthirty-six month period and is subsequently re-employed, the period during\nwhich that person was not in pensionable service shall be disregarded and\nthe last calendar month of that person\u2019s pre-break service and first calendar\nmonth of that person\u2019s re-employment shall be deemed to be consecutive\ncalendar months; and\n(c)\nif a plan member is employed as a police officer, that person\u2019s final\nmonth\u2019s housing allowance;\n\u201cformer plan member\u201d means a plan member who \u2014\n(a)\nterminated employment and remains in the Plan; or\n(b) remains in employment but ceases to accrue benefits prior to being\nqualified for retirement under the Plan;\n\u201cfull-time education\u201d means attendance as a full-time student at a college,\nuniversity or other institution of tertiary education;\n\u201cFund\u201d means the Public Service Pensions Fund which is a continuation of the\nPublic Service Pensions Fund established under section 5 of the prior law;\n\u201cGovernment company\u201d means \u2014\n(a)\na company in which the Government has a controlling interest; and\n(b) in respect of each such company, includes all subsidiary entities of the\ncompany.\n\u201cInvestment Committee\u201d means the Committee established by the Board\npursuant to section 5(2A) and specified in Schedule 1;\n\u201cinvestment grade\u201d means a grade given to any security or other obligation by\nany two or more internationally recognised credit rating agencies to indicate that\nthe security or other obligation is eligible for investment and it has at least an\nadequate capacity to pay interest and repay principal;\n\u201cinvestment manager\u201d means a person or entity who meets the qualifications\nfor an investment manager in accordance with rules prescribed by regulations;\n\u201cinvestment return\u201d means the annual earnings on Fund investments, less\nexpenses of the Fund for the same period;\n\u201clate retirement\u201d means retirement under section 33 or 51 after attaining\nnormal retirement age;\n\u201cmember\u201d means a member of the Board or a committee or sub-committee of\nthe Board;\n\u201cnormal retirement\u201d means retirement under section 31 or 50 upon attaining\nnormal retirement age;\n\u201cnormal retirement age\u201d means the age of sixty-five;\n\nPublic Service Pensions Act (2023 Revision)\nSection 3\n\nc\nRevised as at 31st  December, 2022\nPage 13\n\n\u201cOther Public Service\u201d means Service with a statutory authority or\nGovernment company that has opted to join the Plan with the approval of the\nBoard;\n\u201cplan member contribution account\u201d means \u2014\n(a)\nin relation to a defined contribution plan member, the book-keeping\naccount documenting total plan member contributions made by a plan\nmember under the Plan, or transferred from an approved plan pursuant to\nsection 49, plus the interest credited in accordance with rules prescribed\nby regulations; and\n(b) in relation to a defined benefit plan member, the book-keeping account\ndocumenting the following \u2014\n(i)\nthe total plan member contributions made by a plan member under\nthe Plan; and\n(ii) the plan member account opening balance \u2014\n(A) established as at 1st January 1990 and representing the benefit\naccrued from the date of the plan member\u2019s employment in\nService or from the date that person reaches the age of 18 while\nemployed in Service (whichever date is later) until 31st\nDecember 1989; and\n(B) specified in a schedule maintained by the Board pursuant to\nsection 6(1)(ha); and\n(iii) the interest credited in accordance with rules prescribed by\nregulations.\n\u201cpension\u201d means the benefit, in the form of an annuity, lump sum or other form\nof benefit, due and payable to the plan member or the plan member\u2019s\nbeneficiaries under the Plan;\n\u201cpensionable earnings\u201d means for any full calendar month the sum of \u2014\n(a)\nbasic salary or basic wages, as the case may be;\n(b) acting allowances; and\n(c)\nduty allowances,\npaid to the plan member;\n\u201cpensionable service\u201d means service which, pursuant to rules prescribed by\nregulations, shall be taken into account in computing benefits under the defined\nbenefit part of the Plan;\n\u201cpermanent disability\u201d means a disability which is likely to render a plan\nmember incapable by reason of infirmity of mind or body of discharging the\nduties of that person\u2019s office, which infirmity is certified by the Chief Medical\nOfficer as likely to be permanent;\n\nSection 3\nPublic Service Pensions Act (2023 Revision)\n\nPage 14\nRevised as at 31st  December, 2022\nc\n\n\u201cPlan\u201d means the scheme set up by this Act and regulations which set out the\nprovisions of pension benefits granted to plan members under the general,\ndefined benefit and defined contribution Parts;\n\u201cPlan actuarial tables\u201d mean actuarial tables used by the Administrator, in\nconsultation with the actuary, in the determination of the amounts of benefits\npayable under the Plan and in the determination of actuarially equivalent values;\n\u201cplan member\u201d means an employee in Service, an employee on an approved\nleave of absence or an employee who has retired or resigned from Service on\npensionable terms;\n\u201cprior law\u201d and \u201cprior plan\u201d mean the repealed Pensions Law (1999 Revision)\nand subsidiary legislation made thereunder, as in effect on the 13th April, 1999\nand the pension scheme thereby established;\n\u201cpublicly traded company\u201d means a company whose stock is traded on \u2014\n(a)\na stock exchange in the Islands; or\n(b) any other exchange recognised by internationally recognised credit\nrating agencies on which securities are traded, if the prices at which\nthe securities have been traded on such market are regularly\npublished in a newspaper or business or financial publication of\ngeneral or regular paid circulation;\n\u201cPublic Service\u201d means employment by the Government;\n\u201cqualifying service\u201d means service which, under rules prescribed by\nregulations, may be taken into account in determining whether a plan member\nis eligible for early retirement under section 32 or 50 or to minimum pension\nbenefits under section 39;\n\u201cregulations\u201d mean regulations made under section 4;\n\u201cretired plan member\u201d means a plan member who is no longer in Service and\nis receiving pension benefits under this Act;\n\u201cretirement\u201d means normal, early, late, disability or special retirement from\nService as provided under this Act;\n\u201csalary grade\u201d means \u2014\n(a)\nfor plan members within the Public Service, remuneration bands as defined\nin the Public Service Management Act (2018 Revision); and\n(b) for plan members within the Other Public Service, the applicable pay\ngrades within the salary structure utilised by the statutory authority or\ngovernment company;\n\u201cService\u201d means Public Service and Other Public Service;\n\u201cspecial retirement\u201d means retirement under special circumstances under\nsection 37 or 54; and\n\nPublic Service Pensions Act (2023 Revision)\nSection 4\n\nc\nRevised as at 31st  December, 2022\nPage 15\n\n\u201ctransfer value\u201d means the amount a plan member may transfer to that person\u2019s\ndefined contribution accounts from the defined benefit part of the Plan under\nsection 48(2) or the amount a former plan member may transfer to an approved\nplan from the defined benefit or defined contribution parts under section 34 or\n55.\nPension Regulations\n4.\nRegulations\n4.\n(1) The Cabinet may make regulations \u2014\n(a)\nto prescribe the particulars which may be prescribed under sections 3, 10,\n15, 17, 28, 30, 31, 32, 34, 36 , 37, 41, 42, 43, 44, 48, 53, 55, 58, 59, 60, 61,\n62 and 63; and\n(b) such as may be required for the effective implementation of this Act.\n(2) The regulations may, from time to time, be amended, added to or revoked by\nregulations made by the Cabinet after the Board has considered the financial\nimpact of such amendments on the finances of the Fund.\n(3) If the Cabinet is satisfied that it is equitable that any regulation should have\nretrospective effect in order to confer a benefit upon or remove a disability\nattaching to any person or class of persons, that regulation may be given\nretrospective effect for that purpose unless the regulation, as amended, would\nreduce the benefit of a plan member that has accrued prior to such amendment.\nPublic Service Pensions Board\n5.\nPublic Service Pensions Board\n5.\n(1) There is established the Public Service Pensions Board in which the Fund shall\nbe vested and which shall, subject to this Act, be responsible for administering\nthe Fund.\n(1A) The Board shall consist of directors appointed in accordance with Schedule 1.\n(1B) The directors shall be responsible for the policy and general administration of\nthe affairs and business of the Board.\n(1C) The directors in carrying out their duties under this Act shall also comply with\nthe provisions of the Public Management and Finance Act (2020 Revision) and\nwhere there is any conflict between the provisions of this Act and the Public\nManagement and Finance Act (2020 Revision) the provisions of the latter Act\nshall prevail to the extent of the inconsistency.\n\nSection 6\nPublic Service Pensions Act (2023 Revision)\n\nPage 16\nRevised as at 31st  December, 2022\nc\n\n(2) The Board may employ a person to serve as Administrator, a person to serve as\nChief Executive Officer, Public Service Pensions (who may be the same person)\nand such other additional staff as it deems necessary to administer the Plan.\n(2A) The Board may \u2014\n(a)\nact by committee or sub-committee; and\n(b) delegate by instrument in writing any of its powers and duties to a\ncommittee or sub-committee and to any of their members.\n(3) The constitution and procedure of the Board or of any committee appointed by\nthe Board and the duties of the Chief Executive Officer are set out in Schedule\n1.\n(4) The Board shall be a body corporate with perpetual succession and a common\nseal and shall, in its corporate name, be capable of suing and being sued and\nshall have the power to hold land.\n(5) Any written notice, order or other document required to be served upon the\nBoard, may be served by leaving the same, or sending it through the post in a\nprepaid letter, addressed to the Board at the office of the Secretary of the Board.\n(6) The common seal of the Board shall be kept in the custody of the Secretary of\nthe Board and shall not be affixed to any instrument except by the authority of\nthe resolution of the Board. The sealing of any instrument shall be authenticated\nby the signature of either the Chairperson or the Deputy Chairperson, and of the\nSecretary.\n6.\nPowers and duties of Board\n6.\n(1) The Board shall be responsible for \u2014\n(a)\nthe administration of the Fund including \u2014\n(i)\nreceiving into the Fund all sums due to it;\n(ii) calculation and payment from the Fund of pensions due under this\nAct;\n(iii) payments from the Fund necessary for the administration of\nthe Fund;\n(iv) investment of the Fund in accordance with this Act;\n(v) accounting for all moneys collected, paid or invested under this Act;\n(vi) causing a periodic actuarial review of the Fund under section 12; and\n(vii) the sale of investments as necessary to meet immediate liabilities and\nneeds, and for reinvestment;\n(b) liaising with the Deputy Governor and statutory authorities regarding\ncollection of data;\n\nPublic Service Pensions Act (2023 Revision)\nSection 7\n\nc\nRevised as at 31st  December, 2022\nPage 17\n\n(c)\nliaising with the Financial Secretary and statutory authorities regarding\ncontribution payments;\n(d) accounting and reporting in respect of the Plan, as provided in section 11;\n(e)\nrepealed by section 4 of the  Public Service Pensions (Amendment) Act,\n2004 [Law 19 of 2004];\n(f)\nrecord keeping, as provided in section 11;\n(g) recommending for approval amendments to the Plan, as provided in\nsection 18;\n(h) adopting and maintaining a schedule of benefits payable under\nsections 27(2) and 42(2) with respect to persons who resigned, retired or\ndied prior to the 14th April, 1999; and\n(ha) adopting and maintaining a schedule setting out the plan member account\nopening balances relating to defined benefit plan members; and\n(i)\nadministering such other pension plans or ex gratia payments as the\nCabinet may direct; except that no assets of the Fund shall be used to pay\nfor any benefit or expense of such other pension plans or ex gratia\npayments unless the Government prepaid such amounts.\n(1A) Without prejudice to the generality of subsection (1), in accordance with\nsection 12, the Board shall be responsible for recommending to the Cabinet\ncontribution rates payable under the Plan from time to time.\n(1B) The Board shall be responsible for the oversight and monitoring of the\nAdministrator, the Investment Committee and any other committees or subcommittees appointed by the Board in accordance with section 5; and when\nexercising its fiduciary responsibility the Board shall act in the best interests of\nthe plan members and beneficiaries of the Fund.\n(2) In the performance of its duties under this Act, the Board may take such\nprofessional advice as it considers appropriate and pay for it out of the Fund.\n(3) No director, member of a committee or sub-committee of the Board or employee\nof the Board shall be personally liable for any act or default of the Board done\nor omitted to be done in good faith in the course of the operations of the Board.\n7.\nCustody of Plan assets\n7.\nThe Board shall cause to be established one or more custody accounts into which the\nassets of the Fund shall be deposited and held.\n8.\nCalculation of benefits\n8.\nA pension provided under this Act shall be calculated by the Administrator based on\nPlan actuarial tables and in accordance with the provisions of the Plan in effect on the\ndate of a plan member\u2019s resignation, death, permanent disability or retirement except\nas provided in sections 22, 27(2) and 42(2).\n\nSection 9\nPublic Service Pensions Act (2023 Revision)\n\nPage 18\nRevised as at 31st  December, 2022\nc\n\n9.\nCorrection of mistakes in administering pensions\n9.\nThe Board shall establish a procedure which enables any person to bring to the\nBoard\u2019s attention a failure of administrative process which has prevented a pension\nfrom being paid or that has resulted in the incorrect calculation of the amount of a\npension.\n10.\nCommunications to plan members\n10. The Board shall provide in writing to each plan member or beneficiary \u2014\n(a)\na handbook summarising the provisions of the Plan;\n(b) an annual benefit statement;\n(c)\na statement of retirement benefits at retirement;\n(d) a statement of vested benefits at resignation;\n(e)\na death benefit statement at the time of death of the plan member; and\n(f)\nany other information prescribed by regulations.\n11.\nAccounts, book-keeping and reporting\n11. (1) The financial statements of the Board shall be prepared and maintained in\naccordance with the standards prescribed for this purpose by the Financial\nSecretary.\n(2) Within the period of three months after the 30th June in each year the Board\nshall prepare and submit to the Auditor General in respect of that year \u2014\n(a)\na balance sheet;\n(b) a statement of revenue and expenditure by the Board during the year; and\n(c)\nsuch other financial statements as may be required to comply with\nsubsection (1).\n(3) On receipt of the financial statements referred to in subsection (2), the Auditor\nGeneral shall examine and audit the financial statements and shall certify the\nfinancial statements subject to such report, if any, as that Auditor General may\nthink fit.\n(4) The Auditor General shall, within a period of six months after the close of the\nyear to which they relate, return to the Board the certified financial statements\ntogether with that Auditor General\u2019s report, if any.\n(5) Within thirty days after receipt from the Auditor General of the certified\nfinancial statements and that Auditor General\u2019s report, if any, the Board shall\nprepare and submit to the Financial Secretary a report of the financial activities\nof the Board during the year to which the certified financial statements relate,\nwhich report shall include a copy of the certified financial statements and of the\nAuditor General\u2019s report, if any.\n\nPublic Service Pensions Act (2023 Revision)\nSection 12\n\nc\nRevised as at 31st  December, 2022\nPage 19\n\n(6) The report of the Board together with a copy of the certified financial statements\nand the Auditor General\u2019s report, if any, shall be laid by the Financial Secretary\non the table of the Parliament for twenty-one days as soon as practicable after\nthat Financial Secretary receives it, and such report of the Board shall be\ngazetted.\n12.\nActuarial valuation and contribution rates\n12. (1) On the coming into force of this Act, and at such other times thereafter as it\ndeems appropriate, but in no event later than the three-year anniversary of the\nlatest review, the Board shall cause a review to be carried out to assess and\nevaluate the assets and liabilities of the Fund in order \u2014\n(a)\nto determine whether it remains capable of meeting its liabilities for the\nfollowing period of at least forty years at the rate or rates of contribution\nthen in force;\n(b) if it is not so capable, to ascertain what rate or rates of contribution would\nbe required to reinstate that capability; and\n(c)\nto determine the amount to be reflected on the balance sheet,\nand the first of such reviews shall assess the assets and liabilities of the Fund as\nat the 1st January, 1999.\n(2) The review shall be carried out by the actuary using reasonable actuarial\nassumptions agreed upon by the actuary and the Board.\n(3) A report of the actuarial review carried out under subsection (1) shall be made\nto the Board and the Board shall send a copy of the report to the Financial\nSecretary and may, after considering the report, recommend changes to the\ncontribution rates.\n(3A) After receiving a report under subsection (3) the Financial Secretary shall\nsubmit the report to the Cabinet and the Cabinet shall either \u2014\n(a)\naccept the report and approve, by regulations, the changes to the\ncontribution rates recommended by the Board; or\n(b) within ninety days of receiving the report, cause its own actuarial valuation\nto be carried out if it determines that there is good reason to do so.\n(3B) Where an actuarial valuation carried out by the Cabinet under subsection (3A)\n(b) corroborates the report submitted by the Board the Cabinet shall, no later\nthan six months after receiving the valuation approve, by regulations, the rates\nrecommended by the Board under subsection (3).\n(4) The Financial Secretary shall, immediately after an actuarial report is accepted\nor corroborated, lay the report on the table of the Cayman Islands Parliament for\ntwenty-one days and shall cause such report to be gazetted; and the Financial\nSecretary shall not be required to lay any report which has not been so accepted\nor corroborated.\n\nSection 13\nPublic Service Pensions Act (2023 Revision)\n\nPage 20\nRevised as at 31st  December, 2022\nc\n\nFunding and Investments\n13.\nContinuation of Public Service Pensions Fund\n13. The Public Service Pensions Fund established under the prior law shall be continued\nunder this Act.\n14.\nPayments into Fund\n14. There shall be paid into the Fund \u2014\n(a)\nall plan member and employer contributions;\n(b) all assets transferred from an approved plan on behalf of a defined\ncontribution plan member under section 49;\n(c)\nall rent, interest, dividends, income and other sums derived from the assets\nof the Fund;\n(d) such other sums as may legally be provided by an employer; and\n(e)\nsuch other sums as may be received and accepted by the Board on behalf\nof the Fund.\n15.\nDisbursements from Fund\n15. (1) There shall be paid out of the Fund \u2014\n(a)\nall pension benefits;\n(b) all expenses properly incurred in the administration of the Plan and of\nthe Fund;\n(c)\nupon the direction of the Administrator, payment under section 34 or 35\nof the plan member\u2019s transfer value to an approved plan; and\n(d) ex gratia pensions granted on and after the 14th April, 1999, subject to the\nGovernment\u2019s pre-payment into the Fund of amounts necessary to pay\nsuch ex gratia pensions.\n(2) No payments shall be made out of the Fund unless authorised by or under this\nAct.\n(3) The Cabinet may, by regulations, prescribe the persons to whom, and the\ncircumstances in which, ex gratia pensions may be granted under\nsubsection (1)(d) and such regulations may have retrospective effect.\n16.\nFund investments\n16. (1) The Fund shall be invested by the Board in a manner consistent with \u2014\n(a)\nbest-practice portfolio management;\n(b) the Board\u2019s duty to avoid undue risk of loss or impairment pursuant to\nsubsection (3);\n\nPublic Service Pensions Act (2023 Revision)\nSection 16\n\nc\nRevised as at 31st  December, 2022\nPage 21\n\n(c)\nthe Board\u2019s duties of care, diligence and skill pursuant to subsection (4);\nand\n(d) the investment policies and procedures formulated in accordance with\nsubsection (5).\n(2) The Board may appoint one or more investment managers to whom the Board\nmay delegate any or all of its investment duties hereunder.\n(3) The Board shall invest the Fund in such a manner to ensure that there is no undue\nrisk of loss or impairment to the Fund, including by ensuring diversification of\nthe investments of the Fund, and pursuant to the advice of the Investment\nCommittee and any investment managers appointed by the Board under\nsubsection (2).\n(4) The Board shall exercise the care, diligence and skill in the investment of the\nFund that persons of ordinary prudence would exercise in dealing with the\nproperty of another.\n(5) The Board shall establish, maintain and adhere to investment policies and\nprocedures that are consistent with its duties under subsections (1), (3) and (4)\nand that cover, among any other relevant issues \u2014\n(a)\nthe classes of investments in which the Fund is to be invested and the\nselection criteria for investments within those classes;\n(b) the determination of benchmarks or standards against which the\nperformance of the Fund as a whole, classes of investments and individual\ninvestments will be assessed;\n(c)\nstandards for reporting the investment performance of the Fund;\n(d) the balance between risk and return in the overall Fund portfolio;\n(e)\nthe fund management structure;\n(f)\nthe use of options, futures and other derivative financial instruments;\n(g) the investment in private equity funds, hedge funds and funds that invest\nin infrastructure;\n(h) the management of credit, liquidity, operational, currency, market and\nother financial risks;\n(i)\nthe retention, exercise or delegation of voting rights acquired through\ninvestments;\n(j)\nthe method of, and basis for, valuation of investments that are not regularly\ntraded at a public exchange; and\n(k) the prohibition, restriction, constraint or limit on any investment.\n\nSection 17\nPublic Service Pensions Act (2023 Revision)\n\nPage 22\nRevised as at 31st  December, 2022\nc\n\n17.\nContributions to Fund\n17. (1) Plan members shall contribute to the Fund at the rate prescribed by regulations,\nand in default of such prescription, at the rate of six per cent of their pensionable\nearnings.\n(2)\n(a) Employers (including statutory authorities and Government companies to\nwhich a plan member has been seconded or employed) shall contribute to\nthe Fund the amount prescribed by the Board under section 6.\n(b) When an active plan member is transferred to a non-participating Statutory\nAuthority or Government company, the non-participating Statutory\nAuthority or Government company may opt, with the approval of the\nCabinet, to join the Plan and shall, for the purpose of paying the employer\ncontribution for such active plan member, be deemed a participating\nStatutory Authority or Government company .\n(3) A plan member\u2019s contribution shall be deducted each pay period by the\nGovernment (or by an employing Government company with which a plan\nmember has been seconded or employed) from such plan member\u2019s pensionable\nearnings and paid by the Accountant General into the Fund on a monthly basis\nor, in the case of deductions made by an employing statutory authority, such\ndeductions shall be paid to the Administrator on a monthly basis for payment\ninto the Fund and such deductions shall be sent to the Administrator no later\nthan the 15th day of the month immediately following the date when the\ndeductions are due.\n(4) Any plan member contributions which are credited pursuant to this Act to a plan\nmember\u2019s account shall be credited to that person\u2019s account on the date such\ncontributions are received by the Administrator.\n(5) The Government\u2019s contribution in respect of a contributing plan member\u2019s\nPublic Service shall be a charge on the revenue of the Islands and shall be\ndetermined and paid by the Government into the Fund at the same time as the\nGovernment pays the plan member\u2019s contribution into the Fund under\nsubsection (3).\n(6) A statutory authority\u2019s or a Government company\u2019s contribution in respect of a\ncontributing plan member\u2019s Other Public Service shall be paid to the\nAdministrator for payment into the Fund at the same time the statutory authority\nor Government company pays the plan member\u2019s contribution to the\nAdministrator under subsection (3).\n(7) Subject to the provisions, every plan member shall cease to contribute to the\nFund on the day on which that person ceases to be employed in the Service.\n(8) Contributions shall be assessed, and deductions shall be made, based on the\npensionable earnings paid to a plan member for the period for which the\n\nPublic Service Pensions Act (2023 Revision)\nSection 18\n\nc\nRevised as at 31st  December, 2022\nPage 23\n\ncontributions and deductions relate, whether or not that person may have, for\nany reason, been entitled to additional payments for that period.\nMiscellaneous\n18.\nPlan amendments: financial impact\n18. The Board shall determine the financial impact of all amendments to this Act and\nregulations and shall advise the Cabinet of its findings prior to such amendment being\nconsidered by the Cabinet or laid before the Parliament.\n19.\nDesignation of beneficiary\n19. (1) Each plan member shall be given the opportunity to designate a beneficiary or\nbeneficiaries who shall be entitled to receive benefits under section 43, 60, 62,\n63 or 65 and regulations in the event of the plan member\u2019s death.\n(2) A plan member shall be permitted to change a beneficiary designated under\nsubsection (1) at any time prior to that plan member\u2019s death.\n(3) In the event that a plan member dies without designating a beneficiary, or if no\ndesignated beneficiary survives the plan member, any benefit that would have\nbeen payable to the plan member\u2019s designated beneficiary under this Act and\nregulations shall be paid to the plan member\u2019s estate.\n20.\nPayment and administration of children\u2019s pensions\n20. In all cases of a child\u2019s pensions provided under this Act, the whole or any part of\nsuch pension may be paid, at the discretion of the Administrator, either to the mother,\nfather, the legal guardian of such child, the child directly (if that person is over the\nage of eighteen) or to such other person or persons as the Administrator may, in that\nperson\u2019s discretion, consider to be fit and proper persons, to apply the same for the\nbenefit of such child, and after such payment the Fund shall be free of all\nresponsibility in respect of such payment.\n21.\nCessation of payment of a child\u2019s pension\n21. Any pension payable to a child under section 42, 44, 59 or 61 shall cease upon the\nlatest to occur of \u2014\n(a)\nthe child\u2019s attainment of the age of eighteen;\n(b) if the child is in full-time education on that person\u2019s eighteenth birthday,\nthe first to occur of \u2014\n(i)\nthe child\u2019s attainment of the age of twenty-three; or\n(ii) the child\u2019s cessation of full-time education; or\n\nSection 22\nPublic Service Pensions Act (2023 Revision)\n\nPage 24\nRevised as at 31st  December, 2022\nc\n\n(c)\nif the child is mentally or physically incapable of employment, as certified\nby the Chief Medical Officer, on that person\u2019s eighteenth birthday, the date\non which the child is capable of employment.\n22.\nInflation protection\n22. (1) Notwithstanding any other provisions of this Act, pensions in payment shall be\nadjusted for inflation on an annual basis as of the first day of each calendar year\nas follows \u2014\n(a)\nwhen the increase in CPI is less than or equal to 5%, pension benefits shall\nbe increased at a rate equal to 100% of the CPI, providing a maximum\nincrease of 5%;\n(b) when the increase in CPI is greater than 5% but less than or equal to 8%,\npension benefits shall be increased at a rate equal to the sum of 5% plus\nfour-fifths of the difference between 5% and the CPI, providing a\nmaximum increase of 7.4%;\n(c)\nwhen the increase in CPI is greater than 8% but less than or equal to 12%,\npension benefits shall be increased at a rate equal to the sum of 7.4% plus\nsix-tenths of the difference between 8% and the CPI, providing a\nmaximum increase of 9.8%; or\n(d) when the increase in CPI is greater than 12%, pension benefits shall be\nincreased at a minimum rate of 9.8% and the Board shall determine, and\nthe Cabinet shall approve, any increases in pension benefits in excess\nof 9.8%.\n23.\nParticipation upon re-employment after retirement\n23. (1) Subject to subsection (2), a retired plan member who is receiving a pension and\nwho is subsequently re-employed in Service shall elect \u2014\n(a)\nto have payments under that pension suspended and to be eligible, during\nthe period of re-employment, to make contributions and accrue further\nbenefits in a separate account under the defined contribution part of the\nPlan; or\n(b) to continue to receive that pension without interruption upon reemployment and to be ineligible to make contributions or accrue further\nbenefits under the Plan.\n(2) A retired plan member who is receiving a pension and who is subsequently reemployed in Service or receives a contract renewal at the same salary grade or\nhigher before attaining normal retirement age, is deemed to have payments\nunder that pension suspended and to be eligible, during the period of reemployment, to make contributions and accrue further benefits in a separate\naccount under the defined contribution part of the Plan.\n\nPublic Service Pensions Act (2023 Revision)\nSection 24\n\nc\nRevised as at 31st  December, 2022\nPage 25\n\n(3) Where a plan member who is eligible for early retirement opts for phased\nretirement by retiring and being subsequently re-employed in Service in a\nposition on a lower salary grade or in a part time capacity, the plan member is\neligible to receive a pension without interruption and is ineligible to make\ncontributions or accrue further benefits under the Plan.\n24.\nPlan member rights\n24. (1) No plan member shall lose that person\u2019s right to a pension under this Act\nbecause that person is \u2014\n(a)\nadjudicated bankrupt or declared insolvent by a competent Court; or\n(b) sentenced to a term of imprisonment by a competent Court for any offence.\n(2) A pension granted under this Act is exempt from execution, seizure, attachment\nor any other process in respect of any debt or claim of a creditor, except for the\npurposes specified in paragraph (a)(i) and (ii) of section 25.\n25.\nPensions not to be assignable\n25. (1) A pension provided under this Act shall not be \u2014\n(a)\ntransferable or assignable by a plan member or beneficiary, except for the\npurpose of satisfying \u2014\n(i)\na debt due to the Government; or\n(ii) an order of a Court for the payment of periodical sums of money\ntowards the maintenance of the spouse, civil partner, former spouse,\nformer civil partner or minor child of the plan member to whom the\npension has been granted; or\n(b) subject to, or available to, the creditors of a plan member prior to payment\nthereof.\n(2) A pension provided under this Act shall not be transferable or assignable by the\nAdministrator, except for the purpose of satisfying \u2014\n(a)\na debt due to the Government, a statutory authority or a Government\ncompany, where there is no dispute as to the debt or the amount of any\ndeduction from a pension to satisfy that debt; or\n(b) an order of a court for the payment of periodical sums of money towards\nthe maintenance of the spouse, civil partner, former spouse, former civil\npartner or minor child of the Plan member to whom the pension has been\ngranted.\n(3) Where there is a dispute, a party to the dispute may submit the dispute to binding\narbitration under the Arbitration Act, 2012 [Law 3 of 2012].\n\nSection 26\nPublic Service Pensions Act (2023 Revision)\n\nPage 26\nRevised as at 31st  December, 2022\nc\n\n26.\nNon-resident non-Caymanians\n26. (1) Notwithstanding any provision to the contrary, a retired or deferred vested plan\nmember who became a plan member before the date of the commencement of\nthe Public Service Pensions (Amendment) Act, 2019 [Law 23 of 2019], who \u2014\n(a)\nis not the holder of Caymanian status as defined in section 26 of the\nImmigration (Transition) Act (2022 Revision); and\n(b) ceases to reside in the Islands,\nmay, upon such cessation in residency, elect to receive the present value of the\nremainder of that person\u2019s accrued benefit (actuarially adjusted to take into\naccount any benefits already paid to the plan member pursuant to any of the\nother forms of benefit available to the plan member or due to any prior\ndistribution) in a single lump sum cash payment payable within one month after\nthe plan member so ceases to be resident in the Islands.\n(1A) For the purposes of subsection (1)(b), a person shall be considered to have\nceased to be resident in the Islands when that person no longer has a legal right\nto reside in the Islands and has been absent from the Islands for a period of not\nless than two months; and, in calculating a period of absence, no account shall\nbe taken of a period of stay in the Islands, as a visitor or transit passenger, for a\ncontinuous period of three weeks or less.\n(1B) Notwithstanding any provision to the contrary, a retired or deferred vested plan\nmember who became a plan member after the date of the commencement of the\nPublic Service Pensions (Amendment) Act, 2019 [Law 23 of 2019], who \u2014\n(a)\nis not the holder of Caymanian status as defined in section 26 of the\nImmigration (Transition) Act (2022 Revision); and\n(b) ceases to reside in the Islands,\nmay, upon such cessation in residency, elect to receive the present value of the\nremainder of that person\u2019s accrued benefit (actuarially adjusted to take into\naccount any benefits already paid to the plan member pursuant to any of the\nother forms of benefit available to the plan member or due to any prior\ndistribution) in a single lump sum cash payment payable within one month after\nthe plan member so ceases to be resident in the Islands.\n(1C) For the purposes of subsection (1B)(b), a person shall be considered to have\nceased to be resident in the Islands when the person no longer has a legal right\nto reside in the Islands and has been absent from the Islands for a period of two\nyears or more; and, in calculating a period of absence, no account shall be taken\nof a period of stay in the Islands, as a visitor or transit passenger, for a\ncontinuous period of three weeks or less.\n(1D) The provisions of subsections (1) to (1C) shall not apply until 1st January 2020\nand the provisions of the principal Act which are in force immediately prior to\n8th August, 2019, the date of the commencement of the Public Service Pensions\n\nPublic Service Pensions Act (2023 Revision)\nSection 27\n\nc\nRevised as at 31st  December, 2022\nPage 27\n\n(Amendment) Act, 2019 [Law 23 of 2019], shall continue in force until such\ncommencement\n(2) The Administrator shall exempt from the coverage of the Plan any non-resident\nof the Islands who is not the holder of Caymanian status as defined in section 2\nof the Immigration (Transition) Act (2021 Revision) if the non-resident, nonCaymanian requests such exemption and can demonstrate to the satisfaction of\nthe Administrator that that person is a current plan member in another pension\nplan.\n(3) An employee who is entitled to a contracted officer\u2019s supplement shall not be\nentitled to coverage of the Plan and the Administrator shall exempt such an\nemployee from the coverage of the Plan.\nPART II - Defined Benefits\nApplicability and Eligibility\n27.\nApplicability\n27. (1) This Part shall apply to all defined benefit plan members.\n(2) Any employee \u2014\n(a)\nwho retired or resigned from Service prior to 14th April, 1999, the date of\ncommencement of the Public Service Pensions Law, 1999 [Law 6 of\n1999], and who was entitled to receive pension benefits under the prior\nlaw; or\n(b) who was employed in the Service after 1 January 1940 for a continuous\nperiod of ten years or more in a pensionable post and who resigned from\nService on or before 31 December 1982 and who was not entitled to\nreceive pension benefits;\nshall be entitled to receive pension benefits under this Act, pursuant to a\nschedule of benefits adopted and maintained by the Board pursuant to\nsection 6(1)(h) and\n(i)\nin the case of an employee specified in paragraph (a), such pension\nbenefits shall in no event be less than the benefits that would have\nbeen accrued or payable on the day immediately prior to the 14th\nApril, 1999, the date of commencement of the Public Service\nPensions Law, 1999 [Law 6 of 1999]; and\n(ii) in the case of the plan members specified in paragraphs (a) and (b),\nsuch pension benefits shall in no event be less than the minimum\npension set out in section 39 or less than the minimum ex-gratia\n\nSection 28\nPublic Service Pensions Act (2023 Revision)\n\nPage 28\nRevised as at 31st  December, 2022\nc\n\npension payable under the Public Service Pensions (Ex-gratia\nPensions) Regulations (2019 Revision), whichever is the greater.\n28.\nDefined benefit eligibility\n28. (1) An active plan member under the prior plan on the 13th April, 1999 shall\nbecome an active defined benefit plan member under this Plan on the 14th April,\n1999 and the plan member shall be entitled to benefits under this Plan which\nshall not be lesser in value than the benefits that person would have been entitled\nto under the prior plan on the 13th April, 1999.\n(2) An employee in the Service who does not fall within either paragraph (a) or (b)\nof section 27(2) shall be ineligible to participate in the defined benefit part of\nthis Plan.\n(3) An active defined benefit plan member who transfers from Service to a nonparticipating statutory authority or Government company may, with the\napproval of the Board and the employing statutory authority, continue as an\nactive defined benefit plan member.\n(4) An active defined benefit plan member who incurs a permitted break in service\n(as prescribed in regulations) may continue as an active defined benefit plan\nmember upon that person\u2019s return to Service.\n29.\nOption to transfer to defined contribution part\n29. (1) An active defined benefit plan member may transfer that person\u2019s participation\nfrom the defined benefit part to the defined contribution part of the Plan.\n(2) A plan member who transfers to the defined contribution part shall not accrue\nor receive benefits under the defined benefit part, but shall, from the date of\ntransfer, be governed by the provisions of the defined contribution part of\nthe Plan.\nAccounts\n30.\nPlan member contribution account\n30. (1) The Administrator shall maintain on the books of the Fund for each plan\nmember who is an active defined benefit plan member, and for each retired and\ndeferred vested plan member of the prior plan who made contributions under\nthe prior law and who is entitled to a scheduled benefit under the Plan under\nsection 27(2), and for any beneficiary of a deceased defined benefit plan\nmember, for so long as the Plan maintains an obligation to pay to or on behalf\nof such plan member or beneficiary a benefit under this Act, a plan member\ncontribution account.\n(2) The Administrator shall determine a plan member contribution account balance\nas at the 31st December, 1997 for each plan member described in subsection (1)\n\nPublic Service Pensions Act (2023 Revision)\nSection 31\n\nc\nRevised as at 31st  December, 2022\nPage 29\n\nwho made contributions under the prior law. The plan member contribution\naccount balance shall include all plan member contributions made to the Fund\nby the plan member under the prior law, plus interest credited in accordance\nwith rules prescribed by regulations, minus distributions, if any, made to or on\nbehalf of the plan member prior to the 14th April, 1999 which were attributable\nto the plan member contributions.\n(3) The Administrator shall make adjustments to each plan member contribution\naccount balance at such times and in such manner as prescribed by regulations.\nRetirement Benefits\n31.\nNormal retirement\n31. Upon the attainment of normal retirement age, an active defined benefit plan member\nshall be entitled to receive an immediate pension equal to that person\u2019s normal\nretirement benefit under this defined benefit part, as determined pursuant to rules\nprescribed by regulations, based on the plan member\u2019s pensionable service and final\naverage pensionable earnings at normal retirement age.\n32.\nEarly retirement\n32. Upon the attainment of early retirement age, an active defined benefit plan member\nshall be eligible to retire from Service with an immediate pension equal to that\nperson\u2019s early retirement benefit under this defined benefit part, as determined\npursuant to rules prescribed by regulations, based on the plan member\u2019s age,\npensionable service and final average pensionable earnings at that person\u2019s actual\ndate of retirement.\n33.\nLate retirement\n33. An active defined benefit plan member who continues employment with an employer\nafter attaining normal retirement age shall be deemed to have retired from Service on\nthe date that person attained normal retirement age and to have been re-employed in\nService the following day, and section 23 shall apply to any such plan member.\n34.\nResignation from Service prior to retirement\n34. (1) An active defined benefit plan member who resigns from Service prior to\nbecoming eligible for retirement under this Act may, at any time after that\nperson\u2019s resignation date, elect either to leave that person\u2019s accrued benefit in\nthe Fund until that person becomes eligible for retirement (in which case that\nperson\u2019s plan member contribution account will continue to be credited with\ninterest in accordance with rules prescribed by regulations) or to have the Board\ntransfer to an approved plan, subject to the limitations prescribed in\nsubsection (2), an amount equal to the greater of \u2014\n(a)\nthe plan member contribution account balance of a plan member; or\n\nSection 35\nPublic Service Pensions Act (2023 Revision)\n\nPage 30\nRevised as at 31st  December, 2022\nc\n\n(b) the actuarial equivalent present value of the former plan member\u2019s accrued\nbenefit on the date of resignation (determined by reference to Plan\nactuarial tables and based on pensionable service and final pensionable\nearnings on the date of resignation).\n(2) Notwithstanding paragraph (b) of subsection (1), the maximum amount that\nmay be transferred by a plan member to an approved plan under subsection (1)\nshall be prescribed from time to time by the Board. In the event that the amount\ndetermined under subsection (1) in the aggregate exceeds the permissible\nmaximum by more than five thousand dollars, the excess of the amount\ndetermined under subsection (1) shall remain in the Fund in the plan member\u2019s\nemployer contribution account and the plan member shall have the rights of a\ndeferred vested plan member with respect to such account balance. Where the\nexcess amount does not exceed five thousand dollars, the amount determined\nunder subsection (1) shall be transferred to the approved plan.\n35.\nDisability retirement\n35. (1) An active or a deferred vested defined benefit plan member who becomes\npermanently disabled shall be eligible to retire from Service with an immediate\npension, effective on the date of that person\u2019s permanent disability, if that\nperson\u2019s permanent disability is certified by the Chief Medical Officer.\n(2) Where a plan member to whom a pension is being provided under this section\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 is re-appointed\nto that person\u2019s prior office or appointed to an office in Service which the\nAdministrator determines to be similar, the payment of that person\u2019s pension\nshall be suspended until the earlier of \u2014\n(a)\nthe plan member\u2019s attainment of normal retirement age; or\n(b) the later to occur of the plan member\u2019s subsequent termination from\nService or attainment of early retirement age.\n(3) A plan member whose pension is suspended under subsection (2) shall become\nan active defined contribution plan member on the date of that person\u2019s reemployment.\n(4) Where a plan member to whom a pension is being provided under this section\n(or to whom a medical pension was granted under the prior law) is re-appointed\nto an office in Service which the Administrator determines to be dissimilar to\nthe office that person held immediately prior to the onset of permanent\ndisability, section 23 shall apply to the plan member.\n\nPublic Service Pensions Act (2023 Revision)\nSection 36\n\nc\nRevised as at 31st  December, 2022\nPage 31\n\n36.\nDisability benefit\n36. (1) The pension payable under section 35 shall be determined in the same manner\nas the plan member\u2019s normal retirement benefit, except that that person\u2019s\npensionable service and final average pensionable earnings shall be determined\non that person\u2019s actual date of disability retirement.\n(2) If an active defined benefit plan member is permanently disabled due to injuries\nincurred \u2014\n(a)\nwhilst in the actual discharge of that person\u2019s duty; and\n(b) without that person\u2019s own default,\nand as a result of the injury the plan member is eligible for disability retirement\nunder section  35 and retires under that section, the plan member shall be\nprovided with an additional pension determined in accordance with regulations.\n37.\nRetirement under special circumstances\n37. (1) An active defined benefit plan member shall be eligible to retire from Service\nwith an immediate pension equal to the actuarial equivalent of that person\u2019s\nnormal retirement benefit under this Part, as determined pursuant to regulations\nand with reference to Plan actuarial tables, based on the plan member\u2019s age,\npensionable service and final average pensionable earnings on that person\u2019s\nactual special retirement date, upon \u2014\n(a)\nthe abolition of the plan member\u2019s office; or\n(b) the plan member\u2019s removal from office for the purpose of facilitating\nimprovement in the organisation of the department to which the plan\nmember belongs.\n(2) The Cabinet may determine that a plan member who retires due to special\ncircumstances may, in addition to the pension provided in subsection (1), be\nprovided an ex gratia pension. In that event, as required by paragraph (d) of\nsection 15, the Government shall make a pre-payment to the Fund of an amount\nequal to the actuarial value of the ex gratia pension commitments as agreed\nbetween the Board and the Government based on the recommendation of the\nactuary which shall take into account any related death or inflation protection\nobligations.\n38.\nMaximum pensions\n38. (1) No pension provided under the defined benefit part of this Act to a plan member\nshall, prior to commutation, exceed a monthly amount equal to two-thirds of the\nhighest pensionable earnings drawn by that person during any full calendar\nmonth of that person\u2019s Service, except as provided in section 39.\n(2) No pension provided under the defined benefit part of this Act to a plan member\nwho has been granted a pension in respect of Other Public Service shall, prior\n\nSection 38\nPublic Service Pensions Act (2023 Revision)\n\nPage 32\nRevised as at 31st  December, 2022\nc\n\nto commutation, exceed, when added to the amount of any such pension or\npensions drawn in respect of Other Public Service, a monthly amount equal to\ntwo-thirds of the highest pensionable earnings drawn by that person during any\nfull calendar month of that person\u2019s Service, except as provided in section  39.\n(3) For purposes of subsections (1) and (2), an additional pension benefit provided\nunder section 36(2) in respect of an injury occurring in the actual discharge of a\nplan member\u2019s duties shall not be taken into account; but where a defined\nbenefit plan member is provided such an additional pension under this Act, the\nmonthly amount thereof together with the remainder of that person\u2019s monthly\npension or pensions shall not, prior to commutation, exceed five-sixths of that\nperson\u2019s highest pensionable earnings during any full calendar month of that\nperson\u2019s Service.\n(4) Where a plan member \u2014\n(a)\nis fifty-five years of age or older but less than sixty-five years of age; and\n(b) the plan member has attained the maximum pension eligibility under this\nAct,\nthe pension benefits accrued to that person at the date that person achieved such\npension eligibility shall be determined and frozen and the plan member shall be\nenrolled on that date in the defined contribution plan.\n(5) A plan member enrolled in the defined contribution plan pursuant to\nsubsection (4) shall contribute to the plan until that person reaches normal\nretirement age or until that person ceases to be employed, whichever is earlier.\n(6) Where a plan member reaches normal retirement age or that person ceases to be\nemployed that person shall be paid both \u2014\n(a)\nthe pension benefits accrued under the defined pensions benefit plan which\nhave been frozen pursuant to this section; and\n(b) the pension benefits, if any, accrued under the defined contribution plan.\n(7) A plan member who \u2014\n(a)\nreaches normal retirement age, is receiving a pension and continues to be\nemployed in Service; or\n(b) reaches normal retirement age, retired from the Service, is receiving a\npension and is subsequently re-employed in Service,\nshall receive that person\u2019s pension without interruption but shall be ineligible to\nmake contributions or to accrue benefits under the Plan.\n\nPublic Service Pensions Act (2023 Revision)\nSection 39\n\nc\nRevised as at 31st  December, 2022\nPage 33\n\n39.\nMinimum pension payments\n39. (1) Notwithstanding any provision of this Act to the contrary, no pension provided\nunder Part II and payable to a plan member with ten or more years of qualifying\nservice shall result in monthly payments, after commutation, of less than four\nhundred dollars except that such minimum pension payments shall not apply to\nbenefits payable to a surviving spouse, civil partner or child upon the death of\nthe plan member.\n(2) The aggregate amount of pension payments under this Act made to or on behalf\nof any defined benefit plan member shall in no event be less than an amount\nequal to that person\u2019s plan member contribution account balance at the time of\nretirement or death. Where the total amount of pension paid to or on behalf of a\ndefined benefit plan member is less than that person\u2019s plan member contribution\naccount balance on the date of the plan member\u2019s death or the death of the plan\nmember\u2019s last surviving beneficiary, the difference shall be paid in cash to the\nplan member\u2019s or beneficiary\u2019s estate.\n40.\nVesting\n40. The accrued benefit of a defined benefit plan member shall, at all times, be fully\nvested and shall not be subject to forfeiture for any reason, except that where the\npension or a part of the pension is transferred or assigned under section 25(1)(a)(i)\nthe accrued benefit shall not vest.\n41.\nForms of benefit and methods of payment\n41. The pension payable to or on behalf of a retired, deferred vested or deceased defined\nbenefit plan member under this Act shall be paid in accordance with the forms of\nbenefit and methods of payment as elected by such plan member pursuant to\nregulations.\nDeath Benefits\n42.\nPensions payable to surviving spouse, civil partner and children\n42. (1) Upon the death of an active, retired or deferred vested defined benefit plan\nmember there shall be paid to the plan member\u2019s surviving spouse, civil partner\nand children, if any, a pension determined in accordance with regulations.\n(2) Where a plan member of the prior plan died before the 14th April, 1999, the\npension, if any, payable to the deceased plan member\u2019s beneficiaries under this\nAct shall be as set out in a schedule of benefits adopted and maintained by the\nBoard under paragraph (h) of section 6(1).\n\nSection 43\nPublic Service Pensions Act (2023 Revision)\n\nPage 34\nRevised as at 31st  December, 2022\nc\n\n43.\nIn-service death benefit\n43. (1) If an active defined benefit plan member dies in Service, upon that person\u2019s\ndeath there shall be paid to the deceased plan member\u2019s designated beneficiary\nan amount equal to the excess, if any, of the greater of \u2014\n(a)\ntwelve times the plan member\u2019s final average pensionable earnings,\ndetermined as at the date of that person\u2019s death; or\n(b) the plan member\u2019s contribution account balance determined as at the date\nof that person\u2019s death,\nover the actuarially equivalent present value determined by reference to Plan\nactuarial tables of the benefits, if any, payable to the plan member\u2019s\nbeneficiaries in accordance with section 42 and regulations.\n(2) If the deceased plan member failed to designate a beneficiary, or if that person\u2019s\ndesignated beneficiary has predeceased that person and there is no new\ndesignated beneficiary, the amount payable under this section shall be paid to\nthe plan member\u2019s estate.\n44.\nPensions to beneficiaries where a plan member is killed on duty\n44. Where an active defined benefit plan member dies while in Service as a result of\ninjuries received \u2014\n(a)\nwhilst in the actual discharge of that person\u2019s duty; and\n(b) without that person\u2019s own default,\nin addition to any benefit payable to the deceased plan member\u2019s designated\nbeneficiaries or estate under section 43, there shall be paid to the plan member\u2019s\nbeneficiaries, if any, a pension determined in accordance with regulations.\nPART III - Defined Contributions\nApplicability and Eligibility\n45.\nApplicability\n45. This Part shall apply to all defined contribution plan members.\n46.\nDefined contribution eligibility\n46. An employee who is not participating in the defined benefit part shall, unless\nexempted pursuant to section 26(2) or 26(3), become an active defined contribution\nplan member \u2014\n(a)\non or after 1 January, 2000;\n\nPublic Service Pensions Act (2023 Revision)\nSection 47\n\nc\nRevised as at 31st  December, 2022\nPage 35\n\n(b) on the first day of the month next following the date on which the\nemployee attains the age of eighteen; or\n(c)\non the date that person is first employed in Service,\nwhichever date is latest.\n47.\nNo transfers to defined benefit part\n47. No transfers of participation will be permitted from the defined contribution part to\nthe defined benefit part of the Plan.\nAccounts\n48.\nMaintenance of accounts\n48. (1) The Administrator shall maintain on the books of the Fund for each active,\ndeferred vested and retired defined contribution plan member (and each former\ndefined benefit plan member who, under section 34(2), has the rights of a\ndeferred vested defined contribution plan member with respect to the portion of\nthat person\u2019s deferred vested benefit which remains in the Fund), and for any\nbeneficiary of a deceased defined contribution plan member, for so long as the\nPlan maintains an obligation to pay to or on behalf of the plan member or\nbeneficiary a benefit under this Act \u2014\n(a)\na plan member contribution account;\n(b) an employer contribution account; and\n(c)\nsuch other accounts and sub-accounts which the Administrator may, from\ntime to time, deem appropriate.\n(2) The Administrator shall determine for each active defined benefit plan member\nwho elects to transfer to the defined contribution part from the defined benefit\npart under section 29 a plan member contribution account balance and, based\non Plan actuarial tables, an employer contribution account balance on the date\nof transfer.\n(3) The plan member contribution account balance for each such plan member shall\nequal the sum of the contributions made by the plan member up to the date of\ntransfer plus interest credited in accordance with regulations.\n(4) The employer contribution account balance for each such plan member shall\nequal the excess, if any, of the actuarial equivalent present value of the plan\nmember\u2019s accrued benefit under the defined benefit part on the date of transfer\n(determined by reference to Plan actuarial tables and based on pensionable\nservice and final pensionable earnings on such date) over an amount equal to\nthe value of that person\u2019s plan member contribution account balance on that\ndate.\n\nSection 49\nPublic Service Pensions Act (2023 Revision)\n\nPage 36\nRevised as at 31st  December, 2022\nc\n\n(5) The Administrator shall make adjustments to the account balances of a defined\ncontribution plan member\u2019s accounts at such times and in such manner as\nprescribed by regulations.\n49.\nTransfer of assets into Fund from an approved plan\n49. An active defined contribution plan member may elect at any time to have any assets\nwhich are or were held in an approved plan on that person\u2019s behalf transferred to the\nFund and credited to that person\u2019s plan member contribution account.\nRetirement Benefits\n50.\nAccrued benefit payable upon retirement\n50. Upon retirement from Service at any time after attaining early retirement age, an\nactive defined contribution plan member shall be entitled to receive that person\u2019s\naccrued benefit determined on that person\u2019s benefit commencement date, which shall\nnot be later than that person\u2019s normal retirement age, and distributed in accordance\nwith section 58.\n51.\nLate retirement\n51. An active defined contribution plan member who continues employment with an\nemployer after attaining normal retirement age shall be deemed to have retired from\nService on the date that person attained normal retirement age and to have been reemployed in Service the following day, and section 23 shall apply to any such plan\nmember.\n52.\nDisability retirement\n52. (1) An active or a deferred vested defined contribution plan member who becomes\npermanently disabled shall be eligible to retire from Service with an immediate\npension, effective on the date of that person\u2019s permanent disability, provided\nsuch permanent disability is certified by the Chief Medical Officer, and shall be\nentitled to receive \u2014\n(a)\nthat person\u2019s accrued benefit determined on that person\u2019s benefit\ncommencement date distributed in accordance with section 58; and\n(b) an amount equal to the excess, if any, of twelve times such plan member\u2019s\nfinal average pensionable earnings determined on the date of that person\u2019s\nretirement over the actuarially equivalent present value of the plan\nmember\u2019s accrued benefit, payable to the plan member as a lump sum.\n(2) Where a plan member to whom a pension is being provided under subsection (1)\nis found by the Chief Medical Officer to be no longer disabled or is re-appointed\nto that person\u2019s prior office or appointed to an office in Service which the\nAdministrator determines to be similar, the payment of that person\u2019s pension\nshall be suspended until the earlier of \u2014\n\nPublic Service Pensions Act (2023 Revision)\nSection 53\n\nc\nRevised as at 31st  December, 2022\nPage 37\n\n(a)\nthe plan member\u2019s attainment of normal retirement age; or\n(b) the later to occur of the plan member\u2019s subsequent termination from\nService or attainment of early retirement age.\n(3) A plan member whose pension is suspended under subsection (2) shall resume\nactive participation in the defined contribution part on the date of that person\u2019s\nre-employment.\n(4) Where a plan member to whom a pension is being provided under this section\nis re-appointed to an office in Service which the Administrator determines to be\ndissimilar to the office that person held immediately prior to the onset of\npermanent disability, section 23 shall apply to the plan member.\n53.\nDisability benefit\n53. (1) A pension payable to a plan member under section 52 shall be determined in the\nsame manner as if the plan member had retired in accordance with section 50.\n(2) If an active defined contribution plan member is permanently disabled due to\ninjuries incurred \u2014\n(a)\nwhilst in the actual discharge of that person\u2019s duty; and\n(b) without that person\u2019s own default,\nand as a result of those injuries that person is eligible for disability retirement\nunder section 52 and retires under that section, that person shall be provided\nwith an additional pension determined in accordance with rules prescribed by\nregulations.\n54.\nRetirement under special circumstances\n54. (1) Upon the occurrence of any of the circumstances described in section 37(1), an\nactive defined contribution plan member shall be eligible to retire from Service\nwith an immediate pension equal to that person\u2019s accrued benefit determined on\nthat person\u2019s benefit commencement date and distributed in accordance with\nsection 58.\n(2) The Governor may determine that a plan member who retires due to special\ncircumstances may, in addition to the pension provided in subsection (1), be\nprovided an ex gratia pension.\n55.\nResignation from Service prior to retirement\n55. (1) An active defined contribution plan member who resigns from Service prior to\nbecoming eligible for retirement under this Act may, at any time after that\nperson\u2019s resignation date, elect either to leave that person\u2019s accrued benefit in\nthe Fund until that person becomes eligible for retirement (in which case such\nplan member\u2019s accounts will continue to be credited with interest prescribed by\nregulations) or to have the Board transfer to an approved plan an amount equal\nto the sum of \u2014\n\nSection 56\nPublic Service Pensions Act (2023 Revision)\n\nPage 38\nRevised as at 31st  December, 2022\nc\n\n(a)\nthe plan member\u2019s plan member contribution account balance; and\n(b) the plan member\u2019s employer contribution account balance, subject to the\nlimitations prescribed in subsections (2) and (3).\n(2) Notwithstanding paragraph (b) of subsection (1), the maximum amount that\nmay be transferred by a plan member to an approved plan under subsection (1)\nshall be prescribed from time to time by the Board. If the amount determined\nunder subsection (1) in the aggregate exceeds the permissible maximum by\nmore than five thousand dollars, the excess of the amount determined under\nsubsection (1) shall remain in the Fund in the plan member\u2019s employer\ncontribution account and the plan member shall have the rights of a deferred\nvested plan member with respect to the account balance. If the excess amount\ndoes not exceed five thousand dollars, the amount determined under\nsubsection (1) shall be transferred to the approved plan.\n(3) Notwithstanding subsection (2), the Board may further limit the amount, if any,\nin excess of the amount determined under paragraph (a) of subsection (1) that\nmay be transferred to an approved plan if it considers such limitation necessary\nor advisable to avoid depletion of the Fund\u2019s assets.\n(4) A former defined contribution plan member who does not make the election\ndescribed in subsection (1) shall be deemed to have elected to leave that\nperson\u2019s accrued benefit in the Fund until that person becomes eligible for\nretirement (in which case such plan member\u2019s accounts will continue to earn\ninterest credited in accordance with regulations).\n56.\nVesting\n56. The accrued benefit of a defined contribution plan member shall, at all times, be fully\nvested and shall not be subject to forfeiture for any reason, except that where the\npension or a part of the pension is transferred or assigned under section 25(1)(a)(i)\nthe accrued benefit shall not vest.\n57.\nDistribution of plan member contribution account balance\n57. The aggregate amount of benefit payments under this Act made to or on behalf of any\ndefined contribution plan member or beneficiary of a plan member shall not be less\nthan an amount equal to the plan member contribution account balance of the plan\nmember at the time of the first to occur of retirement or death. In the event that the\ntotal amount of benefits paid to or on behalf of a defined contribution plan member\nis less than the plan member contribution account balance on the date of the plan\nmember\u2019s death, the remaining balance shall be paid in cash to the plan member\u2019s or\nbeneficiary\u2019s estate.\n\nPublic Service Pensions Act (2023 Revision)\nSection 58\n\nc\nRevised as at 31st  December, 2022\nPage 39\n\n58.\nForms of benefit and methods of payment\n58. Except as otherwise specifically provided in this Act, the accrued benefits payable to\nor on behalf of a retired, deferred vested or deceased defined contribution plan\nmember under this Act shall be paid in accordance with the forms of benefit and\nmethods of payment as elected by such plan member pursuant to regulations.\nDeath Benefits\n59.\nPensions payable to surviving spouse, civil partner and children\n59. Upon the death of an active or deferred vested defined contribution plan member there\nshall be paid to the plan member\u2019s surviving spouse, civil partner and children, if any,\na pension determined in accordance with the rules prescribed by regulations.\n60.\nIn-service death benefit\n60. If an active defined contribution plan member dies in Service, upon that person\u2019s\ndeath there shall be paid to the deceased plan member\u2019s designated beneficiary an\namount equal to the excess, if any, of twelve times the plan member\u2019s final average\npensionable earnings determined on the date of that person\u2019s death over the\nactuarially equivalent present value determined by reference to Plan actuarial tables\nof the benefits, if any, payable to the plan member\u2019s beneficiaries in accordance with\nsection 59 and rules prescribed by regulations.\n61.\nPensions to beneficiaries where a plan member is killed on duty\n61. Where an active defined contribution plan member dies while in Service as a result\nof injuries received \u2014\n(a)\nwhilst in the actual discharge of that person\u2019s duty; and\n(b) without that person\u2019s own default,\nin addition to any benefit payable to the deceased plan member\u2019s designated\nbeneficiaries or estate under section 60, there shall be paid to the plan member\u2019s\nbeneficiaries, if any, a pension determined in accordance with regulations.\n62.\nDeath after resignation but prior to benefit commencement date\n62. Upon the death of a deferred vested defined contribution plan member prior to the\nplan member\u2019s benefit commencement date, the deceased deferred vested plan\nmember\u2019s designated beneficiary shall be entitled to receive an immediate lump sum\ncash payment equal to the excess, if any, of the plan member\u2019s accrued benefit\ndetermined on the date of that person\u2019s death, less any prior distributions, over the\nactuarially equivalent present value determined by reference to Plan actuarial tables\nof the benefits, if any, payable to such plan member\u2019s beneficiaries in accordance\nwith section 59 and regulations.\n\nSection 63\nPublic Service Pensions Act (2023 Revision)\n\nPage 40\nRevised as at 31st  December, 2022\nc\n\n63.\nDeath after benefit commencement date\n63. Upon the death of a retired defined contribution plan member after the plan member\u2019s\nbenefit commencement date, the designated beneficiary of the plan member shall be\nentitled to receive such benefit as is provided under the distribution form elected by\nthe plan member under section 58 or as may be prescribed by regulations.\n64.\nBenefit paid to estate if no surviving designated beneficiaries\n64. If a deceased plan member has failed to designate a beneficiary, or if that person\u2019s\ndesignated beneficiary has predeceased that person, the amount payable under\nsections 60, 62 and 63 shall be paid to the plan member\u2019s estate.\n65.\nBenefit paid to beneficiary if no surviving spouse, civil partner or children\n65. If a deceased plan member dies with no spouse, no civil partner and no children\nsurviving that person, the amount payable under section 59 shall be paid in a single\nlump sum to the plan member\u2019s designated beneficiary, or if that person\u2019s designated\nbeneficiary has predeceased that person, the amount shall be paid in a single lump\nsum to that person\u2019s estate.\nPART IV - Transitional Provisions\n66.\nPayment of ex gratia allowances under prior law\n66. Where a plan member had applied for an ex gratia allowance under the prior law but\nhad not attained the age of sixty prior to the 14th April, 1999, in the year in which the\nplan member attains the age of sixty the Government shall either make a pre-payment\nto the Fund of an amount equal to the actuarial present value of such ex gratia\nallowance commitments as agreed between the Board and the Government based on\nthe recommendation of the actuary or shall prepay by the 30th January of such year,\nand for each year thereafter, an amount equal to the full year\u2019s payments to such plan\nmember.\n67.\nCalculation of pension in cases of temporary reduction of salary or wages\n67. Notwithstanding anything in this Act or in the Public Service Management Law (2018\nRevision), in any case where pursuant to the Public Service Management Law (2018\nRevision), there has been a temporary reduction in a plan member\u2019s salary or wages,\nthe pension of the plan member that is based on that person\u2019s salary or wages shall\nbe calculated on the salary or wages that would, but for the temporary reduction in\nthat person\u2019s salary or wages, have been payable to that plan member.\n\nPublic Service Pensions Act (2023 Revision)\nSection 68\n\nc\nRevised as at 31st  December, 2022\nPage 41\n\n68.\nSavings and validation\n68. (1)  Where, prior to the date of the commencement of the Public Service\n(Amendment) Law, 2019 [Law 23 of 2019] an application was made under the\nPublic Service Pensions Act (2017 Revision) and the application has not been\ndetermined at the date of commencement of the Public Service (Amendment)\nLaw, 2019 [Law 23 of 2019] that application shall be determined as if the Public\nService (Amendment) Law, 2019 [Law 23 of 2019] had not come into force.\n(2)  Any administrative action taken by the Administrator on or after 8th August,\n2019 in calculating the credited rate of return based on the definitions provided\nin section 2 is validated.\n\nPublic Service Pensions Act (2023 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st  December, 2022\nPage 43\n\n SCHEDULE 1\n(section 5)\nPART 1 - Constitution and Procedure of Board and of any committee\nappointed by the Board\n1.\n(1) Subject to sub-paragraph (3), the Board shall consist of the following\n\ndirectors \u2014\n(a)\nthe Financial Secretary (ex officio);\n(b) the Chief Officer, Portfolio of the Civil Service (ex officio);\n(c)\nthe President of the Cayman Islands Civil Service Association (CICSA)\n(ex officio) or that person\u2019s nominee;\n(d) subject to paragraph 2, five directors appointed by the Governor who are\nneither employees in the Public Service nor Other Public Service; and\n(e)\nthe Chief Executive Officer (ex officio and non-voting).\n(2) Notwithstanding section 9(6)(c) of the Public Authorities Act (2020 Revision),\nthe ex officio directors of the Board as specified in sub-paragraph 1(a) to (c) are\npermitted to vote on any matter before the Board in accordance with this Part.\n(3) The Board, after being constituted under sub-paragraph (1) may appoint as a\nmember of the Board a retired defined contribution plan member under the Plan\nwho has been nominated by active defined contribution members.\n2.\nIn appointing the directors under paragraph 1(1)(d) the Governor shall ensure that \u2014\n(a)\none of the directors has substantial professional investment experience;\n(b) one of the directors is an attorney-at-law with substantial fiduciary\nexpertise; and\n(c)\none of the directors is a retired plan member under the Plan.\n3.\nThe chairperson shall be appointed by the Governor from among the five directors\nappointed by the Governor and, in the absence of the chairperson, a temporary\nchairperson may be approved by the directors in attendance.\n4.\nThe Chief Executive Officer may designate an officer of the staff or other staff of\nanother entity to act as secretary to the Board, the Investment Committee and any\nother committees or sub-committees established under this Act.\n5.\nA director who is appointed by the Governor or by the Board shall hold office at the\nGovernor\u2019s or the Board\u2019s pleasure respectively, for a four year term but, at the\ndiscretion of the Governor or the Board as the case maybe, may be appointed for two\nadditional consecutive terms of two years.\n\nSCHEDULE 1\nPublic Service Pensions Act (2023 Revision)\n\nPage 44\nRevised as at 31st  December, 2022\nc\n\n6.\nA director who is appointed by the Governor or by the Board may resign that person\u2019s\noffice at any time in writing addressed to the Governor or the Board and shall cease\nto be a director from the date of the receipt of such resignation by the Governor or by\nthe Board.\n7.\nWhere a director resigns under paragraph 6 the Governor shall appoint or the Board\nselect a new director for the remaining term of the former director.\n8.\nThe Board shall meet at least once in every three calendar months.\n9.\nA director shall be deemed to be present at a meeting of the Board, the Investment\nCommittee or of any other committee or sub-committee of the Board if the member\nphysically attends or participates in the meeting by conference telephone or by some\nother conference facility.\n10. The Board\u2019s proceedings shall be governed by standing orders prepared by the Board\nand such standing orders shall be kept under review, and may be amended, by the\nBoard.\n11. There is established a committee to be known as the Investment Committee to whom\nthe Board may delegate its authority with respect to the investment of Fund assets.\n12. (1) The Investment Committee shall be comprised of the following members \u2014\n(a)\nthe Chief Executive Officer;\n(b) a plan member representative who is a director;\n(c)\nthe member with substantial professional investment experience from the\nBoard appointed under paragraph 1(1)(d); and\n(d) not more than two other individuals with substantial professional\ninvestment experience, who may be a current director of the Board\n(excluding the Chairperson).\n(2) In addition to delegating any of its powers set out in the principal Act with\nrespect to the investment of the Fund, the Board may delegate to the Investment\nCommittee the authority to set asset allocation ranges, evaluate and monitor\ninvestment performance and make recommendations to the Board in respect of\nall other areas related to the Fund\u2019s investment strategy and programme.\n13. The Governor or the Board, respectively shall terminate the appointment of any\ndirector so appointed by the Governor or the Board who \u2014\n(a)\nresigns that person\u2019s office;\n(b) becomes of unsound mind or incapable of carrying out that person\u2019s duties;\n(c)\nbecomes bankrupt, suspends payment to or compounds with that person\u2019s\ncreditors;\n(d) is convicted in the Islands or any other jurisdiction of an offence involving\ndishonesty, fraud or any indictable offence;\n(e)\ncommits serious misconduct in relation to that person\u2019s duties; or\n\nPublic Service Pensions Act (2023 Revision)\n\nSCHEDULE 1\n\nc\nRevised as at 31st  December, 2022\nPage 45\n\n(f)\nis absent without leave for three or more consecutive meetings.\nPart 2 - Duties of the Chief Executive Officer\nThe Chief Executive Officer is entrusted with the day to day operations of the Plan and\nany other plan administered by the Board and has the following duties \u2014\n(a)\nproviding instructions to any investment managers appointed by the Board\nunder section 16(2);\n(b) managing the cash flow of the Fund;\n(c)\ndelegating tasks relating to the overall management of the Fund to selected\nemployees and or selected agents retained by the Board, including the\nactuaries, investment advisor and other fiduciaries of the Plan;\n(d) assisting auditors;\n(e)\ndeveloping funding policies;\n(f)\ninterpreting the Plan or any other Plan administered by the Board;\n(g) execution of adopted strategies including plan design and structure;\n(h) ensuring an education programme is in place for the Board, its committees\nand sub-committees;\n(i)\nthe preparation of reports of the Board required under this Act;\n(j)\nhiring staff and providing oversight and monitoring of the administration\nof the Plan among other operational responsibilities; and\n(k) reporting to the Board on activities, at least annually, and performing such\nother duties as the Board, in its discretion, may assign.\n\nSCHEDULE 2\nPublic Service Pensions Act (2023 Revision)\n\nPage 46\nRevised as at 31st  December, 2022\nc\n\nSCHEDULE 2\n(section 16)\nApproved Investments\n1.\nThis Schedule of approved investments is intended to provide guidance to the\nBoard with respect to Fund investments and is not intended to be restrictive to\nthe specific asset classes and sub-classes designated below.\n2.\nThe Fund\u2019s investment policy is designed to be a fully invested portfolio,\nreflecting the broad spectrum of long-term risks and opportunities in the global\neconomy and financial markets (without taking undue risk of loss or\nimpairment), taking into account the actuarial assumptions and funding\nrequirements of the Plan and maintaining adequate liquidity to meet required\nbenefit payments to plan members and expenses of the Plan.\n3.\nSubject to paragraph 4, the list of approved investments in paragraph 5 may be\nheld in segregated arrangements or through holding units in an open-end or\nclosed-end mutual, collective or pooled fund, a private equity fund, a hedge\nfund, or a fund that invests in infrastructure.\n4.\nFunds specified under paragraph 3 must be listed on a recognised international\nstock exchange, other than private equity funds, hedge funds or funds that invest\nin infrastructure.\n5.\nThe approved investments, by asset class, are as follows \u2014\n(a)\nFixed Income Portfolio \u2014\n(i)\ntreasury bills;\n(ii) bonds and notes, including domestic and foreign government bonds,\ncommercial paper and investment grade corporate bonds;\n(iii) cash and cash equivalents; and\n(iv) guaranteed insurance company contracts;\n(b) Equity Portfolio \u2014\n(i)\nlarge cap value and growth of stocks of publicly traded companies;\n(ii) small and mid-cap stocks of publicly traded companies;\n(iii) convertible securities of publicly traded companies;\n(iv) emerging markets stocks; and\n(v) private equity funds;\n(c)\nAlternative Investment Portfolio \u2014\n(i)\nreal estate, including real estate investment trusts;\n(ii) mortgages, asset-backed securities and bank loans;\n\nPublic Service Pensions Act (2023 Revision)\n\nSCHEDULE 2\n\nc\nRevised as at 31st  December, 2022\nPage 47\n\n(iii) energy and natural resources;\n(iv) derivative investment contracts which provide for portfolio\nprotection, such as currency hedging, warrants, options and future\ncontracts;\n(v) absolute return funds;\n(vi) hedge funds which are pools of capital from accredited investors or\ninstitutions which invest in a variety of assets using risk management\ntechniques; and\n(vii) funds that invest in infrastructure.\nPublication in consolidated and revised form authorised by the Cabinet this 10th\nday of January, 2023.\nKim Bullings\nClerk of the Cabinet\n\nPublic Service Pensions Act (2023 Revision)\n\nENDNOTES ENDNOTES\n\nc\nRevised as at 31st  December, 2022\nPage 49\n\nENDNOTES\nNotes: (not forming part of this Act) The Public Service Pensions (Amendment) Act, 2000\n[Law 1 of 2000] contained certain validation and consequential provisions which are set\nout hereafter in revised form \u2014\nValidation of failure to transfer\nThe Pensions Law (1999 Revision) (now repealed)\nA.\nWhere on the 14th April, 1999 there was a failure to transfer contributions made in\naccordance with section 10(1) of the repealed Pensions Law (1999 Revision),\ncontrary to section 10(8) of that Law, such failure is validated and the contributor\nconcerned shall lawfully remain a defined benefit plan member under the principal\nAct in all respects as though that person had entered into Public Service before the\n14th April, 1999.\nValidation of failure to treat as defined contribution plan member\nThe Public Service Pensions Law, 1999 [Law 6 of 1999]\nB.\nWhere, after the 14th April, 1999 and before the 4th July, 2000 \u2014\n(a) there was a failure to make an employee in Service a defined contribution plan\nmember, and to deduct and make contributions in accordance with Part III of\nthe Public Service Pensions Law, 1999 [Law 6 of 1999] and regulations made\nthereunder; and\n(b) contributions were made and deducted in respect of the employee referred to in\nparagraph (a) as though that person were a defined benefit plan member\nparticipant, the failure to treat the employee as a defined contribution plan\nmember is validated and the employee shall lawfully remain a defined benefit\nplan member under the Public Service Pensions Act (2023 Revision).\nValidation of failure to include contracted officers in the Plan\nC.\nWhere, between the 14th April, 1999 and the 4th July, 2000, there has been a failure\nto treat an employee in Service who is entitled to a contracted officer\u2019s supplement,\nas defined in section 3 of the Public Service Pensions Law (2017 Revision), as a plan\nmember contrary to that Law, such failure is validated and the employee shall\ncontinue in all respects as though that person were exempted from the coverage of\nthe Plan from the 14th April, 1999.\nEffect of sections A, B and C on proceedings\nD.\nSections A, B and C shall have effect for the purposes of any proceedings begun on\nor after the 14th April, 1999, whether before or after the 4th July, 2000, but shall not\naffect proceedings begun before the 14th April, 1999.\n\nENDNOTES\nPublic Service Pensions Act (2023 Revision)\n\nPage 50\nRevised as at 31st  December, 2022\nc\n\nTable of Legislation history:\nSL #\nAct\/Law #\nLegislation\nCommencement\nGazette\n5\/2021\n Public Service Pensions (Amendment and Validation) Act,\n2022\n16-Dec-2021\nLG72\/2021\/s2\n\n Public Service Pensions Act (2021 Revision)\n19-Feb-2021\nLG16\/2021\/s8\n\n56\/2020 Citation of Acts of Parliament Act, 2020\n3-Dec-2020\nLG89\/2020\/s1\n\n44\/2020 Public Service Pensions (Amendment) Law, 2020\n4-Sep-2020\nLG64\/2020\/s10\n\n35\/2020\nCivil Partnership Law, 2020\n4-Sep-2020\nLG64\/2020\/s1\n\n Public Service Pensions Law (2020 Revision)\n16-Jan-2020\nLG6-2020\/s7\n\n23\/2019 Public Service Pensions (Amendment) Law, 2019\n8-Aug-2019\nLG28\/2019\/s14\n\n Public Service Pensions Law (2017 Revision)\n31-May-2017\nGE45\/2017\/s32\n51\/2016\n Public Service Pensions (Amendment) Law, 2016\n(Commencement) Order, 2016\n9-Sep-2016\nGE71\/2016\/s2\n\n22\/2016 Public Service Pensions (Amendment) Law, 2016\n9-Sep-2016\nGE54\/2016\/s3\n\n Public Service Pensions Law (2013 Revision)\n21-Oct-2013\nG21\/2012\/s12\n\n17\/2012 Public Service Pensions (Amendment) Law, 2012\n13-Sep-2012\nGE88\/2012\/s3\n\n Public Service Pensions Law (2011 Revision)\n21-Nov-2011\nG24\/2011\/s7\n\n18\/2010 Public Service Pensions (Amendment) Law, 2010\n29-Jun-2010\nGE36\/2010\/s3\n\n Public Service Pensions Law (2004 Revision)\n19-Apr-2004\nG8\/2004\/s2\n\n19\/2004 Public Service Pensions (Amendment) Law, 2004\n12-Aug-2004\nGE25\/2004\/s2\n\n Public Service Pensions Law (2003 Revision)\n28-Jul-03\nG15\/2003\/s10\n\n12\/2002 Public Service Pensions (Amendment) Law, 2002\n30-Jul-2092\nGE26\/2002\/s4\n\n Public Service Pensions Law (2001 Revision)\n26-Feb-2001\nG5\/2001\/s9\n\n1\/2000 Public Service Pensions (Amendment and Validation) Law,\n2000\n4-Jul-2000\nG14\/2000\/s2\n\n6\/1999 Public Service Pensions Law, 1999\n14-Apr-1999\nG12\/1999\/s5\n\nPublic Service Pensions Act (2023 Revision)\n\nENDNOTES\n\nc\nRevised as at 31st  December, 2022\nPage 51\n\nENDNOTES\nPublic Service Pensions Act (2023 Revision)\n\nPage 52\nRevised as at 31st  December, 2022\nc\n\n(Price: $10.40)","akn_extracted_at":"2026-06-22 15:37:15.707921+00","cms_id":"1999-0006","law_type":"principal","year":"1999","number":"6","title":"Public Service Pensions Act","status":"in_force"},"provenance":{"files":[{"file_id":"5544","expr_id":"531","kind":"akn_xml","filename":"1999-0006_2023 Revision.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/1999\/1999-0006\/1999-0006_2023 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