{"kind":"expression","expression":{"expr_id":"578","doc_id":"578","label":"2024 Revision","is_as_enacted":"f","commenced_on":"2024-02-08","superseded_on":null,"valid_from":"2024-02-08","valid_to":null,"is_current":"t","incorporating":"[\"LAW 17\/2016 - National Pensions (Amendment) Law, 2016 (part) - GE45\/2016\/s5 - 1-Oct-2023\", \"SL 65\/2016 - National Pensions (Amendment) Law, 2016 (Commencement) Order, 2016 - GE96\/2016\/s1 - 2-Dec-2016\", \"LAW 35\/2020 - Civil Partnership Law, 2020 - LG64\/2020\/s1 - 4-Sep-2020\", \"LAW 41\/2020 - National Pensions (Amendment) (No. 2) Law, 2020 - LG64\/2020\/s7 - 4-Sep-2020\", \"56\/2020 - Citation of Acts of Parliament Act, 2020 - LG89\/2020\/s1 - 3-Dec-2020\", \"SL 55\/2022 - National Pensions (Amendment) Act, 2016 (Commencement) Order, 2022 - LG49\/2022\/s3 - 14-Dec-2022\", \"Act 23\/2023 - National Pensions (Amendment) Act, 2023 - LG40\/2023\/s1- 9-Dec-2023\", \"SL 33\/2023 - National Pensions (Amendment) Act, 2023 (Commencement) Order, 2023 - LG40\/2023\/s2 - 8-Dec-2012\"]","akn_expr_iri":"\/akn\/ky\/act\/1996\/10\/eng@2024-02-08","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/1996\/10\", \"expression\": \"\/akn\/ky\/act\/1996\/10\/eng@2024-02-08\", \"manifestation\": \"\/akn\/ky\/act\/1996\/10\/eng@2024-02-08.pdf\"}, \"pdf\": {\"md5\": \"21f7c34f1952eb642da9b93ad0c3e9bf\", \"path\": \"\/Users\/q\/kyleg-data\/working\/PRINCIPAL\/1996\/1996-0010\/1996-0010_2024 Revision.pdf\", \"pages\": 100, \"filename\": \"1996-0010_2024 Revision.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 34620, \"paragraph_count\": 97, \"text_char_count\": 218091}, \"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\": \"SCHEDULE ENDNOTES National Pensions Act (2024 Revision) (2024 Revision) PART 1 - Introductory\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title and commencement 1. (1)  This Act may be cited as the National Pensions Act (2024 Revision). (2)  The following provisions shall come into force on such date as the Cabinet may by Order specify \u2014 (i)  sub-section 9(2)(d); and (ii) sub-sections 16(4)(e), 16(4)(j), 16(4)(l)(i).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Application of this Act to certain pension plans 2. This Act applies to pension plans established and maintained for the benefit of employees in the Islands.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Interpretation 3. In this Act \u2014 \u201cactive member\u201d, in relation to a pension plan, means a member of the plan who \u2014 (a) has not terminated that member\u2019s employment under the plan; (b) has not exercised that member\u2019s entitlement under section 29; and (c) has not been deemed under section 63(1) to have terminated that member\u2019s employment under the plan; National Pensions Act (2024 Revision) \u201cactuarial present value\u201d, in relation to a pension or benefit, means the value of the pension or benefit calculated in the prescribed manner and as of a fixed date; \u201cactuary\u201d means a person who \u2014 (a) has qualified as an actuary by examination of the Institute of Actuaries in England, the Faculty of Actuaries in Scotland or the Societies of Actuaries in the United States or Canada and who is a current member in good standing of one of those professional associations; or (b) holds some other actuarial qualification and who is, in the opinion of the Cabinet, suitable for recognition as an actuary for the purposes of this Act; \u201cadditional voluntary contribution\u201d means a contribution and the earnings thereon to a pension fund by or on behalf of  a member in excess of the amount the member is required by a pension plan or this Act to contribute; \u201cadministrator\u201d means a person who manages a pension plan; \u201cancillary benefit\u201d means any of the benefits described in section 32; \u201capproved provider\u201d means an insurance company or other company licensed to undertake pension plans in the Islands; \u201cassets\u201d, in relation to an employer, means assets that in the ordinary course of business would be entered in the employer\u2019s books of accounts; \u201cbenefit\u201d means a pension benefit or an ancillary benefit; \u201cBoard\u201d means the National Pensions Board established under section 78; \u201ccertified copy\u201d means a copy certified by an attorney-at-law to be a true copy; \u201cclaimant\u201d, in relation to a pension plan, means a person other than a member or former member who, as a result of another person\u2019s membership at any time in a plan, is or may be entitled to a right or benefit under such plan; \u201ccivil partner\u201d has the meaning assigned by the Civil Partnership Act, 2020 [Law 35 of 2020]; \u201ccivil partnership\u201d has the meaning assigned by the Civil Partnership Act, 2020 [Law 35 of 2020]; \u201ccommuted value\u201d, for the purpose of determining the lump sum amount that is equivalent to a pension or benefit, means the value of the pension or benefit calculated in the prescribed manner and as of a fixed date; \u201cconjugal period\u201d means a period beginning with the marriage of a man and a woman and ending on either the death of one of them or on the date set out in \u2014 (a) a decree of dissolution of the marriage; (b) a decree of nullity of the marriage; (c) a decree of presumption of death of a spouse or civil partner; or (d) a decree of judicial separation. National Pensions Act (2024 Revision) \u201ccontinuous\u201d, in relation to employment, membership or service, means continuous notwithstanding regard to periods of temporary suspension of employment, membership or service of less than six months, and notwithstanding periods of lay-off from employment; \u201ccontributory benefit\u201d means a pension benefit or part of a pension benefit in respect of which a member is required to make contributions under the terms of the pension plan; \u201ccustodian\u201d means the person entrusted with the safekeeping of the assets of the pension fund; \u201cdeferred benefit\u201d, in relation to a member of a pension plan, means a benefit other than an immediate benefit; \u201cdeferred pension\u201d means a deferred benefit that is in payment; \u201cdefined benefit\u201d means a benefit determined in advance with reference to various factors including level of earnings and length of employment and a \u201cdefined benefit pension plan\u201d means a plan providing such a benefit; \u201cdefined contribution benefit\u201d means a benefit that is determined solely with reference to and is provided by, contributions made by or for the credit of a member together with the investment yield of such accumulated contributions and that is determined on an individual account basis; \u201cdefined contribution pension plan\u201d means a pension plan providing a defined contribution benefit; \u201cDirector\u201d means the Director of the Department of Labour and Pensions established under section 79; \u201cdisabled\u201d, in relation to a member, means unable because of a physical or mental condition to perform most or all of the tasks related to that member\u2019s employment; \u201cearnings\u201d means \u2014 (a) in the case of an employee, any wages, salary, leave pay, fee, commission, bonus (to the extent that the bonus is equivalent to more than twenty per cent of the employee\u2019s basic salary or wage for the period in question) or gratuity, expressed in monetary terms, paid or payable by an employer (directly or indirectly) to that employee in consideration of employment, but does not include severance payments, normal pension entitlement or long service recognition payments or health insurance premiums; and (b) in the case of a self-employed person, income of that person prescribed and calculated in accordance with the regulations; \u201cemployee\u201d has the meaning assigned to it by section 2 of the Labour Act  (2021 Revision) but does not include a Caymanian as defined in the Immigration (Transition) Act (2022 Revision) who is under twenty-three years of age and pursuing full time education; National Pensions Act (2024 Revision) \u201cemployer\u201d has the meaning assigned to it by section 2 of the Labour Act (2021 Revision); \u201cfile\u201d means file with the Director; \u201cformer member\u201d means a person who was a member of a pension plan and who has terminated employment or membership in a pension plan, and is \u2014 (a) entitled to a deferred benefit payable from the pension fund; (b) in receipt of a pension payable from the pension fund; (c) entitled to commence receiving payment of a pension benefit from the pension fund after termination of employment or membership; or (d) entitled to receive any other payment from the pension fund; \u201cfully funded\u201d, in relation to a pension plan, means to have at a given time, sufficient assets in a pension plan to provide for all pensions and other benefits as they become payable; \u201chousehold domestic\u201d has the meaning assigned to those words in the Labour Act (2021 Revision); \u201cimmediate benefit\u201d means a benefit under the pension plan where payment of the pension in respect of the benefit is to commence not later than the first day of the month following the termination of the employment or membership of the member; \u201cinactive member\u201d, in relation to a pension plan, means a member of the plan other than an active member; \u201cinvestment manager\u201d means a person that manages the investment of a pension plan; \u201cjoint and survivor pension\u201d means a pension payable during the joint lives of the person entitled to the pension and that person\u2019s spouse or civil partner and thereafter during the life of the survivor of them; \u201cmember\u201d, in relation to a pension plan, means a person who is or may be entitled to a benefit or refund of the person\u2019s contributions under the pension plan as a result of the person\u2019s employment or self-employment; \u201cMinister\u201d means the Minister having responsibility for pensions; \u201cmortgage\u201d has the same meaning assigned to the word \u201ccharge\u201d under the Registered Land Act (2018 Revision); \u201cmulti-employer pension plan\u201d means a pension plan established and maintained for self-employed persons or employees of two or more employers who contribute or on whose behalf contributions are made to a pension fund, but does not include a pension plan where all the employers are affiliated; \u201cnormal age of pension entitlement\u201d means sixty-five years of age except that a person who attains sixty years of age, within the time prescribed by Order National Pensions Act (2024 Revision) made by Cabinet, may opt for a normal age of pension entitlement of sixty years of age; \u201cnormal pension entitlement\u201d means retirement; \u201corder\u201d means an order in writing; \u201cpartial winding up\u201d means the termination of part of a pension plan and the distribution of the assets of the pension fund related to that part of that pension plan; \u201cpension\u201d means a benefit which is being paid at regular intervals; \u201cpension benefit\u201d, in relation to a member or former member of a pension plan, means the entitlement of the member or former member or of another person upon the death of the member or former member to the periodic amounts provided under the pension plan for the lifetime of the member or former member, but does not include an ancillary benefit; \u201cpension committee\u201d means a committee that is the administrator of a pension plan; \u201cpension fund\u201d means a fund maintained to provide benefits payable under a pension plan; \u201cpension plan\u201d includes a defined benefit pension plan or a defined contribution pension plan constituted and administered to provide pension benefits for employees but does not include \u2014 (a) an employee\u2019s profit sharing plan or a deferred profit sharing plan; (b) a plan to provide cash withdrawals from the fund or lump sum payments; (c) a plan under which all pension benefits are provided by contributions made by members who are not self-employed; (d) a fund or plan supplementary to a registered pension plan; or (e) any other prescribed type of plan; \u201cpensionable earnings\u201d means the average annual rate of earnings received by a member in that consecutive sixty month period during which that member\u2019s earnings were the highest, or if membership is less than sixty months, the average annual rate of earnings over the period of that member\u2019s membership subject, in either case, to a prescribed maximum; \u201cperiod pertaining to civil partnership\u201d means a period beginning with the entering into a civil partnership and ending on either the death of one of the civil partners or on the date set out in \u2014 (a)  a decree of dissolution or nullity of the civil partnership; (b)  a decree of presumption of death of a civil partner; or (c)  a decree of judicial separation; \u201cprescribed\u201d means prescribed by regulations made under this Act; National Pensions Act (2024 Revision) \u201creciprocal transfer agreement\u201d means an agreement respecting two or more pension plans that provides for the transfer of money, credits for employment or such other matter in respect of individual members who are transferring to and from registered pension plans whether in or outside the Islands; \u201cregistration\u201d means registration under this Act; \u201cregulations\u201d means all regulations made by the Cabinet under the powers contained in this Act; \u201cself-employed person\u201d means a person over school leaving age whose earnings (otherwise than in the capacity of an employee) derive from that person\u2019s production (in all or part) of goods or services in the Islands, or that person\u2019s trade in goods or services in or from the Islands; \u201cspouse\u201d means a man or a woman who \u2014 (a) in the case of a man, is married to a woman; or (b) in the case of a woman, is married to a man; \u201csurplus\u201d means the excess of the value of the assets of a pension fund related to a defined benefit pension plan over the value of the liabilities under the pension fund, both calculated in the prescribed manner; \u201ctermination\u201d \u2014 (a) in relation to employment, includes normal pension entitlement and death; and (b) in relation to a winding up in whole or in part of a pension plan, means the cessation of the accrual of benefits under the plan by members of the plan; \u201cwinding up\u201d, in relation to a pension plan, means the distribution of the assets of the pension plan after the plan is terminated; and \u201cyear\u2019s maximum pensionable earnings\u201d means earnings totalling in any year eighty-seven thousand dollars or such other amount as may be prescribed by Order, made by Cabinet, containing the amount and the period for which that amount applies.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"Establishment of pension plans. 4. (1) Subject to section 25(2), every employer in the Islands shall provide a pension plan or make contribution to a pension plan for every person employed by that employer in the Islands which shall, at the employer\u2019s discretion, be either a defined benefit pension plan or a defined contribution pension plan and the specific pension plan shall be selected in the prescribed manner. (2) A person shall be deemed to be employed in the Islands \u2014 (a) where the office of that person\u2019s employer to which that person is required to report to work is situated in the Islands; or National Pensions Act (2024 Revision) (b) if that person is normally resident in the Islands and where the office from which the person\u2019s salary, wage or other remuneration is paid is situated in the Islands. (3) The Director shall cause to be published, in the Gazette or via any other media as the Director determines, notice of each pension plan registered under this Act together with the details of any persons who will carry on the functions of administrator, investment manager, investment adviser, or custodian of the pension plan. (4)  An employer who fails without reasonable cause to comply with the requirements of subsection (1) commits an offence and is liable \u2014 (a)  in the case of a first offence, on summary conviction to a fine of twenty thousand dollars or to imprisonment for a term of two years, or to both; (b)  in the case of a second offence, on summary conviction to a fine of fifty thousand dollars or to imprisonment for a term of three years, or to both; or (c)  in the case of a third or subsequent offence, on conviction on indictment to a fine of one hundred thousand dollars or to imprisonment for a term of five years, or to both.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"Greater pension benefits and previous pensions. 5. (1) Nothing in this Act shall be construed to prevent the registration under this Act of any pension plan that provides pension benefits and ancillary benefits which are more advantageous to its members than those specified under this Act. (2) The Cabinet may make regulations respecting the administration of any pension plans which are in existence on the 1st June, 1998. PART 1A - Suspension of Pension Contributions 5A. Definitions and expiry of Part 1A 5A. (1) In this Part  \u2014 \u201c2010 pension holiday period\u201d means the periods commencing on 26th April, 2010, the date on which the National Pensions (Amendment) Law, 2010 [Law 8 of 2010] was published in the Gazette and ending on the date on which section 2 of that Law ceased to have effect; and \u201c2020 pension holiday period\u201d means the periods commencing on 1st April, 2020 and ending on 30th September, 2020, the commencement date of sections 1, 2. 4 and 6 of the National Pensions (Amendment) Law, 2020 [Law 12 of 2020], or upon such later date as may be appointed by Order made by the Cabinet*. National Pensions Act (2024 Revision) * The National Pensions (Amendment) Law, 2020 (Extension of Pension Holiday) Order, 2020 [SL24 of 2022] extended this pension holiday period to 30th September, 2022. (2) With regard to the 2010 pension holiday period, this Part shall cease to have effect \u2014 (a) in relation to an employee who is a Caymanian, on the 25th April 2011, the date of expiration of a period of one year subsequent to the commencement of the National Pensions (Amendment) Law, 2010 [Law 8 of 2010]; and (b) in relation to an employee who is not a Caymanian, on the 25th April 2012, the date of the expiration of a period of two years subsequent to the commencement of the National Pensions (Amendment) Law, 2010 [Law 8 of 2010]. (3) With regard to the 2020 pension holiday period, this Part shall cease to have effect on 30th September, 2022, as provided by section 1(3) of the National Pensions (Amendment) Law, 2020 [Law 12 of 2020] and as extended by National Pensions (Amendment) Law, 2020 (Extension of Pension Holiday) Order, 2020 [SL 24 of 2022]. PART 2 - Registration and Administration\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Prohibitions of administration of an unregistered pension plan 6. (1) Subject to subsections (2), (3) and (4), no person shall administer a pension plan for the benefit of employees unless the plan has been registered by the Director and a certificate has been issued in respect of the plan by the Director. (2) Notwithstanding subsection (1), a pension plan which has not been registered in accordance with subsection (1) may be administered without the required registration during the first two hundred and seventy days after the 1st June, 1998. (3) Notwithstanding subsection (1), a pension plan which was offered or subscribed to by an employer before the 1st June, 1998, which is acceptable to the Director, may continue to be administered as a supplementary plan without being registered, but only if \u2014 (a) the employees\u2019 participation is voluntary; (b) the pension plan is in addition to a registered plan; (c) the pension plan is entered into with full information; and (d) regular reports are provided to the employees in accordance with guidelines issued, from time to time, by the Director. (4)    (a) Notwithstanding subsection (1), international pension plans, which are defined benefit pension plans at the 1st June, 1998, may continue to National Pensions Act (2024 Revision) operate without registration subject to such conditions as may be imposed by the Director and to the conditions specified in paragraph (c). (b) An employee shall only be eligible to participate in a plan of a type referred to in paragraph (a) if, at the 1st June, 1998, that employee has been participating in the plan for at least ten years and \u2014 (i) there are no more than ten years before that employee\u2019s date of compulsory retirement; (ii) the employee is at least forty-five years of age; or (iii) the employee has been participating in the plan prior to that employee\u2019s employment in the Islands. (c) The conditions referred to in paragraph (a) are \u2014 (i) the employees\u2019 participation in the plan shall be voluntary; (ii) the employer shall ensure that \u2014 (A) the estimated value of the fund; (B) the investment performance of the fund; (C) changes in the contribution rate, if applicable; (D) amendments to the plan; (E) changes on the Board, Committee, or Trustees who administer the plan; (F) the funding status of the plan; and (G) any other relevant information, are provided within a reasonable time to all employees; (iii) arrangements for portability or the payment of benefits in the event of termination of employment or winding up of a plan referred to in paragraph (a) shall have been approved by the Director; (iv) benefits shall either be payable in the form of a pension or valued and transferred to another plan; and (v) benefits may not, under the plan, be able to be commuted and paid in the form of a lump sum cash settlement. (d) In this subsection \u2014 \u201cinternational pension plan\u201d means a pension plan which provides pensions for the employees of an employer, or a group of affiliated employers, in more than one country. (5) If an employer to which subsection (4)(a) refers employs a Caymanian employee, then the employer shall enroll that employee in a plan registered in accordance with subsection (1). National Pensions Act (2024 Revision) (6)  A person who contravenes subsection (1) commits an offence and is liable on summary conviction to a fine of ten thousand dollars or to imprisonment for a term of one year, or to both. (7)  In this section \u2014 \u201cCaymanian\u201d has the meaning assigned to it by the Immigration (Transition) Act (2022 Revision);\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Refusal or revocation of registration 7. (1) No person shall administer a pension plan if the registration of that plan has been refused or revoked by the Director. (2) Subsection (1) does not apply to prevent administration of a pension plan for the purposes of the winding up of that pension plan. (3) A person who contravenes subsection (1) commits an offence and is liable on summary conviction to a fine of one hundred thousand dollars or to imprisonment for a term of five years, or to both.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Administrator 8. (1) For the purposes of this Act, only the following persons may administer a pension plan \u2014 (a) an employer; (b) a pension committee at least fifty per cent of which shall be representatives of members of the pension plan and a majority of which shall hold Caymanian status or be permanent residents of the Islands; (c) an approved provider where that provider provides all of the benefits under the pension plan, or a representative or agent of that provider; (d) a board of trustees appointed pursuant to the pension plan, at least fifty per cent of which shall be representative of members of the pension plan and a majority of which shall hold Caymanian status or be permanent residents of the Islands; (e) a board, agency or other person made responsible by this Act or any other law for the administration of the pension; or (f) a trust company licensed in accordance with the Banks and Trust Companies Act (2021 Revision). (2) For the purposes of subsection (1) \u2014 \u201cemployer\u201d includes an affiliate or parent company. (3) An administrator shall ensure that the administration, custodianship and investment of the pension plan and fund are undertaken by qualified and experienced persons or bodies. National Pensions Act (2024 Revision) (4) No person who is a receiver or trustee in bankruptcy of an administrator of the pension plan shall administer a pension plan. (5) An administrator, subject to any approval of the Director to different arrangements given under section 6(3), shall be based or represented in the Islands. (6) In the event of the bankruptcy of an employer within the meaning of the Bankruptcy Act (1997 Revision), the Director may act as or appoint an administrator of the plan. (7)  A person who contravenes subsection (1) or (4) commits an offence and is liable on summary conviction to a fine of one hundred thousand dollars or to imprisonment for a term of five years, or to both.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Registration 9. (1) An administrator shall apply to the Director within sixty days after the date on which a pension plan is established to register the pension plan. (2) An application for the registration of a pension plan shall be made in the prescribed form and accompanied by \u2014 (a)  the prescribed fee; (b)  two certified copies of the document constituting the pension plan and the relevant pension fund; (c)  a certified copy of any reciprocal transfer agreement related to the pension plan; (d)  a statement of investment policy in the prescribed manner; (e)  evidence of the method utilised to address on-going administrator training; (f)  details of the person that has accepted the appointment as auditor of the pension plan; (g)  details of any persons, including evidence of the knowledge and skill of the persons, who will carry on the functions of administrator, investment manager, investment adviser, agent of the administrator or custodian of the pension plan; (h)  details of all the individuals to be appointed to the pension committee, the board of trustees or the trust company acting as administrator; (i)  in the case of a defined benefit pension plan, an original or certified copy of an actuarial report; (j)  any other prescribed information respecting the pension plan and pension fund; (k)  a certified copy of the explanation and any other information required under section 20(1); and National Pensions Act (2024 Revision) (l)  any other information and particulars including copies of any actuarial report or advice given to the administrator or employer in connection with the establishment of the plan as the Director considers relevant. (3) The form in which an application for registration is to be made or in which any information is to be given pursuant to this section shall be prescribed by regulations made by the Cabinet acting on the advice of the Director.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Contents of pension plan 10. (1) The document that constitutes a pension plan shall contain the following information \u2014 (a) the method of appointment and the details of the appointment of the administrator of the pension plan; (b) the conditions for membership of the pension plan; (c) the benefits and rights which will accrue upon \u2014 (i) termination of employment; (ii) termination of membership; (iii) normal pension entitlement; and (iv) death; (d) the normal pension entitlement date under the pension plan; (e) the requirements for entitlement under the pension plan to any pension benefit; (f) the contributions and the method of calculating the contributions required by the pension plan; (g) the method of determining benefits payable under the pension plan; (h) the method of calculating interest to be credited to contributions under the pension plan; (i) the mechanism for payment of the cost of administration of the pension plan and pension fund together with a schedule of administration fees; (j) the mechanism for establishing and maintaining the pension fund; (k) in the case of a defined benefit pension plan, the method of dealing with surplus during the continuation and on the winding up of the pension plan; (l) the obligation of the administrator to provide members with information and documents required to be disclosed under this Act and the regulations; (m) the method of allocation of the assets of the pension on the winding up of such plan; (n) particulars of any previous pension plan under which members of the pension plan may be entitled to pension benefits; National Pensions Act (2024 Revision) (o) in the case of a defined benefit pension plan, an original or certified copy of an actuarial survey and report; and (p) any other prescribed information respecting the pension plan and pension fund. (2) Where a pension plan is established pursuant to a trust agreement, the documents constituting such agreement shall set out the powers and duties of the trustees.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Accrual of pension benefits. 11. (1) The Director shall not register a pension plan where, apart from additional voluntary contributions \u2014 (a) the plan does not provide for the accrual of pension benefits in a gradual and uniform manner; or (b) the formula for computation of the employer\u2019s contributions to the pension fund or, in the case of a defined benefit pension plan, the benefits provided under the pension plan, are variable at the discretion of the employer. (2) The Director shall not register a defined contribution pension plan if the formula governing allocation of contributions to a pension fund and the investment yield of such accumulated contributions among members of the pension plan is variable otherwise than at the discretion of a majority of the members of the pension plan.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Registration of amendment 12. (1) An administrator shall not amend a plan without \u2014 (a) the recorded approval and votes of two-thirds of the members and the former members of the plan affected by the proposed amendment either present or voting by proxy, which votes shall be recorded in the minutes of the meeting at which such votes were taken, or voting in a written ballot of those members affected by the proposed amendment; and (b) the approval of the employer. (2) A meeting or ballot process required for the purpose of subsection (1) shall be held in accordance with the rules set out in regulations prescribed by the Cabinet. (3) An administrator shall apply to the Director within thirty days after the date on which the pension plan is amended for registration of the amendment. (4) An application for the registration of an amendment shall be made in the prescribed form and shall be accompanied by \u2014 (a) the prescribed fee; (b) a certified copy of the document; National Pensions Act (2024 Revision) (c) certified copies of any other prescribed documents; and (d) any other prescribed information. (5) An amendment of a pension plan is not effective until it is approved by the Director. (6) The administrator shall, where an amendment is approved, file a certified copy of the amended plan. (7) Notwithstanding subsection (1), an administrator shall not be required to obtain the approval of the members of a plan for amendments which are, in the opinion of the Director, minor or statutorily required. (8) An amendment to a pension plan may be made effective from a date before the date on which the amendment is registered. (9) An amendment which purports to convert a defined benefit pension plan to a defined contribution pension plan, or vice versa, shall be void and of no effect unless made with the written consent of the employer.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"Reduction of benefits 13. An amendment of a pension plan is void and of no effect where the amendment purports to reduce \u2014 (a) the amount, the commuted value or the actuarial present value of a pension benefit accrued under the pension plan with respect to employment before the commencement of the amendment; (b) the amount, the commuted value or the actuarial present value of a pension or a deferred pension accrued under the pension plan; or (c) the amount, the commuted value or the actuarial present value of an ancillary benefit for which a member or former member of the pension plan is eligible.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_14\", \"num\": \"14.\", \"text\": \"Acknowledgement of application for registration. 14. (1) The Director shall issue to an administrator \u2014 (a) a written acknowledgement of any application for registration of a pension plan within thirty days after receiving an application for registration under section 9; (b) a certificate of registration within thirty days of the registration of a plan; and (c) a notice of registration for each amendment to a plan within thirty days of the registration of the amendment. (2) No person shall contract out of or waive a requirement imposed under this Act upon an employer or administrator of a pension plan in favour of a member, National Pensions Act (2024 Revision) former member or claimant and any such contracting out or waiver is void and of no effect. (3) Notwithstanding any provision in a pension plan, a plan that has been registered shall be deemed to be amended so that it complies with this Act and the regulations.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_15\", \"num\": \"15.\", \"text\": \"Refusal or revocation of registration 15. (1) The Director shall refuse to register a pension plan or an amendment to a pension plan which does not comply with this Act. (2) The Director may revoke the registration of a pension plan which is not being administered in accordance with this Act. (3) The authority of the Director under subsection (1) or (2) is subject to the right to a hearing under section 72 of a person affected by the Director\u2019s decision. (4) An amendment to a pension plan terminates on the date the Director revokes the registration of the amendment. (5) Where the Director refuses to register a pension plan or revokes the registration of a plan, the administrator shall wind up the pension plan in accordance with this Act and the regulations.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_16\", \"num\": \"16.\", \"text\": \"Duties of the administrator 16. (1) An administrator shall \u2014 (a)  administer the pension plan and pension fund in accordance with this Act and Regulations; and (b)  administer the pension plan and any amendment to the pension plan in accordance with the documents filed with the Director upon registration of that plan or amendment. (2)  An administrator shall \u2014 (a)  where more than one pension plan is administered by the administrator, segregate the assets, bank accounts and records of each pension plan from the other; and (b)  segregate the assets, bank accounts and records of a pension plan from any other business in which the administrator may be engaged. (3)  An administrator shall use that administrator\u2019s best efforts in the administration of a pension fund using all relevant knowledge and skill that, by reason of the administrator\u2019s profession or business or calling, that administrator ought to possess. (4)  The administrator of a pension plan shall \u2014 (a)  pay the prescribed fee to the Director in respect of the pension plan within three months of the end of the financial year of the pension plan; National Pensions Act (2024 Revision) (b)  file with the Director each year during the continuation of the pension plan an annual information return relating to the pension plan in the prescribed form within three months of the end of the financial year of the pension plan or within any longer period the Director may approve; (c)  within six months of the end of a financial year of the pension plan or within any longer period that the Director may approve, file with the Director audited financial statements of the pension plan prepared in the prescribed manner by an independent auditor approved by the Director, together with a copy of any management letter issued by the auditor; (d)  every three years during the continuation of a defined benefit pension plan with the assistance of an actuary, review the financial operation of the pension plan and file with the Director an actuarial report within six months of the completion of the review, or any longer period the Director may allow; (e)  provide returns and expense ratios for the pension plan, in the prescribed format, which shall be provided to the Director within six months of the end of a financial year of the pension plan or within any longer period that the Director may approve; (f)  provide the Director, within three months of the end of the financial year, evidence of annual administrator training; (g)  file with the Director a list of all active and inactive employers in the pension plan annually when filing the annual information return under paragraph (b) and on a monthly basis, thereafter, file with the Director all employer movements in or out of the pension plan; (h)  hold annual general meetings dealing with prescribed information and provide a record thereof to the Director within three months of the meeting and to the members with the statement required under section 22; (i)  file with the Director any additional reports required under this Act; (j)  publish the pension plan or details relating thereto in the prescribed manner; (k)  ensure that all documents and records of the pension plan are maintained in a central location and notify the Director of that location and any changes to that location; and (l)  prepare and submit to the Director, together with the audited financial statements each year \u2014 (i)  confirmation that the statement of investment policy is in compliance with the prescribed requirements; and (ii)  a register of the members of the pension plan, and the register shall specify \u2014 (aa)  the name of each member; National Pensions Act (2024 Revision) (bb)  the date of birth of each member; (cc)  the employer of each member; and (dd)  the value of the accrued benefit of each member. (5)  If an administrator fails to comply with any requirement under this section, the Director may dismiss the administrator and act as or may appoint another administrator of the plan. (6)  The reasonable administration costs of the Director or the administrator approved by the Director of any action taken under subsection (5) shall be paid by the pension fund. (7)  A person who contravenes this section commits an offence and is liable on summary conviction to a fine of one hundred thousand dollars or to imprisonment for a term of five years, or to both. 16A. Functions of the administrator 16A. (1) An administrator shall ensure that the administration, custodianship and investment of a pension plan or pension fund are undertaken by persons qualified and experienced to be administrators, custodians, investment advisers and investment managers, as the case may be. (2)  An administrator shall exercise the care, diligence and skill in the administration of a pension plan and in the management and investment of the pension fund that a person of ordinary prudence would exercise in dealing with the property of another. (3)  An administrator shall not knowingly permit that administrator\u2019s private interests to conflict with that administrator\u2019s duties and powers in respect of a pension plan or pension fund. (4)  An administrator is not entitled to any benefit from a pension plan other than - (a)  pension benefits or ancillary benefits or a refund of contributions under the plan to which the administrator is entitled as a member, former member or claimant under the plan ; (b)  ancillary benefits; and (c)  the administrative fees and expenses as are provided by a pension plan. (5)  Subsection (4) applies with necessary modifications to a member of a pension committee or board of trustees that is the administrator of a pension plan and to a member of a board, agency or committee made responsible by this Act or any other law for the administration of a pension plan. (6)  If an administrator fails to comply with any requirement under this section, the Director may dismiss the administrator and act as or may appoint another administrator of the plan. National Pensions Act (2024 Revision) (7)  The reasonable administration costs of the Director or the administrator approved by the Director of any action taken under subsection (6) shall be paid by the pension fund. (8)  A person who contravenes this section commits an offence and is liable on summary conviction to a fine of one hundred thousand dollars or to imprisonment for a term of five years, or to both.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_17\", \"num\": \"17.\", \"text\": \"Administrator may employ agents 17. (1) Repealed by section 13(b) of the National Pensions (Amendment) Act. 2016 [Law 17 of 2016]. (2) Repealed by section 13(b) of the National Pensions (Amendment) Act. 2016 [Law 17 of 2016]. (3) Where it is reasonable and in the interests of the members of a plan so to do, an administrator may employ one or more agents to carry out any act required to be done in the administration of the pension plan and in the management and investment of the pension fund. (4) Every actuary, accountant or other professional person who provides professional services with respect to the establishment or administration of a pension plan or pension fund, shall be deemed to be an agent of the administrator. (5) An administrator who employs an agent shall \u2014 (a) personally select the agent; (b) be satisfied of the agent\u2019s suitability to perform the acts for which the agent is employed; and (c) supervise the agent as far as practicable and reasonable. (6) An agent of an administrator is subject to the standards that apply to the administrator under subsections 16(1), (2) and (3) and 16A (1), (2) and (3). (7) Repealed by section 13(b) of the National Pensions (Amendment) Act. 2016 [Law 17 of 2016]. (8) Repealed by section 13(b) of the National Pensions (Amendment) Act. 2016 [Law 17 of 2016]. (9) An agent of an administrator is entitled to usual and reasonable fees and expenses for services provided in respect of a pension plan and such fees and expenses may be paid out of the pension fund. National Pensions Act (2024 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_18\", \"num\": \"18.\", \"text\": \"Information from employer 18. (1) An employer, who is not an administrator, shall provide to the administrator of the pension plan of which that employer\u2019s employees are members any information required by the administrator for the purpose of complying with the terms of the pension plan, of this Act or the regulations. (2) In subsection (1) \u2014 \u201cemployer\u201d includes a predecessor of the employer. 18A. Obligations of employer 18A. (1) An employer shall cause to be kept proper payroll accounts, books and records with respect to all sums of money paid by the employer to a pension plan. (2)  For the purposes of subsection (1), proper payroll accounts, books and records shall not be deemed to be kept if there are not kept such payroll accounts, books and records as are necessary to give a true and fair view of the state of affairs of the employer with regards to a pension plan and to explain its transactions. (3)  An employer shall cause all books of account required to be kept under subsection (1) to be retained for a minimum period of five years from the date on which they are prepared. (4)  For each employee, except an employee for whom an employer is not required to provide a pension plan or to contribute to a pension plan under section 25, an employer shall keep and maintain records showing \u2014 (a)  the name of and current contact information for the employee; (b)  the date the employment commenced and the duration; (c)  whether the employment is part time or full time; (d)  the rate of pay and salaried arrangements; (e)  gross and net amounts of pay; (f)  bonuses; (g)  resignations and terminations relating to the employee; (h)  the name of the pension plan; (i)  all deductions from earnings of the employee for pension contributions; (j)  all contributions made by the employer and on behalf of the employee and evidence of payment to the pension plan; (k)  the period over which contributions were made; (l)  the dates on which the contributions were made; and (m)  any interest payments made in the name of the pension plan. (5)  The contributions shall be stated clearly and there shall be no comingling; that is, contributions shall be differentiated from other payments that employers are required to pay, such as health insurance. National Pensions Act (2024 Revision) (6)  An employer shall retain records required to be kept under subsection (4) for a minimum period of five years from the date on which they are prepared. (7)  An employer shall maintain a written notification, acknowledged by the employee in writing, of the pension plan referred to in section 4(1). (8)  An employer who \u2014 (a)  knowingly and wilfully contravenes subsections (1) or (3); or (b)  fails without reasonable cause to comply with subsections (4), (5), (6) or (7), commits an offence and is liable on summary conviction to a fine of ten thousand dollars.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_19\", \"num\": \"19.\", \"text\": \"Advisory Committee 19. (1) The members and former members of a pension plan, by the decision of a majority of them participating in a vote, may establish an advisory committee. (2) The inactive members of a pension plan are entitled to appoint at least one representative to the advisory committee. (3) An advisory committee may be established pursuant to subsection (1) to \u2014 (a) monitor the administration of the pension plan; (b) make recommendations to an administrator respecting the administration of the pension plan; and (c) promote awareness and understanding of a pension plan among members, former members and claimants of the plan and other persons receiving benefits under the pension plan. (4) An advisory committee or a member of the committee may examine the records of the administrator relating to the administration of the pension plan and the pension fund at the office of the administrator, and may make copies of the records, but shall not, without the written consent of a member, examine information relating to any member\u2019s \u2014 (a) service; (b) salary; (c) pension benefits; or (d) other personal information. (5) Subsection (1) does not apply if the pension plan is administered by a pension committee and at least one-third of the members of the committee are appointed by members of the pension plan or where a plan is administered by a board of trustees. National Pensions Act (2024 Revision) (6) An administrator shall provide to an advisory committee or its representative such information as is under the control of the administrator and is required by the advisory committee or its representative for the purposes of the committee. PART 3 - Disclosure of Information\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_20\", \"num\": \"20.\", \"text\": \"Information from administrator 20. (1) An administrator shall provide, in writing, to each person who under this Act is required to become a member of a pension plan, immediately upon the person\u2019s application for membership in the pension plan \u2014 (a)  an explanation of the provisions of the pension plan that apply to the person; (b)  an explanation of the person\u2019s rights and obligations under the pension plan; (c)  details of the returns and expense ratios of the pension fund in the prescribed format; and (d)  any other information prescribed. (2)  An employer shall, within twenty-one days after the date upon which an employee becomes eligible to become a member of a pension plan, provide to an administrator the information required to enable the administrator to comply with this section.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_21\", \"num\": \"21.\", \"text\": \"Notice of proposed amendment 21. (1) Before the registration of an amendment to a pension plan, an administrator shall \u2014 (a) give notice containing an explanation of the amendment to \u2014 (i) each member; (ii) each former member; and (iii) any other person entitled to payment from the pension fund; (b) invite the submission of written comments on the amendment to the administrator and the Director; and (c) provide the Director with a copy of the notice of the proposed amendment. (2) The Director shall not register an amendment until forty-five days after the date of the notice of amendment to members. (3) An administrator shall notify each member of the date of registration of an amendment. (4) The Director may, upon the written application of an administrator, exempt that administrator from the requirements of subsection (1) where the administrator National Pensions Act (2024 Revision) has been exempted from obtaining the approval of the members of a plan under section 12(7) or where the Director is of the opinion that the amendment \u2014 (a) is of a technical nature; (b) will not substantially affect the pension benefits, rights or obligations of a member or former member; or (c) will not adversely affect any person entitled to payments from the pension fund.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_22\", \"num\": \"22.\", \"text\": \"Semi-annual statement of pension benefits 22. (1) An administrator shall on a semi-annual basis, or at the shorter period as may be specified in a pension plan, give to each member a written statement setting out \u2014 (a)  the prescribed information in respect of the pension plan which shall cover the pension plan\u2019s operations since the last report or since registration in the first instance; (b)  in the case of a pension plan that is a defined benefit pension plan, the member\u2019s expected pension benefits as at the member\u2019s normal pension entitlement date or, in the case of a pension plan that is a defined contribution pension plan, the amount of money standing in the member\u2019s account; and (c)  any ancillary benefits for which the member is eligible. (2)  Notwithstanding the requirement for a written statement under subsection (1), a statement may be forwarded to a member electronically or via any other media upon the consent of the member in writing to accept transmission of the statement in that manner. (3)  An administrator shall, where a member terminates employment with an employer or otherwise ceases to be a member of a plan, give to that member or any other person who is, as a result, entitled to a benefit under the pension plan, a written statement setting out the prescribed information in respect of the benefits, rights and obligations of the member or the other person. (4)  Subsection (3) applies in respect of a multi-employer pension plan where a member ceases to be a member but does not apply where a member terminates employment with an employer but continues to be a member.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_23\", \"num\": \"23.\", \"text\": \"Inspection of administrator\u2019s documents. 23. (1) Within thirty days of a written request, an administrator shall make available the prescribed documents and information in respect of a pension plan and the pension fund for inspection without charge to \u2014 (a) a member; (b) a former member; National Pensions Act (2024 Revision) (c) the spouse or civil partner or former spouse or former civil partner of a member or former member; (ca)  the member\u2019s or former member\u2019s civil partner or former civil partner where the civil partnership is dissolved or annulled; (d) a claimant; (e) any other person entitled to pension benefits under the pension plan; (f) an agent authorised in writing by a person mentioned in paragraph (a), (b), (c), (ca), (d) or (e); (g) an employer who is or was required to make contributions to the pension plan; (h) a receiver or trustee in bankruptcy of an employer referred to in paragraph (g); and (i) such other person as may be prescribed. (2) The prescribed documents and information may be inspected at the premises of the employer of a member or former member or at such other location agreed upon by the administrator and the person making the request. (3) A person inspecting the documents may copy the documents or purchase from the administrator, at a reasonable fee, copies of the documents. (4) A person described in paragraphs (a) to (g) of subsection (l), may not make a request under this section more than once in any six months unless the documents have been changed or amended during the course of the six month period. (5)  For the avoidance of doubt, only a person mentioned in subsection (1) shall be entitled to inspect the documents referred to in subsection (1).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_24\", \"num\": \"24.\", \"text\": \"Inspection of filed documents 24. The administrator of a pension plan and the persons mentioned in section 23(1) may inspect at the offices of the Director during normal business hours, the copies of the documents that constitute the pension plan and the pension fund and such other prescribed documents as are filed in respect of the pension plan and the pension fund and may obtain copies of the documents upon payment of the prescribed fee. PART 4 - Membership\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_25\", \"num\": \"25.\", \"text\": \"Eligibility for membership 25. (1) Subject to subsection (2) all employees between the ages of eighteen years and the normal age of pension entitlement shall be members of a pension plan. National Pensions Act (2024 Revision) (2) Employers are not required to provide pension plans, or to contribute to pension plans, for the benefit of employees who do not have Caymanian status, or who are not permanent residents, within the meaning of the Immigration (Transition) Act (2022 Revision) and who, in either case \u2014 (a) have been working in the Islands for a continuous period of nine months or less*; or (b) are employed as a household domestic. *  Section 18(2)(i) of the National Pensions (Amendment) Act, 2016 [Law of 2016] which amended the period from \u2018nine\u2019 to \u2018six\u2019 months has not yet commenced. (3) Every self-employed person shall either be a member of an approved pension plan or shall contribute to an individual pension entitlement account with an approved provider. (4) Where an employee is employed by more than one employer, each employer shall be liable to pay contributions to a pension plan in respect of such employee. (5) With the approval of the Director, an employer may offer or establish a separate pension plan for employees employed in less than full-time continuous employment. (6) The Director shall approve a separate pension plan referred to in subsection (5) if the Director considers that the separate pension plan provides benefits equivalent to those in the pension plan maintained by the employer for employees of the same class employed in full-time continuous employment. PART 5 \u2013 Entitlement and Vesting\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_26\", \"num\": \"26.\", \"text\": \"Normal pension entitlement date 26. (1) The normal pension entitlement date under a pension plan submitted for registration under this Act is the date, not later than three months after attaining the normal age of pension entitlement, on which a person becomes entitled under a registered pension plan to collect that person\u2019s pension benefits. (2)  Every pension plan established prior to the 1st June, 1998 and registered under this Act, shall be deemed to specify a normal pension entitlement date in respect of pension benefits that accrue after the 1st June, 1998, that is not later than one year after attainment of the normal age of pension entitlement. (3)  The first instalment of a member\u2019s pension is due not later than the first day of the month following the normal pension entitlement date, unless the member elects otherwise. (4)  An active member who continues employment and membership in a pension plan after the normal pension entitlement date may elect to continue accruing National Pensions Act (2024 Revision) benefits under the pension plan up to the date of the member\u2019s application for their pension entitlement and is subject to any terms of the pension plan \u2014 (a)  limiting the number of years of employment or active membership that can be considered for the purpose of determining a member\u2019s pension benefit; or (b)  fixing a maximum amount of a member\u2019s pension benefit. (5)  The first instalment of a pension of a member who makes the election described in subsection (4) is due not later than the earlier of \u2014 (a)  the first day of the month following the date of revocation of the election by the member; or (b)  the first day of the month following the date of termination of employment of the member.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_27\", \"num\": \"27.\", \"text\": \"Deferred pension for past service 27. (1) An active member of a pension plan continued after the 1st June, 1998 who meets the qualifications in subsection (2) is, subject to section 6(3) and (4), entitled to the benefit mentioned in subsection (3). (2) The qualifications are that, on the date the member terminates that member\u2019s employment \u2014 (a) the member must have been employed by the employer or have been a member of the pension plan for a continuous period of at least ten years; (b) the member must have reached the age of forty-five years; and (c) the member must terminate that member\u2019s employment with the employer before the  normal pension entitlement date under the pension plan. (3) The benefit is a deferred pension provided under the pension plan as it existed on the day before the 1st June, 1998 in respect of employment in the Islands before the 1st June, 1998. (4) Subsections (1) to (3) do not apply in respect of benefits that result from additional voluntary contributions payable under plans that are not registered under section 6(3).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_28\", \"num\": \"28.\", \"text\": \"Deferred pension 28. (1) An active member of a pension plan brought into existence after the 1st June, 1998 who meets the qualifications in subsection (2) is entitled to the benefit mentioned in subsection (3). (2) The qualifications are that the member must \u2014 (a) be a member of a pension plan on or after the 1st June, 1998; and (b) have terminated membership of a plan before the normal pension entitlement date. National Pensions Act (2024 Revision) (3) The benefit is a deferred pension provided under the pension plan in respect of employment after the 1st June, 1998.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_29\", \"num\": \"29.\", \"text\": \"Termination by member. 29. (1) A person who is an active member \u2014 (a) of a multi-employer pension plan; (b) of a pension plan who is employed by an employer on a part-time basis; or (c) of a pension plan who has been laid off by the employer, may terminate that person\u2019s active membership in the pension plan if no contributions are paid or are required to be paid to the pension fund by or on behalf of the member for twenty-four consecutive months or for such shorter period as may be specified in the pension plan. (2) For the purpose of determining benefits under this Act, a person mentioned in subsection (1) who terminates that person\u2019s membership in a pension plan shall be deemed to have terminated that person\u2019s employment. (3) Subsections (1) and (2) shall not apply if contributions are not paid or are not required to be paid because the person has become a member of another pension plan and there is a reciprocal transfer agreement between the two pension plans. PART 6 - Benefits\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_30\", \"num\": \"30.\", \"text\": \"Minimum benefit 30. (1) A member of a defined benefit pension plan that is continued or established after the 1st June, 1998 shall, subject to subsection (4), be entitled at that member\u2019s normal pension entitlement date to a minimum annual pension equivalent to 1.5 per cent of that member\u2019s pensionable earnings for each year that that member shall have been in membership of that plan subject to a maximum of forty-seven years membership. (2) Where a member elects to retire before the normal pension entitlement date, that member\u2019s annual pension shall be calculated in accordance with the regulations. (3) In calculating years of membership each completed month shall count as onetwelfth of a year. (4) The minimum annual pension entitlement referred to in subsection (1) shall, in the case of an employee who makes reduced contributions under section 47(8), be reduced in accordance with guidelines to be issued, from time to time, by the Director. National Pensions Act (2024 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_31\", \"num\": \"31.\", \"text\": \"Value of deferred pension 31. (1) If the commuted value of the contributory benefit that accrued under a defined benefit pension plan before the 1st June, 1998, and to which a member is entitled on the date of termination of employment is less, on the date of termination, than the sum of the member\u2019s contributions made under the plan before the 1st June, 1998 to the date of termination, the benefit shall be increased on the date of termination so that the commuted value of the benefit is at least equal to the sum of the member\u2019s contributions and the interest thereon. (2) Subsection (1) does not apply in respect of a pension plan that contains the provision described in subsection (4). (3) Under a pension plan an increase in the commuted value of a contributory benefit under a pension plan in respect of employment before the 1st June, 1998 \u2014 (a) that results from an amendment to the pension plan made on or after that date; and (b) to which the member is entitled on the date of termination of employment, may be included in calculating the commuted value of the benefit for the purposes of subsection (1). (4) A pension plan may provide, in respect of each member of the plan that \u2014 (a) the sum of the member\u2019s contributions under the pension plan made before the 1st June, 1998 and the interest thereon to the date of termination of employment of the member shall not be used to provide more than fifty per cent of the commuted value on the date of termination of the contributory benefit under the plan to which the member is entitled on the date of termination; and (b) if the member is entitled to a contributory benefit under the pension plan on termination of employment, the member is entitled to payment on termination of a lump sum equal to the amount by which the sum of the member\u2019s contributions made before the 1st June, 1998 and interest thereon to the date of termination exceeds fifty per cent of the commuted value accrued before the 1st June, 1998. (5) The sum of the contributions under a pension plan made by a member of the plan after the 1st June, 1998 and the interest thereon to the date of termination of employment shall not be used to provide more than fifty per cent of the commuted value of the contributory benefit under the plan that has accrued after the 1st June, 1998 and to which the member is entitled on the date of termination. (6) A member is entitled to payment on termination of membership to a lump sum equal to the amount by which the sum of the member\u2019s contributions made after the 1st June, 1998 and interest thereon to the date of termination exceeds fifty National Pensions Act (2024 Revision) per cent of the commuted value of the contributory benefit that accrued after the 1st June, 1998 and to which the member is entitled on the date of termination. (7) Under a pension plan the following may be excluded in determining that part of the commuted value of a pension or the actuarial present value of a benefit to which subsections (5) and (6) apply \u2014 (a) defined contribution benefits; (b) benefits that result from additional voluntary contributions; and (c) any other benefits prescribed for the purposes of this subsection. (8) Under a pension plan the following may be included in calculating a member\u2019s contributory benefit for the purposes of this section \u2014 (a) ancillary benefits related to employment on or after the 1st June, 1998; (b) any increase in pension benefits and ancillary benefits related to employment before the date of the amendment to a plan resulting from an amendment to such plan made on or after the 1st June, 1998 but that are not included in calculating commuted value under subsection (2); and (c) pension benefits and ancillary benefits related to employment before the date of the establishment of the pension plan, in the case of a pension plan established on or after the 1st June, 1998. (9) Where a defined benefit accrued by a member of a pension plan is, at any time, converted in whole or in part into a defined contribution benefit, the value of the defined benefits that are converted shall be the actuarial present value of those benefits at the time of conversion, and subsections (5) and (6) shall apply as if the member had terminated that member\u2019s employment at the time of conversion, and as if the term \u201cactuarial present value\u201d were substituted for the term \u201ccommuted value\u201d in those subsections.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_32\", \"num\": \"32.\", \"text\": \"Ancillary benefits 32. (1) A pension plan may only provide the following ancillary benefits \u2014 (a) disability benefits; (b) death benefits in excess of those referred to in section 39; (c) benefits arising from additional voluntary contributions which have provided a pension entitlement fund in excess of the minimum as prescribed; (d) early pension entitlement options and benefits in excess of those provided by section 33; and (e) any other prescribed ancillary benefit. (2) The pension benefit to which a member is entitled on the date of termination of employment of the member shall include an ancillary benefit for which the National Pensions Act (2024 Revision) member has met, on that date, all eligibility requirements under the pension plan. (3) For the purposes of subsection (2), where, under a pension plan, the consent of an employer is an eligibility requirement for entitlement to receive an ancillary benefit and a member or a former member has met all other eligibility requirements, the employer\u2019s consent shall be deemed to have been given.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_33\", \"num\": \"33.\", \"text\": \"Early pension entitlement option 33. (1) An inactive member of a pension plan is entitled to elect at any time to receive an early pension entitlement under the pension plan if the member \u2014 (a) terminates employment on or after the 1st June, 1998; (b) is entitled, at the time of election, to a deferred benefit under the pension plan; and (c) is at the time of election, within ten years of the normal pension entitlement date. (2) An active member who is within ten years of the normal pension entitlement date and who would be entitled to a deferred benefit on termination of employment is entitled upon termination of employment or on the winding up of the pension plan in whole or in part to elect to receive an early pension entitlement. (3) The actuarial present value of an inactive member\u2019s early pension entitlement under subsection (1) shall not be less than the actuarial present value of the inactive member\u2019s deferred benefit under the pension plan. (4) The actuarial present value of a member\u2019s early pension entitlement shall be not less than the actuarial present value of the deferred benefit under the pension plan to which the member would be entitled on termination of employment. (5) An inactive or active member may require the commencement of the payment of the early pension  entitlement at any time after making the election and within the ten year period mentioned in subsections (1) and (2). (6) An election under subsection (1) or (2) may be made in writing, signed by the member and delivered to the administrator of the plan.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_34\", \"num\": \"34.\", \"text\": \"Transfer 34. (1) A member of a pension plan who, on or after 1st June, 1998, terminates employment with a specific employer and who is entitled to a deferred benefit \u2014 (a)  may request the administrator to pay an amount equal to the commuted value of the deferred benefit or the balance in the member\u2019s defined contribution account \u2014 National Pensions Act (2024 Revision) (i)  to another registered pension plan, if the administrator of the other pension plan agrees to accept the payment; (ii)  into a prescribed pension entitlement savings arrangement; or (iii)  for the purchase for the member of a life annuity that will not commence before the earliest date on which the member would have been entitled to receive payment of pension benefits under the pension plan; (b)  may elect to remain in the pension plan; or (c)  may elect to transfer that deferred benefit to a plan administered under the Public Service Pensions Act (2023 Revision) if  the administrator of the Public Service Pensions Board agrees to accept the payment. (2)  The pension entitlement under subsection (1) is subject to the prescribed limitations in respect of the transfer of funds from pension funds. (3)  Notwithstanding subsection (1), where \u2014 (a)  a member\u2019s employment is terminated; (b)  the member ceases to reside in the Islands; and (c)  no contributions have been made to a pension plan by or on behalf of the member for a period of two years or more, the member may request the administrator to pay an amount equal to the commuted value of the deferred benefit or the balance in the member\u2019s defined contribution account to a pension plan, pension entitlement savings arrangement or life annuity that is outside of the Islands. (4)  The requirements under subsection (3) are not applicable to transfers between registered pension plans. (5)  For the purposes of subsection (3), a person is considered to have ceased to be resident in the Islands if that person 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 residence in the Islands for an aggregate period of less than three months. (6)  Subject to subsections (1) and (3), an administrator may, on making a payment or transfer under section 42, 53 or this section, make a deduction from that payment or transfer, subject to a prescribed maximum fee, exclusive of any transfer fees charged by the pension plan\u2019s bankers, in respect of actual and ascertainable administrative expenses incurred in making the payment or transfer that is \u2014 (a)  provided for in the pension plan to be made in respect of all transfers and withdrawals; and (b)  approved by the Director, National Pensions Act (2024 Revision) and the Director shall not approve a provision in a pension plan that purports to enable different levels of deduction to be made in respect of different classes of members. (7)  A former member may exercise that member\u2019s pension entitlement under subsections (1) and (3) by delivering to the administrator within the prescribed period of time a direction in a form supplied by the Director. (8)  Subject to compliance with the requirements of this section and the Regulations, the administrator shall comply with the direction referred to in subsection (7) not later than forty-five days after the date of delivery of the direction. (9)  An administrator who contravenes subsection (8) commits an offence and is liable on summary conviction to a fine of twenty thousand dollars or to imprisonment for a term of two years, or to both; and if the offence is a continuing one to a fine of one thousand dollars for every day or part of a day during which the offence has continued. (10)  The administrator shall not make a payment under \u2014 (a)  subsection (l)(a)(ii), unless the pension entitlement savings arrangement is in accordance with the prescribed requirements; and (b)  subsection (l)(a)(iii), unless the contract to purchase the deferred life annuity is in accordance with the prescribed requirements. (11) Where a payment does not meet the limitations prescribed in relation to the transfer of funds from pension funds, the administrator shall not make the payment without the approval of the Director. (12) The Director may, by Order, approve a payment under subsection (11) subject to the terms and conditions contained in the Order that the Director thinks fit in the circumstances. (13)  Where \u2014 (a)  a payment that does not meet the conditions prescribed in relation to the transfer of the funds from pension funds is made without the approval of the Director; or (b)  there is a failure to comply with a term or condition of the approval given under subsection (12), the Director may, by Order, require any person to whom payment has been made to repay an amount equal to the amount paid together with interest on the amount. (14) This section does not apply in respect of benefits under a pension plan accrued on or before a prescribed date where those benefits are guaranteed by an approved provider and the guarantee was given by the approved provider on or before that date. National Pensions Act (2024 Revision) (15) Subject to section 76, an Order for payment under subsection (12) may be enforced in the same manner as a judgment of the Grand Court for the payment of money. (16)  An administrator is discharged from all responsibilities and liabilities in respect of a payment made in good faith under this section and in compliance with this Act.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_35\", \"num\": \"35.\", \"text\": \"Purchase of pension. 35. (1) Subject to section 34 and any limitations on transfer of funds from pension plans, an administrator who is required by a pension plan to provide a pension or benefit, may purchase the pension or benefit from an approved provider. (2) Where a purchase under subsection (1) does not comply with limitations prescribed in respect of transfer of funds from pension funds, the administrator may not complete the purchase without the prior approval of the Director. (3) The Director may approve a purchase under this section subject to such terms and conditions as the Director considers fit in the circumstances. (4) Where \u2014 (a) a purchase that does not comply with limitations prescribed in relation to transfer of funds from pension funds is made without the approval of the Director; or (b) there is a failure to comply with a term or condition attached to the Director\u2019s approval under subsection (3), the Director may, by order, require any person, to whom payment under this section has been made, to repay an amount not greater than the amount of the payment together with interest thereon at the rate to be prescribed in the regulations. (5) Subject to section 72, an order for payment under subsection (4) may be enforced in the same manner as a judgment of the Grand Court for the payment of money.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_36\", \"num\": \"36.\", \"text\": \"Joint and survivor pension benefits 36. (1) Every pension paid under a pension plan to a former member who has a spouse or civil partner on the date that the payment of the first instalment of the pension is due shall be a joint and survivor pension and the pension payable to the spouse or civil partner on the death of the member shall be of an amount equivalent to one hundred per cent of the pension paid to the member. (2) The actuarial present value of a joint and survivor pension under subsection (1) shall not be less than the actuarial present value of the pension that would be payable under the pension plan to the former member but for subsection (1). (3) Subsections (1) and (2) do not apply \u2014 National Pensions Act (2024 Revision) (a) in respect of a pension benefit if payment of the pension has commenced before the 1st June, 1998; or (b) in respect of the portion of a pension that relates to a prescribed ancillary benefit. (4) Where \u2014 (a) prior to the 1st June, 1998 a deferred life annuity has been purchased from an approved provider for a person entitled to a deferred pension under this Act; (b) payments have not commenced under the annuity on the 1st June, 1998; and (c) the recipient of the payments has a spouse or civil partner on the date payments commence, the annuity shall be paid as a joint and survivor pension in accordance with the requirements of this section, and the approved provider shall make payments accordingly. (5) Where a former member dies leaving a surviving spouse or civil partner and dependent children, the spouse or civil partner shall receive and hold fifty per cent of the spouse\u2019s or civil partner\u2019s pension to be used for their maintenance, benefit and education until such time as the children attain the age of twentythree or cease their full-time education, whichever shall be the earlier. (6) In a case where there is need, in the interests of the children, the Director of Social Services shall have power to apply to the Court for an order appointing a trustee to receive up to fifty per cent of the pension payable to the surviving spouse or civil partner and to apply it for the benefit of the children in accordance with subsection (5).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_37\", \"num\": \"37.\", \"text\": \"Information for payment of pension 37. (1) An administrator or their agent shall, before paying a pension or benefit, or paying the commuted value of the pension or benefit, require the person entitled to such pension, benefit or commuted value, to provide that person with any necessary relevant information respecting the calculation of the amount of the pension or benefit. (2) An administrator is discharged from all liabilities upon making the payment \u2014 (a) in accordance with information provided by the person entitled under subsection (1); or (b) where the person entitled fails to provide information in accordance with subsection (1), in accordance with such information respecting that person\u2019s pension or benefit as is contained in the records of the administrator. National Pensions Act (2024 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_38\", \"num\": \"38.\", \"text\": \"Remarriage of surviving spouse or entering into a subsequent civil partnership or marriage by a surviving civil partner 38. (1) The surviving spouse or civil partner of a former member of a pension plan who is receiving a pension under such pension plan remains entitled to such pension notwithstanding the subsequent remarriage of such surviving spouse or or the entering into a subsequent civil partnership or marriage by such surviving civil partner. (2) Subsection (1) applies in respect of pensions which are first paid after the 1st June, 1998.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_39\", \"num\": \"39.\", \"text\": \"Death benefit prior to application for pension entitlement 39. (1) If a member or former member of a pension plan dies before the commencement of payment of a pension, the person who is the spouse or civil partner of the member or former member on the date of the death of the member or former member is entitled either to an immediate or deferred pension the commuted value of which is at least equal to the commuted value of the deferred pension of the member or former member. (2) The surviving spouse or civil partner who elects to receive a deferred pension may further elect that either \u2014 (a) the pension in respect of the deferred benefit described in subsection (1) shall be paid to the spouse or civil partner \u2014 (i) no earlier than ten years before the spouse or civil partner attains the age of sixty-five; or (ii) no later than the spouse\u2019s or civil partner\u2019s normal age of pension entitlement under the plan; or (b) the commuted value of the defined benefit shall be paid by the administrator to one of the vehicles or for one of the purposes specified in section 34(1). (3) If a member continues in employment after the normal pension entitlement date under the pension plan and dies before the commencement date of the payment of benefits, the person who is the spouse or civil partner of the member on the date of death of the member is entitled to an immediate or deferred pension the commuted value of which is at least equal to the commuted value of the pension benefit of the member at the date of death. (4) For the purposes of this section, the deferred pension or pension benefits to which a member is entitled if the member dies while employed shall be calculated as if the member\u2019s employment were terminated immediately before the member\u2019s death. (5) A member or former member may designate a beneficiary and the beneficiary is entitled to be paid an amount equal to the commuted value of the deferred National Pensions Act (2024 Revision) pension mentioned in subsection (1) or (3), if the member or former member does not have \u2014 (a) any dependent child or children; and (b) a spouse or civil partner on the date of death. (6) The personal representative of the estate of a member or former member may receive payment of the commuted value of a pension under this section as the property of the member or former member if the member or former member \u2014 (a) has not designated a beneficiary in accordance with subsection (5); and (b) does not have a spouse or civil partner on the date of the member\u2019s or former member\u2019s death. (7) If the pension plan provides for payment of pension benefits to or for a dependent child or dependent children of the member or former member, upon the death of the member or former member, the commuted value of the payments may be deducted from the entitlement of a beneficiary designated under subsection (5) or of a personal representative under subsection (6). (8) A person entitled to payment under this section shall provide the administrator with the relevant information respecting such payment. (9) The administrator is discharged from all liabilities on making payment in accordance with the information provided by the person pursuant to subsection (8). (10) In this section \u2014 \u201cpersonal representative\u201d has the meaning assigned to it by section 2 of the Succession Act (2021 Revision).\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_40\", \"num\": \"40.\", \"text\": \"Variation of payment to disabled person 40. A pension plan may provide for the payment of greater benefits under the plan to a member whose life expectancy is likely to be reduced because of the mental or physical disability of that member.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_41\", \"num\": \"41.\", \"text\": \"Commuted value 41. A pension plan may provide for a lump sum payment to a former member of a portion of the commuted value of a benefit if the annual benefit payable at a normal pension entitlement date is more than the prescribed minimum pension. National Pensions Act (2024 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_42\", \"num\": \"42.\", \"text\": \"Cash out of small benefits 42. Notwithstanding any provision of this Act to the contrary, if the commuted value of the pension benefit on termination is less than five thousand dollars or such other sum as may be prescribed, the administrator may distribute such benefit to the former member, or, if the member is deceased, to that member\u2019s spouse or civil partner, dependent child or designated beneficiary, as appropriate, in a single lump sum cash payment payable on the date of termination.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_43\", \"num\": \"43.\", \"text\": \"Payment on breakdown of marriage or civil partnership 43. (1) A court order made upon a dissolution of a civil partnership, divorce or separation for maintenance or other payments respecting such dissolution of a civil partnership, divorce or separation may provide for the transfer to a member\u2019s spouse or civil partner of a portion of the commuted value of a member\u2019s pension benefits but shall not require payment of a pension benefit before the earlier of \u2014 (a) the date on which payment of the pension benefit commences; or (b) the normal pension entitlement date of the member or former member. (2) A court order may not provide for the payment to a spouse or civil partner of more than fifty per cent of the pension benefit calculated in the prescribed manner and accrued by a member or former member during the conjugal period or period pertaining to civil partnership or of the value of the defined contribution account added during the conjugal period or period pertaining to civil partnership of the member or former member and that member\u2019s or former member\u2019s spouse or civil partner. (3) An administrator is discharged from all liabilities upon making payment in accordance with an order under this section. (4) Where a court order mentioned in subsection (1) affects a pension, the administrator shall revalue the pension in the prescribed manner. (5) A spouse or a civil partner on whose behalf a certified order is given to an administrator is entitled, on termination of employment by the member or former member, to any option available in respect of the spouse\u2019s or civil partner\u2019s interest in the pension benefits as the member or former member has in respect of their pension benefits.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_44\", \"num\": \"44.\", \"text\": \"Discrimination on the basis of sex. 44. (l) The sex of a member, former member or other beneficiary under a pension plan shall not be taken into account in \u2014 (a) determining the amount of contributions required to be made by a member of the plan; National Pensions Act (2024 Revision) (b) determining the benefits or the actuarial present value or the commuted value of benefits to which a member, former member or other beneficiary is or may become entitled; (c) the provision of eligibility conditions for membership; or (d) the provision of ancillary benefits. (2) In order to comply with subsection (1), the administrator may \u2014 (a) use annuity factors that do not differentiate as to sex; (b) provide for employer contributions that vary according to the sex of the employee; or (c) use any other prescribed method of calculation or valuation. (3) Subsections (1) and (2) apply in respect of contributions, benefits and conditions in relation to \u2014 (a) employment on or after the 1st June, 1998; and (b) employment before the 1st June, 1998 in so far as it is dealt with in an amendment made to the pension plan after the 1st June, 1998.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_45\", \"num\": \"45.\", \"text\": \"Inflation protection 45. Pension benefits, pensions or deferred pensions shall be adjusted in accordance with internationally accepted formulae respecting inflation increases as specified in the regulations. PART 7 - Contributions\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_46\", \"num\": \"46.\", \"text\": \"Funding 46. (1) A defined benefit pension plan shall not be registered under this Act unless it provides for funding sufficient to provide the benefits and rights under the pension plan in accordance with this Act and the regulations. (2) Subject to subsection (3), every defined benefit pension plan registered under this Act must be fully funded within five years of the 1st June, 1998. (3) An administrator shall, where a defined benefit pension plan is not fully funded at the date of registration, submit together with the documents specified under section 9 a funding schedule to be approved by the Director.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_47\", \"num\": \"47.\", \"text\": \"Contribution rate 47. (1) Subject to section 25(2), a member and that member\u2019s employer shall contribute to the pension fund of a pension plan on behalf of that member from the date of the commencement of that member\u2019s employment by that employer at the rates specified in subsection (3). National Pensions Act (2024 Revision) (2) A self-employed person shall contribute to a pension plan or an individual pension entitlement account every year during that person\u2019s employment a sum equivalent to ten per cent of that person\u2019s earnings, up to the year\u2019s maximum pensionable earnings for that year. The Cabinet may make regulations respecting the pension plans and individual pension entitlement accounts of selfemployed persons. (3)  (a) A member shall not be required, without that member\u2019s express consent, to contribute to a defined contribution pension plan more than five per cent of that member\u2019s earnings up to the year\u2019s maximum pensionable earnings. (b) An employer may not contribute to a defined contribution plan less than five per cent of the member\u2019s earnings up to the year\u2019s maximum pensionable earnings. (c) Where an employer contributes to a defined contribution plan more than five per cent of the member\u2019s earnings, the member shall only be required to contribute such an amount as shall, when added to the employer\u2019s contribution, equal ten per cent of the member\u2019s earnings up to the year\u2019s maximum pensionable earnings. (d) For a defined benefit pension plan, the member shall not be required, without that member\u2019s express consent, to contribute more than the amount stipulated in the actuarial report up to a maximum of five per cent of that member\u2019s earnings up to the year\u2019s maximum pensionable earnings in any one year, and the employer shall contribute an amount equal to the amount contributed by the member in accordance with the actuarial report, except in cases where a shortfall exists where the employer shall compensate for this underfunding. (4) A member\u2019s contribution shall be payable at regular periods during each year of that member\u2019s employment, and the employer\u2019s contribution shall be payable at the same time as the member\u2019s contribution. (5) The employer shall deduct the relevant part of the member\u2019s contribution from that member\u2019s earnings and pay the same, together with the employer\u2019s contribution, directly into the pension fund or, if the pension benefits under the pension plan are paid by an approved provider, to the approved provider. (6) In the case of a defined benefit pension plan, an employer may apply to the Director for payment out of the pension fund of an overpayment by the employer into the pension fund. (7) The Director may consent to a payment under subsection (6) to an employer if the application is made by the employer within three months after the end of the fiscal year in which the overpayment is made. (8)   (a) A pension plan, or an individual pension entitlement account in the case of a self-employed person, established prior to, on or immediately after the 1st June, 1998 may \u2014 National Pensions Act (2024 Revision) (i) allow employees forty years of age or younger to pay reduced contributions for a period of four years after the 1st June, 1998; (ii) allow employees between ages forty-one and forty-five to pay reduced contributions for two years after the 1st June, 1998; and (iii) allow self-employed persons to pay reduced contributions for four years after the 1st June, 1998. (b) The rates of contributions payable under paragraph (a) shall be on a graduated scale prescribed by regulations. (c) A member may, with the agreement of the employer (in the case of an employed person) continue in membership of a pension plan after the normal age of pension entitlement and, in such event, the employee\u2019s contributions will continue to be payable at the rate or rates prescribed by the plan. (d) Members may make additional voluntary contributions at any time prior to normal pension entitlement. (e) An employer may, subject to the obligation to compensate for underfunding contained in subsection (3), during the period that any employee is contributing at a rate less than the rate prescribed by the plan, contribute to a pension fund on behalf of that employee an amount equal to that contributed by the employee. (9) Notwithstanding any contract to the contrary, an employer shall not deduct from the salary, wage or other remuneration of an employee or otherwise recover from such person, the contributions paid by the employer in respect of such person. (10) Subject to the pension plan, a member may access that member\u2019s additional voluntary contributions prior to the normal age of pension entitlement as follows \u2014 (a)  for medical purposes where the member\u2019s health insurance does not cover the cost of the medical attention sought and the medical attention sought is not elective; (b)  for temporary unemployment where that unemployment is within the first six month period following the three month period after the date upon which the member was terminated; (c)  for housing purposes including \u2014 (i)  the purchase or construction of the member\u2019s dwelling house; (ii)  the purchase of residential land for the member; (iii)  providing a reduction payment \u2014 (A)  on an existing residential mortgage, and if applicable, any arrears in strata fees related to the mortgaged property; or National Pensions Act (2024 Revision) (B)  on a residential land loan; or (iv)  payment of the outstanding balance of the member\u2019s mortgage in full and, if applicable, any arrears in strata fees related to the mortgaged property, but excluding the payment of rent or similar purposes; and; (d)  for the educational purposes of a member or the dependent child of a member who is under twenty-three years of age and pursuing full time education. (11)  For the purposes of subsection (10) a member shall make an application to the administrator in the manner designated by the Director. (12)  An administrator shall provide to the Director on a monthly basis \u2014 (a)  a list of the names of all members who have withdrawn an amount from the member\u2019s respective account in a pension plan under this section, stating the amount of each withdrawal; (b)  a list of the names of all members who applied for an amount under this section; (c)  a copy of each letter to each member stating the reason for refusal under subsection (12)(b); and (d)  in the form designated by the Director, a report with respect to each member who has withdrawn an amount from the member\u2019s account in a pension plan under this section. (13) A person who contravenes this section commits an offence and is liable on summary conviction to a fine of twenty thousand dollars or to imprisonment for a term of two years, or to both.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_48\", \"num\": \"48.\", \"text\": \"Notice to Director of arrears of contributions 48. (1) A member and the member\u2019s employer shall contribute to the pension fund of a pension plan on behalf of that member from the date that the member is required by this Act to participate in the pension plan and at the rates specified in section 47(3). (2)  Contributions shall be remitted to employees\u2019 pension plans on or before the 15th day of the month next following any month in which the employee performs services for the employer, for which the employee receives or expects to receive remuneration, regardless of the employee\u2019s established pay period, and this date shall be known as the \u201ccontribution date deadline.\u201d (3)  A contribution not received by the close of business on the contribution date deadline is considered a delinquent contribution. (4)  An administrator shall immediately take action to collect a delinquent contribution which for the purposes of this subsection includes interest accrued on the delinquent contribution. National Pensions Act (2024 Revision) (5)  A delinquent contribution not received by the administrator by the 15th day of the month next following the contribution date deadline, in this section referred to as the \u201creportable date\u201d, shall be reported in writing by the administrator to the Director in the form approved by the Director. (6)  An administrator shall notify \u2014 (a)  the Director in writing on or before the 20th day of the month next following the month of the contribution date deadline, in this section referred to as \u201cthe delinquent notification date\u201d, of any delinquent contributions not received by the reportable date and still outstanding at the date of reporting; and (b)  the affected employees in writing within sixty days of the date on which the Director is notified under paragraph (a) of the delinquent contributions reported under paragraph (a) and the administrator may publish the names of employers whose delinquent contributions have not been received by the delinquent notification date. (7)  The Director, if the Director considers it necessary, may instruct an administrator in writing, to publish in another publication that the Director shall identify, in addition to the publication under subsection (6)(b), the names of employers for whom contributions have not been received by the delinquent notification date. (8)  Notwithstanding the requirement for written notification under subsection (6)(b), notification may be forwarded to an affected employee electronically or via any other media upon the consent of the employee in writing, to accept transmission of notification in that manner. (9)  The Director shall, no later than the 20th day of the month next following the delinquent notification date, initiate an action to recover the payment of the delinquent contributions by one or more of the following means \u2014 (a)  by letter of demand to the employer, stating a time within fourteen days of the date of the letter of demand that the contribution shall be paid into the pension plan, and outlining the action that will be taken if the contribution is not forthcoming within the specified time; (b)  by letter demanding the appearance of the delinquent employer before the Director for the purpose of explaining the delinquency, disclosing the employer\u2019s banking arrangements, delinquent contributions and payroll records and arriving at an acceptable payment plan, but only if the Director is of the opinion that the delinquency can be rectified and that the employer is acting in good faith; (c)  by ordering the payment of a delinquency collection fee equal to the greater of ten per cent of the total amount delinquent or fifty dollars per day, from the contribution date deadline until the total amount of delinquent contributions is paid; National Pensions Act (2024 Revision) (d)  by commencing legal proceedings in a court of competent jurisdiction to recover the delinquent contributions, any fines and fees arising pursuant to this Act, except that no action is necessary for one or more of the following reasons \u2014 (i)  where the delinquency was reported in error; (ii)  where the delinquency has been corrected by full payment; or (iii)  where any action has been taken in resolution of the delinquency consistent with this Act; or (e)  by publishing breaches of this Act by employers and such publications shall include the name of the employer, the offence under  this Act which was contravened and the applicable penalty. (10)  Any information disclosed to the Director pursuant to subsection (9)(b) shall be used solely for the purposes of pension arrears recovery and shall otherwise be kept confidential. (11) Any expenses of the administrator for the additional reporting for the purposes of subsection (6), which shall be approved in advance either generally or specifically by the Director, or any expenses authorised pursuant to this Act to be made by the Director for the actions pursuant to subsection (7) or (9), shall be borne by the employer concerned and not by the pension plan in general or the employees. (12) An employer who fails to pay contributions into a pension plan within the specified time given by the Director shall, in addition to the delinquent contributions and the fee and expenses levied pursuant to subsection (9)(c) and (11), be liable on summary conviction to a fine of twenty thousand dollars or to imprisonment for a term of two years, or to both. (13)  The Director may \u2014 (a)  investigate the relevant activities of employers in respect of contributions to pension plans; and (b)  share information pursuant to an investigation under paragraph (a) regarding employers with other Government departments and agencies. (14)  Where pursuant to legal proceedings commenced under subsection (9)(d) funds are restrained for the payment of delinquent contributions to a pension plan, the court shall not make an Order to allow for the payment of costs, legal and other expenses out of the funds. (15) Where an employee reasonably believes that an employer has failed to remit contributions to the administrator by the reportable date, the employee may in writing report the employer to the Director and the Director may, after making investigations in accordance with subsection (13), take any action referred to in subsection (9). National Pensions Act (2024 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_49\", \"num\": \"49.\", \"text\": \"Trust property 49. (1) Where an employer receives money from an employee under an arrangement that the employer will pay the money into a pension fund as the employee\u2019s contribution under the pension plan, the employer shall be deemed to hold the money in trust for the employee until the employer pays the money into the pension fund. (2) Money withheld by an employer, whether by payroll deduction or otherwise, from money payable to an employee shall be deemed to be money received by the employer from the employee. (3) An employer who is required to pay contributions to a pension fund shall be deemed to hold in trust for the beneficiaries of the pension plan an amount of money equal to the employer\u2019s contributions due and not paid into the pension fund. (4) Where a pension fund is wound up in whole or in part, an employer who is required to pay contributions to the pension fund shall be deemed to hold in trust for the beneficiaries of the pension plan an amount of money equal to the employer\u2019s contributions accrued on the date of the winding up but not yet due under the plan or regulations. (5) An administrator has a lien and charge on assets of the employer in an amount equal to the amounts deemed to be held under subsections (1), (3) and (4). (6) Subsections (1), (3) and (4) apply whether or not the money has been kept separate and apart from other money or property of the employer.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_50\", \"num\": \"50.\", \"text\": \"Accrual 50. (1)  An employer is liable to pay interest to a pension fund, as prescribed, on all money that is due to be paid by the employer to that pension fund at the current prime rate in the Islands plus five percent, calculated on a daily basis in addition to any other fees, fines and penalties specified by this Act or ordered by a court of competent jurisdiction. (2)  For the purposes of section 48, the amount of any delinquent contribution to be collected and paid, is inclusive of the accrued interest calculated in accordance with this section. (3)  The administrator of a pension fund shall ensure that all interest due on delinquent contributions has been properly calculated as stipulated in this section and received in accordance with the provisions of this Act and paid into the pension plan of the employee. National Pensions Act (2024 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_51\", \"num\": \"51.\", \"text\": \"Bond 51. The Director may require an administrator or any person who receives contributions to a pension fund to be bonded in an amount specified by the Director and to provide a guarantor to be approved by the Director.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_52\", \"num\": \"52.\", \"text\": \"Investment of pension fund 52. Every person engaged in selecting an investment to be made with the assets of a pension fund shall ensure that the investment is selected in accordance with the criteria set out in this Act and prescribed by regulations. PART 7A - Withdrawal of pension funds to purchase or construct dwelling unit, purchase residential land, provide reduction payment onresidential land loan or existing mortgage, and if applicable, arrears in strata fees in the Islands 52A. Definitions in Part 7A 52A. (1) In this Part \u2014 \u201cbuilding society\u201d means a society incorporated under the Building Societies Act (2020 Revision); \u201cCaymanian\u201d has the meaning assigned to that expression under the Immigration (Transition) Act (2022 Revision); \u201cCayman Islands Development Bank\u201d means the Cayman Islands Development Bank established under section 3 of the Development Bank Act (2018 Revision); \u201cClass A bank\u201d means a bank holding an \u201cA\u201d licence under the Banks and Trust Companies Act (2021 Revision); \u201ccredit union\u201d has the meaning assigned to that expression under the Cooperative Societies Act (2020 Revision); \u201cdeposit\u201d means all monies required by a financial institution as a condition for a person to obtain a loan (which shall include any legal fees and stamp duty) the proceeds of which will be used to purchase no more than two existing dwelling units, construct no more than two new dwelling units, or purchase residential land in the Islands; \u201cdwelling unit\u201d means two or more rooms used or intended for the domestic use of one or more individuals living as a single housekeeping unit, with exclusive cooking, eating, living, sleeping and sanitary facilities; \u201cfinancial institution\u201d means a building society, credit union or Class A bank carrying on business in the Islands or the Cayman Islands Development Bank; National Pensions Act (2024 Revision) \u201cnon-current home owner\u201d means a person who does not currently own a dwelling unit in the Islands; \u201creduction payment\u201d means a payment towards \u2014 (a)  a residential mortgage, and if applicable, arrears in strata fees related to the mortgaged property; or (b)  a residential land loan; \u201cresidential land\u201d means any lot, plot, tract, area, piece or parcel of land including any building used exclusively or intended to be used as no more than two dwelling units; and \u201croom\u201d means a compartment within a building enclosed by \u2014 (a) a floor; (b) a ceiling; and (c) walls or partitions. (2)  For the purposes of the definition of the words \u201creduction payment\u201d, payment towards a residential mortgage and, if applicable, arrears in strata fees related to the mortgaged property, or payment towards a residential land loan applies to\u2014 (a)  in respect of a residential mortgage or residential land loan which is in foreclosure, both the principal and interest arrears on the mortgage or land loan; (b)  in respect of a residential mortgage or residential land loan which is in good standing with the financial institution that granted it, the principal on the mortgage or land loan; or (c)  in respect of a residential mortgage where there are arrears in strata fees related to the mortgaged property \u2014 (i)  where the residential mortgage is in foreclosure, the principal and interest arrears on the mortgage and the arrears in strata fees related to the mortgaged property; and (ii)  where the residential mortgage is in good standing with the financial institution that granted it, the principal on the mortgage and the arrears in strata fees related to the mortgaged property. 52B. Withdrawal of amount from pension account as a deposit 52B. (1) Notwithstanding sections 55 and 56, but subject to the remaining provisions of this section, a person who is a Caymanian and non-current home owner may withdraw from that person\u2019s account in a pension plan an amount not exceeding fifty thousand dollars as a deposit. (2) Notwithstanding subsection (1), a person who is a non-current home owner but who owns land in the Islands shall be entitled to withdraw an amount from that National Pensions Act (2024 Revision) person\u2019s account in a pension plan as a deposit to purchase residential land in the Islands. (3) A person who wishes to withdraw an amount as a deposit pursuant to subsection (1) shall, subject to subsection (4), make an application to the relevant administrator in the form prescribed in the Schedule. (4) An application under subsection (3) shall be accompanied by \u2014 (a) evidence that the person is a Caymanian; (b) a declaration in the form prescribed in Part B of the Schedule that the person is a non-current home owner; (c) a copy of a letter issued by a financial institution addressed to the person making the application (whether or not solely to that person), showing approval in principle of a loan to \u2014 (i)  purchase no more than two existing dwelling units; (ii)  construct no more than two new dwelling units; or (iii)  purchase residential land in the Islands, and the deposit required; (d)  where the person has made a previous withdrawal under this Part, evidence that the member has complied with sections 52B(10), 52BA(12), 52C(9) and 52D(1), if applicable; and (e)  if required by the administrator, an application fee not exceeding fifty dollars. (4A)  The letter referred to in subsection (4)(c) shall specify \u2014 (a)  the name of each person that applied for the withdrawal; (b)  the relevant block and parcel number of the relevant property to which each withdrawal relates; (c)  the specific sources of funding for the purchase, including each amount and specific pension plan from which the respective withdrawal will be taken; and (d)  a breakdown of the planned utilisation of the deposit. (4B) Any amount that was withdrawn under this section and is not used for the purchase of the property referred to in subsection (4)(c) shall be returned to the pension plan administrator within six months of the withdrawal but where the dwelling unit is being constructed, the amount that was not used shall be returned to the pension plan administrator within twelve months of the withdrawal. (5) For the avoidance of doubt, two or more persons who are Caymanians and noncurrent home owners approved in principle by a financial institution may, in accordance with this section, withdraw the amount of the deposit required from National Pensions Act (2024 Revision) their respective accounts in a pension plan up to a maximum of fifty thousand dollars each towards a single loan from a financial institution for the purchase of no more than two dwelling units, construction of no more than two new dwelling unitsor purchase of residential land in the Islands. (6) Where an application is made under subsection (3), the administrator \u2014 (a) shall, within sixty days of the application being submitted, issue the deposit in the form of a cheque payable to the relevant financial institution and deliver it to the applicant if satisfied that the applicant is entitled under subsection (1) to withdraw the amount applied for; or (b) may, if not satisfied that all the requirements under subsection (4) have been correctly provided by the applicant, refuse the application and shall, within seven days of the application being submitted, give reasons for the refusal to the applicant, by letter in writing. (7) An administrator who contravenes subsection (6) commits an offence and is liable on summary conviction to a fine of twenty thousand dollars or to imprisonment for a term of two years, or to both; and if the offence is a continuing one to a fine of one thousand dollars for every day or part of a day during which the offence has continued. (8) An administrator shall provide to the Director monthly \u2014 (a) a list of all persons who have withdrawn amounts as deposits from their respective accounts in a pension plan under this section, stating the amount of each deposit; (b) a list of all persons who applied for amounts as deposits under this section; (ba) a list of all persons who are repaying withdrawn amounts into their respective accounts in a pension plan under this section; (c) a copy of each letter to persons stating the reason for refusal under subsection (6)(b); and (d) in the form approved by the Director, a report with respect to each person who has withdrawn an amount as a deposit from that person\u2019s account in a pension plan under this section. (9) An administrator who contravenes subsection (8) commits an offence and is liable on summary conviction to a fine of twenty thousand dollars or to imprisonment for a term of two years, or to both. (10) Subject to subsection (12), where before repaying the withdrawal amount in full, a person sells the dwelling unit purchased or constructed or the residential land purchased through the use of a deposit under this section, the person shall upon completion of the sale return the original amount of deposit or ten per cent of the fair market value of the dwelling unit or residential land, whichever is greater, back to that person\u2019s pension plan account. Section 52BA National Pensions Act (2024 Revision) (11) A person who contravenes subsection (10) commits an offence and is liable on summary conviction to a fine of twenty thousand dollars or to imprisonment for a term of two years, or to both. (12)  The payments received by a pension plan administrator under section 52D shall be deducted from the amount that the member is required to repay under subsection (10). (13)  A person may apply to withdraw an amount from the person\u2019s pension plan as a deposit under this section to purchase an existing dwelling unit or construct a new dwelling only where the dwelling unit serves as the primary residence of the person applying for the withdrawal. 52BA. Withdrawal of amount from pension account to provide a reduction payment on an existing mortgage, and if applicable, arrears in strata fees, or residential land loan 52BA.(1) Notwithstanding sections 55 and 56 but subject to the remaining provisions of this section, a person who is a Caymanian may withdraw from the person\u2019s account in a pension plan an amount not exceeding fifty thousand dollars required to provide a reduction payment on \u2014 (a)  an existing mortgage on no more than two dwelling units in the Islands; (b)  where there is an existing mortgage on no more than two dwelling units in the Islands, the existing mortgage and any arrears in strata fees related to the mortgaged property; or (c)  a residential land loan in the Islands. (2)  A person who wishes to withdraw an amount required to provide a reduction payment pursuant to subsection (1) shall, subject to subsection (3), make an application to the relevant administrator in the form prescribed in the Schedule. (3)  An application under subsection (2) shall be accompanied by \u2014 (a)  evidence that the person is a Caymanian; (b)  evidence that the applicant has legal title to the respective dwelling unit or residential land; (c)  if applicable, a declaration in the form prescribed in Part B of the Schedule that the dwelling unit referred to in paragraph (b) is intended to serve as the primary residence of the applicant; (d)  if applicable, a copy of a letter issued by or on behalf of the relevant corporation addressed to the person making the application (whether or not solely to that person) certifying the matters set out in section 6(4) of the Strata Titles Registration Act (2013 Revision); National Pensions Act (2024 Revision) Section 52BA (e)  a copy of a letter issued by the financial institution holding the mortgage or residential land loan, addressed to the person making the application (whether or not solely to that person), showing approval in principle for accepting a reduction payment on \u2014 (i)  the existing mortgage in respect of no more than two dwelling units and the amount to be paid; (ii)  the existing mortgage in respect of no more than two dwelling units, any arrears in strata fees related to the mortgaged property and the amount to be paid; or (iii)  a residential land loan and the amount to be paid; (f)  where the person has made a previous withdrawal under this Part, evidence that the member has complied with sections 52B(10), 52BA(12), 52C(9) and 52D(1), if applicable; and (g)  if required by the administrator, an application fee not exceeding fifty dollars. (4)  The letters referred to in subsection (3)(e)(i) and (iii) shall specify \u2014 (a)  the name of each person that applied for the withdrawal; (b)  the block and parcel number of the relevant property to which the withdrawal relates; and (c)  the specific sources of funding for the reduction payment, including each amount and specific pension plan from which the respective withdrawal will be taken. (5)  The letter referred to in subsection (3)(e)(ii) shall \u2014 (a)  specify the matters set out in subsection (4); (b)  provide confirmation that the arrears in strata fees is for the member\u2019s primary residence which shall contain no more than two dwelling units; and (c)  have annexed to it a copy of the letter referred to in subsection (3)(d). (6)  Two or more persons who are Caymanian and who are approved in principle by a financial institution may, in accordance with this section, withdraw the amount required from their respective accounts in a pension plan up to the maximum of fifty thousand dollars each towards providing a reduction payment on \u2014 (a)  an existing mortgage on the respective person\u2019s primary residence; (b)  where there is an existing mortgage on the respective person\u2019s primary residence and arrears in strata fees in respect of the primary residence, both the mortgage and the arrears in strata fees; or (c)  a residential land loan. Section 52BA National Pensions Act (2024 Revision) (7)  Where a person withdraws an amount from the person\u2019s account in a pension plan pursuant to subsection (1)(b), the person shall pay the part of the amount allocated to paying off the arrears in strata fees through a financial institution. (8)  Where an application is made under subsection (2), the administrator \u2014 (a)  shall, within sixty days of the application being submitted, issue the amount required to be paid towards the existing mortgage, and, if applicable, the arrears in strata fees related to the mortgaged property, or residential land loan in the form of a cheque payable to the relevant financial institution and deliver it to the applicant if satisfied that the applicant is entitled under subsection (1) to withdraw the amount applied for; or (b)  may, if not satisfied that all the requirements under subsection (3) have been correctly provided by the applicant, refuse the application and shall, within seven days of the application being submitted, give reasons for the refusal to the applicant, by letter in writing. (9)  An administrator who contravenes subsection (8) commits an offence and is liable on summary conviction to a fine of twenty thousand dollars or to imprisonment for a term of two years, or to both; and if the offence is a continuing one to a fine of one thousand dollars for every day or part of a day during which the offence has continued. (10) An administrator shall provide to the Director monthly \u2014 (a)  a list of all persons who have withdrawn amounts from their respective accounts in a pension plan under this section, stating each amount withdrawn; (b)  a list of all persons who applied for a withdrawal under this section; (ba) a list of all persons who are repaying withdrawn amounts into their respective accounts in a pension plan under this section; (c)  a copy of each letter to persons stating the reason for refusal under subsection (8)(b); (d)  in the form approved by the Director, a report with respect to each person who has withdrawn an amount from the person\u2019s account in a pension plan under this section; and (e)  a list of all persons who are repaying withdrawn amounts into their respective accounts in a pension plan under this section. (11)  An administrator who contravenes subsection (10) commits an offence and is liable on summary conviction to a fine of twenty thousand dollars or to imprisonment for a term of two years, or to both. (12)  Subject to subsection (13), where, before repaying the withdrawal amount in full, a person sells the dwelling unit in respect of which a reduction payment has been applied through the use of an amount withdrawn pursuant to this section, National Pensions Act (2024 Revision) the person shall upon completion of the sale return the amount withdrawn or ten per cent of the fair market value of the dwelling unit, whichever is greater, back to the person\u2019s pension plan account. (13) The payments received by an administrator under section 52D shall be deducted from the amount that the member is required to repay under subsection (12). (14) A person who contravenes subsection (12) commits an offence and is liable on summary conviction to a fine of twenty thousand dollars or to imprisonment for a term of two years, or to both. (15) For the purposes of this section, a person may apply for a reduction payment on an existing mortgage only where the mortgage applies to the primary residence of the person and the residence contains no more than two dwelling units. 52C. Withdrawal of amount from pension account to pay off an existing mortgage and arrears in strata fees 52C. (1) Notwithstanding sections 55 and 56 but subject to the remaining provisions of this section, a person who is a Caymanian may withdraw from the person\u2019s account in a pension plan an amount not exceeding one hundred thousand dollars required to \u2014 (a)  pay off an existing mortgage on a dwelling unit in the Islands so that the dwelling unit is free from any encumbrance; or (b)  where there is an existing mortgage on a dwelling unit in the Islands, pay off the existing mortgage and any arrears in strata fees related to the mortgaged property. (2) A person who wishes to withdraw an amount required to pay off an existing mortgage pursuant to subsection (1) (a) or pay off an existing mortgage and pay off arrears in strata fees related to the mortgaged property pursuant to subsection (1)(b) shall, subject to subsection (3), make an application to the relevant administrator in the form prescribed in the Schedule. (3) An application under subsection (2) shall be accompanied by \u2014 (a) evidence that the person is a Caymanian; (b) evidence that the applicant has legal title to the dwelling unit; (ba) if applicable, a copy of a letter issued by or on behalf of the relevant corporation addressed to the person making the application (whether or not solely to that person) certifying the matters set out in section 6(4) of the Strata Titles Registration Act (2013 Revision); (c) a copy of a letter issued by the financial institution holding the mortgage, addressed to the person making the application (whether or not solely to that person), showing approval in principle \u2014 (i)  for paying off the existing mortgage and the amount to be paid off; or National Pensions Act (2024 Revision) (ii)  for paying off the existing mortgage and any arrears in strata fees related to the mortgaged property, and the amount to be paid off; (d)  where the person has made a previous withdrawal under this Part, evidence that the member has complied with sections 52B(10), 52BA(12), 52C(9) and 52D(1), if applicable; and (e)  if required by the administrator, an application fee not exceeding fifty dollars. (3A) The letter referred to in subsection (3)(c)(i) shall specify \u2014 (a) the name of each person that applied for the withdrawal; (b) the relevant block and parcel number of the relevant property to which the withdrawal relates; (c) the specific sources of funding for the purchase, including each amount and specific pension plan from which the respective withdrawal will be taken; and (d) confirmation that the mortgage is for the member\u2019s primary residence which shall contain no more than two dwelling units. (3B) The letter referred to in subsection (3)(c)(ii) shall \u2014 (a) specify the matters set out in subsection (3A); (b) provide confirmation that the arrears in strata fees is for the member\u2019s primary residence which shall contain no more than two dwelling units; and (c) have annexed to it a copy of the letter referred to in subsection (3)(ba). (4) Two or more persons who are Caymanian and who are approved in principle by a financial institution may, in accordance with this section, withdraw the amount required from their respective accounts in a pension plan up to the maximum of one hundred thousand dollars each towards \u2014 (a)  paying off an existing mortgage on the respective person\u2019s primary residence; or (b)  where there is an existing mortgage on the respective person\u2019s primary residence and arrears in strata fees in respect of the primary residence, paying off both the mortgage and the arrears in strata fees. (4A) Where a person withdraws an amount from the person\u2019s account in a pension plan pursuant to subsection (1)(b), the person shall pay the part of the amount allocated to paying off the arrears in strata fees through a financial institution. (5) Where an application is made under subsection (2), the administrator \u2014 (a) shall, within sixty days of the application being submitted, issue the amount required to pay off the existing mortgage and, if applicable, the arrears in strata fees related to the mortgaged property in the form of a National Pensions Act (2024 Revision) cheque payable to the relevant financial institution and deliver it to the applicant if satisfied that the applicant is entitled under subsection (1) to withdraw the amount applied for; or (b) may, if not satisfied that all the requirements under subsection (3) have been correctly provided by the applicant, refuse the application and shall, within seven days of the application being submitted, give reasons for the refusal to the applicant, by letter in writing. (6) An administrator who contravenes subsection (5) commits an offence and is liable on summary conviction to a fine of twenty thousand dollars or to imprisonment for a term of two years, or to both; and if the offence is a continuing one to a fine of one thousand dollars for every day or part of a day during which the offence has continued. (7) An administrator shall provide to the Director monthly \u2014 (a) a list of all persons who have withdrawn amounts from their respective accounts in a pension plan under this section, stating each amount withdrawn; (b) a list of all persons who applied for a withdrawal under this section; (ba) a list of all persons who are repaying withdrawn amounts into their respective accounts in a pension plan under this section; (c) a copy of each letter to persons stating the reason for refusal under subsection (5)(b); and (d) in the form approved by the Director, a report with respect to each person who has withdrawn an amount from that person\u2019s account in a pension plan under this section. (8) An administrator who contravenes subsection (7) commits an offence and is liable on summary conviction to a fine of twenty thousand dollars or to imprisonment for a term of two years, or to both. (9) Subject to subsection (9A), where before repaying the withdrawal amount in full, a person sells the dwelling unit paid off through the use of an amount withdrawn pursuant to this section, the person shall upon completion of the sale return the amount withdrawn or ten per cent of the fair market value of the dwelling unit, whichever is greater, back to that person\u2019s pension plan account. (9A) The payments received by a pension plan administrator under section 52D shall be deducted from the amount that the member is required to repay under subsection (9). (10) A person who contravenes subsection (9) commits an offence and is liable on summary conviction to a fine of twenty thousand dollars or to imprisonment for a term of two years, or to both. (11) In this section \u2014 National Pensions Act (2024 Revision) \u201ccorporation\u201d has the meaning assigned by section 2 of the Strata Titles Registration Act (2013 Revision); \u201cencumbrance\u201d has the meaning assigned to that expression under section 2 of the Registration (Land) Act (1996 Revision). (12) A dwelling unit under subsection (1) refers to a dwelling unit which serves as the primary place of residence for the person making the withdrawal under that section. 52D. Additional contributions 52D. (1) Notwithstanding section 47 or any provision under another Act in force in the Islands to the contrary, where a person makes a withdrawal from the person\u2019s account in a pension plan pursuant to section 52B, 52BA or 52C, the person shall, in addition to the amount that the person is required to contribute to a pension plan pursuant to section 47, contribute an additional amount of three per cent of the person\u2019s earnings to the pension plan from the month immediately following the date of issuance of the cheque pursuant to section 52B(6)(a), 52BA(8)(a) or 52C(5)(a) \u2014 (a)  until the total additional contributions equal the actual amount withdrawn; or (b)  until the person attains the normal age of pension entitlement, whichever is earlier. (1A) A member may make further lump sum payments, in addition to the percentage required to be paid under subsection (1), to facilitate faster repayment of the withdrawal under section 52B, 52BA or 52C. (2) Notwithstanding subsection (1), an employer shall not be required to make any additional contributions to a pension plan on the basis of additional contributions made by a person pursuant to that subsection. (3) Where a person is required to make additional contributions under subsection (1), the person shall \u2014 (a) if that person is an employee, inform that person\u2019s employer in writing of the requirement and the employer shall deduct such additional contributions from the employee\u2019s earnings and pay the same into the employee\u2019s account in the pension plan; or (b) if that person is self-employed deduct such additional contributions from that person\u2019s earnings and pay the same into that person\u2019s account in the pension plan. (4) A person who contravenes subsection (1) or (3) commits an offence and is liable on summary conviction to a fine of twenty thousand dollars or to imprisonment for a term of two years, or to both. National Pensions Act (2024 Revision) 52E. Total amount withdrawn from more than one pension plan not to exceed fifty thousand dollars except under section 52C 52E. (1) Where a person contributes or has contributed to more than one pension plan under this Act, that person shall not withdraw more than a total of fifty thousand dollars in the aggregate from that person\u2019s accounts in the pension plans under section 52B or 52BA. (1A) Where a person contributes or has contributed to more than one pension plan under this Act, that person shall not withdraw more than a total of one hundred thousand dollars in the aggregate from the person\u2019s accounts in the pension plans under section 52C. (2) A person who contravenes subsection (1) commits an offence and is liable on summary conviction to a fine of ten thousand dollars or to imprisonment for a term of one year, or to both. 52F. False or misleading declaration or information 52F. (1) A person shall not knowingly or wilfully make a false or misleading declaration or supply false or misleading information in an application made under section 52B, 52BA or 52C. (2) A person who contravenes subsection (1) commits an offence and is liable on summary conviction to a fine of ten thousand dollars or to imprisonment for a term of one year, or to both. 52G. Restriction 52G. (1) Where a withdrawal is made pursuant to section 52B, 52BA or 52C, the Director shall make an application to the Registrar of Lands for a restriction to be entered with respect to the dwelling unit or residential land that is the subject of the withdrawal and the Registrar of Lands shall enter the restriction in accordance with the Registered Land Act (2018 Revision). (2) Notwithstanding section 134 of the Registered Land Act (2018 Revision), a restriction entered pursuant to this section shall not be removed unless the total amount withdrawn under section 52B, 52BA or 52C is repaid as additional contributions or on the sale of the dwelling unit or residential land. (3) In this section \u2014 \u201cRegistrar of Lands\u201d means the person appointed as such pursuant to section 5 of the Registered Land Act (2018 Revision). 52H. Defence 52H. It shall be a defence to a prosecution under section 52B, 52BA, 52C, 52D or 52E that a person took all reasonable steps to comply with section 52B, 52BA, 52C, 52D or 52E, as the case may be. National Pensions Act (2024 Revision) PART 8 - Locking In\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_53\", \"num\": \"53.\", \"text\": \"Refunds 53. (1) Except as is otherwise provided under this Act, no member or former member is entitled to a refund from a pension fund of contributions made by that member or on that member\u2019s behalf in respect of employment in the Islands or investment earnings on the contributions or otherwise to receive a payment or transfer from the pension plan on or after 1st June, 1998. (2)  Notwithstanding subsection (1), on application by the administrator, contributions and interest thereon may be refunded to a member with the approval of the Director if \u2014 (a)  the pension plan provides for the refund; and (b)  the pension plan meets prescribed requirements. (3)  Subsection (2) shall only apply to a person who has attained the normal age of pension entitlement and provides evidence through the administrator to the satisfaction of the Director that the member cannot transfer that member\u2019s pension benefits to another pension plan, pension entitlement savings arrangement or life annuity. (4)  Notwithstanding subsection (1), where \u2014 (a)  a member\u2019s employment is terminated; (b)  that member ceases to reside in the Islands; and (c)  no mandatory contributions have been made to a pension plan by or on behalf of the member for a period of two years or more, the member may elect, after the expiration of two years from the termination of the member\u2019s employment, in the case of a defined contribution pension plan, to receive a lump sum payment of an amount equal to not less than the amount of the contributions made by or on behalf of the member and the investment earnings on the contributions made under the pension plan or to have the units allocated to the member\u2019s account realised by the approved provider and to have the amount transferred to another pension plan, and in the case of a defined benefit plan, to receive a lump sum payment of the commuted value of the member\u2019s accrued pension benefits. (5)  For the purposes of subsection (4), a person shall be deemed to have ceased to be resident in the Islands when the person has been absent from the Islands for a period of six months or more, and, in calculating a period of absence, no account shall be taken of a period of residence in the Islands for a continuous period less than three months. (6)  Further to the requirements of subsection (4) an administrator shall provide, in the form that the administrator considers appropriate, a member leaving the National Pensions Act (2024 Revision) jurisdiction details setting out that member\u2019s ability to access the member\u2019s pension benefits under this Act. (7)  A person may only apply for a refund under subsection 4 within the time prescribed by Order made by Cabinet.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_54\", \"num\": \"54.\", \"text\": \"Shorter qualification periods 54. A pension plan may provide for shorter qualification periods for entitlement to a deferred pension than those set out in section 27 or 28 in respect of employees who are transferring benefits to another approved pension plan.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_55\", \"num\": \"55.\", \"text\": \"Void transactions 55. (1) Any transaction is void if it purports to convey, assign, charge, anticipate or give as security \u2014 (a) a right to receive money that is or may become payable under a pension plan; or (b) assets being transferred from a pension fund. (2) Subsection (1) does not apply with respect to a transfer required by a court order relating to the transfer of assets on a dissolution of a civil partnership, divorce, legal separation or decree of nullity.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_56\", \"num\": \"56.\", \"text\": \"Exemption from execution, seizure or attachment 56. (1) Money payable under a pension plan is exempt from execution, seizure or attachment or any other process that is taken by a creditor. (2) Money transferred from a prescribed fund to a prescribed pension entitlement savings arrangement or for the purchase of a life annuity under this Act is exempt from execution, seizure or attachment or any other process that is taken by a creditor. (3) Money payable from a prescribed pension entitlement savings arrangement or a life annuity is exempt from execution, seizure, attachment or any other process that is taken by a creditor. (4) Subsections (1), (2) and (3) do not apply, subject to section 43, to prevent execution, seizure or attachment in satisfaction of a court order made upon a dissolution of a civil partnership, divorce or separation for maintenance or other payments respecting dissolution of a civil partnership, divorce or separation. (5) Subsection (4) applies to orders whether made before or after the 1st June, 1998.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_57\", \"num\": \"57.\", \"text\": \"Commutation or surrender 57. Except as provided by or under this Act \u2014 (a) a pension or benefit of a person under a pension plan, a prescribed pension entitlement savings arrangement or a life annuity purchased for a person National Pensions Act (2024 Revision) under a pension plan shall not be commuted or surrendered during a person\u2019s life; and (b) a transaction that purports to commute or surrender such a pension, benefit, annuity or prescribed pension entitlement savings arrangement is void and of no effect. PART 9 - Termination and Winding Up\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_58\", \"num\": \"58.\", \"text\": \"Winding up 58. (1) An administrator may terminate and wind up a pension plan in whole or in part. (2) The administrator shall give written notice of the proposal to terminate and wind up the pension plan to \u2014 (a) the Director; (b) each member; (c) each former member; (d) each participating employer; (e) the advisory committee of the pension plan; and (f) any other person entitled to a payment from the pension fund. (3) In the case of a proposal to terminate and wind up only part of a pension plan, the administrator is not required to give written notice of the proposal to members, former members or other persons entitled to payment from the pension fund if, in the opinion of the Director, they will not be affected by the proposed partial winding up. (4) The notice of proposal to terminate and wind up shall contain the information prescribed by regulations. (5) When giving notice of a proposal to terminate and wind up a pension plan to the Director, the administrator shall pay the prescribed fee to the Board. (6) The Director may waive the fee payable under subsection (5) if the liabilities of the pension plan exceed the assets of the pension fund. (7) The date of termination of a pension plan that is being wound up shall \u2014 (a) not be earlier than the date the members\u2019 contributions, if any, cease to be deducted, in the case of contributory pension plans; or (b) in any other case, be on the date notice is given to members. (8) The Director, may, by order, where the Director deems it necessary, change the commencement date of the winding up of a pension plan. National Pensions Act (2024 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_59\", \"num\": \"59.\", \"text\": \"Winding up order by the Director 59. (1) The Director may, by order, require the termination and winding up of a pension plan in whole or in part if \u2014 (a) there is a cessation or suspension of employees\u2019 contributions to the pension fund; (b) the employer fails to make contributions to the pension fund as required by this Act or regulations; (c) the employer is bankrupt within the meaning of the Bankruptcy Act (1997 Revision); (d) a significant number of members of the pension plan cease to be employed by the employer as a result of the discontinuance of all or part of the business of the employer or as a result of the reorganisation of the business of the employer; (e) in the case of a multi-employer pension plan \u2014 (i) there is a significant reduction of the number of members; or (ii) there is a cessation of contributions under the pension plan or a significant reduction in such contributions; or (f) any other prescribed event or circumstance occurs. (2) In an order under subsection (1), the Director shall specify \u2014 (a) the date of the winding up; (b) the person or class of persons to whom the administrator shall give notice of the order; and (c) the information that shall be given in the notice.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_60\", \"num\": \"60.\", \"text\": \"Winding up report 60. (1) An administrator of a pension plan that is to be wound up in whole or in part shall file a winding up report that sets out \u2014 (a) the assets and liabilities of the pension plan; (b) the benefits to be provided under the pension plan to members, former members and claimants; (c) the methods of allocating and distributing the assets of the pension plan and determining the priorities for payment of benefits; and (d) such other information as is prescribed. (2) No payment shall be made out of the pension fund related to the pension plan in respect of which notice of proposal to wind up has been given until the Director has approved the winding up report. (3) Subsection (2) does not apply \u2014 National Pensions Act (2024 Revision) (a) to prevent continuation of payment of a pension or other benefit, the payment of which commenced before the giving of the notice of proposal to wind up the pension plan; or (b) to prevent any other payment that is prescribed or that is approved by the Director. (4) An administrator shall not make payment out of the pension fund except in accordance with the winding up report approved by the Director. (5) The Director may, by order, refuse to approve a winding up report that \u2014 (a) does not meet the requirements of this Act and regulations; or (b) does not protect the interests of the members and former members of the pension plan. (6) On the partial winding up of a pension plan, members, former members and claimants entitled to benefits under the pension plan shall have rights and benefits that are not less than the rights and benefits they would have on a full winding up of the pension plan on the commencement of the partial winding up.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_61\", \"num\": \"61.\", \"text\": \"Appointment of administrator to wind up 61. (1) If a pension plan that is to be wound up in whole or in part does not have an administrator or the administrator fails to act, the Director may act as or may appoint an administrator. (2) The reasonable administration costs of the Director or the administrator appointed by the Director may be paid out of the pension fund.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_62\", \"num\": \"62.\", \"text\": \"Notice of entitlements 62. (1) On the winding up of a pension plan in whole or in part, the administrator shall give to each person entitled to a benefit or to a refund in respect of the pension plan a statement setting out \u2014 (a) the person\u2019s entitlement under the pension plan; (b) the options available to the person; and (c) any other prescribed information. (2) Where a person to whom notice is given under subsection (1) is required to make an election, the person shall make the election within sixty days of receiving the notice or shall be deemed \u2014 (a) to have elected to receive immediate payment of a pension benefit, if eligible therefor; or (b) if not eligible to receive immediate payment of a pension benefit, to receive a pension commencing at the earliest date mentioned in paragraph (b) of section 63(l), National Pensions Act (2024 Revision) and the administrator of the pension plan shall make payment in accordance with the election or deemed election.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_63\", \"num\": \"63.\", \"text\": \"Determination of entitlement 63. (1) For the purpose of determining the amounts of pension benefits and any other rights, benefits and entitlements on the winding up of a pension plan, in whole or in part \u2014 (a) the employment of each member affected by the winding up shall be deemed to have been terminated on the commencement of the winding up; (b) each member\u2019s pension benefits at the commencement of the winding up shall be determined as if the member had satisfied all eligibility conditions for a pension benefit; and (c) provision shall be made for the entitlements referred to in section 62. (2) A person entitled to a benefit on the winding up of a pension plan, other than a person who is receiving a pension is entitled to the rights under section 34(1) of a member who terminates employment.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_64\", \"num\": \"64.\", \"text\": \"Accrual of pensions during notice of termination 64. (1) Membership in a pension plan that is wound up in whole or in part includes the period of notice of termination of employment required under the Labour Act (2021 Revision). (2) Subsection (3) does not apply for the purpose of calculating the amount of a pension benefit of a member who is required to make contributions to the pension plan unless the member makes the contributions in respect of the period of notice of termination of employment. (3) For the purposes of this section, where \u2014 (a) under a pension plan the consent of an employer is an eligibility requirement to receive payment of an ancillary benefit; and (b) the member would meet all other eligibility requirements, the employer shall be deemed to have given the consent. (4) This section and other sections relating to entitlement and benefits, apply in respect of the winding up, in whole or in part of a pension plan where the commencement of the winding up is on or after the 1st June, 1998.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_65\", \"num\": \"65.\", \"text\": \"Liability of employer on termination 65. (1) Where a pension plan is terminated in whole or in part, the employer or each participating employer shall pay into the pension fund an amount equal to the total of all payments that, under this Act, the regulations and the pension plan, are due or that have accrued and that have not been paid into the pension fund. National Pensions Act (2024 Revision) (2) The employer shall pay the money due under subsection (1) in the prescribed manner and at the prescribed times. (3) In any case where \u2014 (a) any warrant of distress is executed against the property of an employer and the property is seized or sold in pursuance of the execution; or (b) on the application of a secured creditor the property of an employer is sold, the proceeds of the sale of the property shall not be distributed to any person entitled thereto until the court ordering the sale has made provision for the payment into a pension fund of any amounts due in respect of both contributions payable by the employer and employees contributions deducted from the payroll but not credited to the pension fund.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_66\", \"num\": \"66.\", \"text\": \"Pension fund continues subject to this Act and the regulations 66. (1) The pension fund of a pension plan that is wound up continues to be subject to this Act and regulations until all the assets of the pension fund have been disbursed. (2) In the case of a defined benefit pension plan, where the money in a pension fund is not sufficient to pay all the pension benefits on the winding up of the pension plan in whole or in part, the pension benefits and other benefits shall be reduced in the prescribed manner. PART 10 - Surplus\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_67\", \"num\": \"67.\", \"text\": \"Continuing pension plan 67. (1) No surplus under a defined benefit pension plan shall be paid to any employer and such surplus shall be used solely for the benefit of members, former members and claimants of a pension plan as prescribed by the regulations. (2) Notwithstanding subsection (1), on the winding up of a defined benefit plan where a surplus existed prior to the 1st June, 1998, this section does not apply to the extent of the amount of that surplus. PART 11 - Sales, Transfers and New Plans\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_68\", \"num\": \"68.\", \"text\": \"Continuation of benefits under successor employer 68. (1) Where an employer who contributes to a pension plan sells, assigns or otherwise disposes of all or part of that employer\u2019s business or all or part of the assets of that employer\u2019s business, and a member of the pension plan as a result becomes an employee of the successor employer and becomes a member of the pension plan provided by the successor employer, that member \u2014 National Pensions Act (2024 Revision) (a) continues to be entitled to the benefits provided under the employer\u2019s pension plan in respect of employment in the Islands up to the date of the completion of the sale, assignment or disposition without further accrual; (b) is entitled to credit in the pension plan of the successor employer for the period of membership in the employer\u2019s pension plan, for the purpose of determining eligibility for membership in or entitlement to benefits under the pension plan of the successor employer; and (c) is entitled to credit in the employer\u2019s pension plan for the period of employment with the successor employer for the purpose of determining entitlement to benefits under the employer\u2019s pension plan. (2) Paragraph (a) of subsection (1) does not apply if the successor employer assumes responsibility for the accrued pension benefits of the employer\u2019s pension plan and the pension plan of the successor\u2019s employer shall be deemed to be a continuation of the employer\u2019s plan with respect to any benefits or assets transferred. (3) Where a transaction described in subsection (1) takes place, the employment of the employee shall be deemed, for the purposes of this Act, not to be terminated by reason of the transaction. (4) Subject to subsection (5), where a transaction described in subsection (1) occurs and the successor employer assumes responsibility in whole or in part for the benefits provided under the employer\u2019s pension plan, a transfer of assets shall be made from the pension fund related to the employer\u2019s pension plan to the pension fund related to the plan provided by the successor employer in accordance with the prescribed terms and conditions. (5) The Director shall not approve a transfer of assets that does not \u2014 (a) protect the pension benefits and any other benefits of the members and former members of the employer\u2019s pension plan; or (b) that does not meet the prescribed requirements and qualifications. (6) No transfer shall be made under subsection (4) without the prior consent of the Director. (7) The Director may, by order, require a transferee to return to the pension fund, with interest at a rate to be prescribed, assets transferred without the prior consent required by subsection (5). (8) Subject to section 72, an order for return of assets under subsection (7) may be enforced in the same manner as a judgment of the Grand Court for the payment of a sum of money. (9) In this section \u2014 \u201csuccessor employer\u201d means the person who acquires the business or the assets of the employer. National Pensions Act (2024 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_69\", \"num\": \"69.\", \"text\": \"Adoption of a new pension plan 69. (1) Where a pension plan is established or utilised by an employer to be a successor to an existing pension plan, the rights of members under section 63(2) shall not arise and the assets and liabilities of the existing plan shall be transferred to the new plan. (2) The benefits and rights under the original pension plan in respect of employment before the establishment of the new pension plan shall be carried forward and included in the new pension plan. (3) Subsection (2) applies whether or not the assets and liabilities of the original pension plan are consolidated with those of the new pension plan. (4) An administrator shall not transfer assets from the pension fund of the original pension plan to the pension fund of the new pension plan without the prior consent of the Director or contrary to the prescribed terms and conditions. (5) The Director shall not approve a transfer of assets that does not protect the pension benefits and any other benefits and rights of the members, former members and claimants of the original pension plan. (6) The Director may, by order, require a transferee to return to the pension fund assets, with interest at a rate calculated in accordance with the regulations, transferred to that person by the administrator without the prior consent of the Director or transferred contrary to the prescribed terms or conditions. (7) Subject to section 72, an order for return of assets under subsection (6), may be enforced in the same manner as a judgment of the Grand Court for the payment of a sum of money. (8)  An administrator who contravenes this section, commits an offence and is liable on summary conviction to a fine of fifty thousand dollars or five per cent of the assets transferred whichever is greater and this fine shall be paid by the administrator and shall not be charged to the pension plan. PART 12 - Orders\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_70\", \"num\": \"70.\", \"text\": \"Order by Director 70. (1) The Director, in the circumstances mentioned in subsection (2), may order an administrator or any other person to take or refrain from taking any action in respect of a pension plan or a pension fund. (2) The Director may make an order under this section if the Director is of the opinion that \u2014 (a) the pension plan or pension fund is not being administered in accordance with this Act, the regulations or the pension plan; National Pensions Act (2024 Revision) (b) the pension plan does not comply with this Act and the regulations; or (c) the administrator of the pension plan, the employer or any other person dealing with a pension plan is contravening a requirement of this Act or the regulations. (3) In an order made under this section the Director may specify the time or times when the periods of time within which the persons to whom the order is directed must comply with the order. (4) An order under this section is not effective unless the reasons for the order are set out in the order.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_71\", \"num\": \"71.\", \"text\": \"Order for correction 71. (1) The Director, in the circumstances mentioned in subsection (2), may order an administrator to take the action specified in subsection (3). (2) The Director may make an order under this section where the Director is of the opinion that \u2014 (a) the assumptions or methods used by the administrator in the preparation of a report required under this Act or regulations in respect of a pension plan are inappropriate for a pension plan; (b) the assumptions or methods used in the preparation of a report required under this Act or regulations in respect of a pension plan do not accord with accepted actuarial principles or such other requirements as may be prescribed; or (c) a report submitted in respect of a pension plan does not meet the requirements of this Act, the regulations or the pension plan. (3) An order under this section may include, but is not limited to, requiring the preparation of a new report and specifying the assumptions or methods or both that shall be used in the preparation of the new report. PART 13 - Hearing and Appeal\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_72\", \"num\": \"72.\", \"text\": \"Appeal from Director\u2019s decision 72. (1) A person affected by a decision of the Director may appeal to the Board. (2) In subsection (1) \u2014 \u201cdecision\u201d includes \u2014 (a) an order; (b) an approval; (c) a consent; (d) a refusal to register a pension plan or an amendment to a pension plan; National Pensions Act (2024 Revision) (e) the revocation of a pension plan or an amendment to a pension plan; and (f) the appointment of an administrator.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_73\", \"num\": \"73.\", \"text\": \"Request for appeal etc. 73. (1) A person affected by a decision of the Director may make an appeal under section 72 by notice in writing and shall deliver such notice to the Board not later than thirty days after the receipt of the Director\u2019s decision by the person. (2) On receipt of a notice of appeal under subsection (1), the Board shall appoint a time for the hearing of the appeal provided that the Board may refuse to hear an appeal if there are reasonable grounds to conclude that the appeal is frivolous and vexatious. (3) For the purposes of this section the parties to an appeal are \u2014 (a) the person who requests the hearing; (b) the Director; (c) an administrator; (d) any trustees of the pension plan; (e) any member of the pension plan; and (f) any employer who contributes to the pension plan. (4) Upon hearing an appeal, the Board \u2014 (a) may confirm, vary or rescind the decision appealed against; or (b) substitute its decision for that of the Director\u2019s, and may attach such terms and conditions to its order as the Board considers necessary. (5) The Board shall, by notice in writing, inform the parties to an appeal of its decision. (6) The Board may grant a stay of the decision appealed against on such terms and conditions as the Board considers appropriate in the circumstances. (7) A party to an appeal shall be given notice by the Board of the appeal and afforded an opportunity to examine before the hearing any written or documentary evidence that will be produced or any report the contents of which will be given in evidence at the hearing. (8) Documents in evidence at a hearing shall, upon the request of the person who produced them, be released to the person within a reasonable time after the conclusion of the hearing. National Pensions Act (2024 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_74\", \"num\": \"74.\", \"text\": \"Quorum and votes 74. (1) Three members of the Board constitute a quorum for the purposes of a hearing before the Board under section 73, and decisions in such hearings require the vote of a majority of the members of the Board present at the hearing. (2) The Board may sit in two or more panels simultaneously for the purposes of such proceedings. (3) The Chairperson of the Board shall assign the members of the Board to its panels and may change an assignment at any time. (4) The Cabinet may make regulations with respect to the practice and procedure of the Board. (5) Where a hearing is commenced before the Board and the term of office on the Board of a member sitting for the hearing expires or is terminated other than for cause before the hearing has been concluded but after the evidence has been heard, the person shall be deemed to remain a member of the Board for the purpose of completing the hearing in the same manner as if the person\u2019s term of office had not expired or been terminated.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_75\", \"num\": \"75.\", \"text\": \"Costs 75. (1) The costs of and incidental to any proceedings before the Board are in the discretion of the Board and shall be assessed by the Board in any hearing. (2) The Board may, by order, direct to whom and by whom costs, if any, are to be paid. (3) The Board may establish a scale under which such costs shall be assessed.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_76\", \"num\": \"76.\", \"text\": \"Enforcement 76. An order of the Director or the Board may be filed in the Grand Court and is, upon such filing, enforceable as an order of that court.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_77\", \"num\": \"77.\", \"text\": \"Appeal to Grand Court 77. (1) A party to any proceedings before the Board under this Act may appeal to the Grand Court against the decision or order of the Board. (2) Upon the request of a person to appeal to the Grand Court, the Board shall furnish that person with a certified copy of the record of the proceedings, including the documents received in evidence and the decision from which an appeal is requested. National Pensions Act (2024 Revision) PART 14 - National Pensions Board\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_78\", \"num\": \"78.\", \"text\": \"National Pensions Board 78. (1) The National Pensions Board is hereby established. (2) The Board shall consist of \u2014 (a) a Chairperson; (b) a Deputy Chairperson; and (c) such other members being not less than five nor more than nine. (3) The members of the Board shall be appointed by the Cabinet. (4) The appointment of the members of the Board shall be published in the Gazette. (5) The Cabinet may fill any vacancy in the membership of the Board or in the offices of Chairperson or Deputy Chairperson of the Board. (6) The Cabinet may make regulations with respect to \u2014 (a) the tenure of members and vacation of office by members of the Board; and (b) the appointment of staff to assist the Board in carrying out the business of the Board. (7) Subject to section 74(1), a majority of the members of the Board constitutes a quorum. (8) The Cabinet may, by directions, designate such further functions of the Board as are considered necessary for the effective administration of this Act and regulate the procedure and functions of the Board. 78A. Remuneration and immunity of members of the Board 78A. (1) Those members of the Board who are not public officers shall receive such remuneration in respect of each meeting attended, and the chairperson and deputy chairperson shall receive such additional remuneration as may be determined by the Cabinet. (2)  Every member of the Board shall be personally indemnified against all claims, damages, costs, charges or expenses incurred by the member in the discharge of the member\u2019s functions or duties under this Act except claims, damages, costs, charges, or expenses caused by the member\u2019s bad faith. 78B. Appointment and functions of committees 78B. (1) The chairperson of a Board may appoint committees comprising no fewer than three members of the Board including the chairperson or the deputy chairperson, and may delegate to such committees any of the functions of the Board, except that \u2014 National Pensions Act (2024 Revision) (a)  the chairperson shall, as soon as practicable, notify the Cabinet of the appointment of any such committee; and (b)  either the chairperson or the deputy chairperson shall be the chairperson of each committee so appointed. (2)  The Secretary or the assistant Secretary of the Board shall be the Secretary of each committee so appointed 78C. Meetings of the Board 78C. (1) The Board shall meet at least once every quarter and upon such other occasions as, in the opinion of the chairperson, may be necessary or desirable in the public interest. (2)  Any member of the Board who, without providing the prior written notice to the chairperson, is absent from more than two out of five consecutive meetings of that Board shall cease to be a member of the Board. (3)  In the temporary absence of the chairperson or in the event of that person\u2019s inability to act, the deputy chairperson shall act as chairperson and exercise all the powers and functions of chairperson. (4)  At every meeting of the Board \u2014 (a)  it shall reach its decision by a majority of the votes of members present and voting; (b)  the chairperson or presiding member shall have no original but only a casting vote; and (c)  two-thirds of the membership shall constitute a quorum. (5)  Where a member of the Board has a personal or pecuniary interest, direct or indirect, in any matter which is to be determined by the Board, the member shall, if present at the meeting at which such matter is to be determined, as soon as possible after the commencement of the meeting, disclose the fact and leave the meeting. (6)  Subject to subsections (1) to (5), the Board shall have power to regulate its own procedure. 78D. Duty of confidentiality 78D. (1) The fact and any particulars of, or relating to, any matter falling for consideration by, or the decision of, a Board shall be treated as confidential by each member of the Board and the member shall not disclose any such fact or particular otherwise than in the proper performance of the member\u2019s duties under this Act or in compliance with the order of a court of competent jurisdiction. (2)  The failure of any member to comply with subsection (1) \u2014 (a)  is an offence; and National Pensions Act (2024 Revision) (b)  constitutes a sufficient ground for the termination of the member\u2019s appointment. (3)  Any allegations of a breach of subsection (1) shall be fully investigated by a constable of the rank of Inspector or above. (4)  A person who commits an offence under subsection (2)(a) is liable on summary conviction to a fine of ten thousand dollars or to imprisonment for a term of one year, or to both\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_79\", \"num\": \"79.\", \"text\": \"Department of Labour and Pensions 79. (1) There is established the Department of Labour and Pensions which shall be responsible for the administration and enforcement of this Act. (2) The Department of Labour and Pensions shall be comprised of the Director, Deputy Director, officers and other members of staff necessary to satisfy the requirement of subsection (1). (3) The Director, Deputy Director, officers and other members of staff of the Department of Labour and Pensions shall be appointed pursuant to the Public Service Management Act (2018 Revision) and the Regulations made thereunder. (4) The Director is the chief administrative officer of the Board and shall exercise the powers and perform the duties that are vested in or imposed upon the Director by this Act and the Regulations. 79A. Powers of Directors and Deputy Directors 79A. The Director, Deputy Director and any designated person pursuant to section 87 shall have, when performing duties regarding the imposition of administrative penalties under this Act the same powers, privileges and immunities as are conferred on a constable by the Police Act (2021 Revision) and may perform the functions required to be performed by the designated person in accordance with section 87.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_80\", \"num\": \"80.\", \"text\": \"Duty of Director and Board 80. The Board shall \u2014 (a) hear, consider and determine decisions appealed in accordance with Part 13 of this Act; (b) promote the establishment, extension and improvement of pension plans throughout the Islands; (c) advise the Minister in respect of the business of the Board; and (d) make recommendations to the Minister in respect of pension plans.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_81\", \"num\": \"81.\", \"text\": \"Research 81. (1) The Board shall conduct surveys and research programmes and compile statistical information related to pensions and pension plans. National Pensions Act (2024 Revision) (2) The Director may request an employer, an administrator or a member of a pension plan to provide information necessary to compile the statistical information, and such persons shall comply with the request within a reasonable period of time. (3) The Board shall use the information only for the purpose of compiling the statistical information. (4) A person who, being an employer, an administrator or a member fails to comply with a request under subsection (2) commits an offence and is liable on summary conviction to a fine of five thousand dollars.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_82\", \"num\": \"82.\", \"text\": \"Information. 82. (1) The Director or the Board may require an employer, an administrator or any other person to supply to the Director or the Board such information and within such time limits as they may specify for the purpose of ascertaining compliance with this Act and regulations. (2) A person to whom a request is made under subsection (1) shall comply with the request within the time specified by the Director or the Board. (3) A person who contravenes subsection (2) commits an offence and is liable on summary conviction to a fine of ten thousand dollars or to imprisonment for a term of one year, or to both . (4) The Director or the Board may require an administrator to secure an appraisal of any or all of the assets of the pension fund by one or more independent valuers, or the Director or the Board may obtain the appraisal at the expense of the administrator. (5) The administrator shall deliver the appraisal to the Board within the period of time in the requirement or within such other period of time as the Director or the Board may specify. (6) An administrator who fails to deliver an appraisal contrary to subsection (5) commits an offence and is liable on summary conviction to a fine of twenty thousand dollars or to imprisonment for a term of two years, or to both.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_83\", \"num\": \"83.\", \"text\": \"Liability of members and employees of Board and Director 83. Neither the Director nor a member of the Board or of the staff of the Board shall be personally liable for anything done in good faith in the execution or intended execution of a duty or authority under this Act or regulations or for alleged neglect or default in execution in good faith of such a duty or authority.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_84\", \"num\": \"84.\", \"text\": \"Audit 84. The Auditor General shall examine annually the accounts and financial transactions of the Director and the Board. National Pensions Act (2024 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_85\", \"num\": \"85.\", \"text\": \"Annual report 85. (1) The Director and the Board shall report annually to the Minister on the business of the Director and the Board. (2) The Minister shall submit the annual report to the Cabinet and shall then lay the report before the Cayman Islands Parliament at the meeting of the Cayman Islands Parliament immediately following the submission of the report. PART 15 - General\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_86\", \"num\": \"86.\", \"text\": \"Extension of time 86. The Director or the Board may extend any time limit under this Act or regulations, not including the time limit specified under section 92(4), if the Director or the Board is satisfied that there are reasonable grounds for applying for the extension, and may give such directions required as a result of such extension.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_87\", \"num\": \"87.\", \"text\": \"Entry onto workplaces by the Director 87. (1) The purposes mentioned under this section are \u2014 (a) the administration of this Act and regulations; (b) the enforcement of any section of this Act or regulations; (c) the exercise of a power or the carrying out of a duty under this Act or regulations; and (d) the carrying out of an order made under this Act. (2) For any of the purposes mentioned in subsection (1), the Director or a person designated by the Director (\u201cthe designated person\u201d) in writing may, during normal business hours \u2014 (a) enter and have access to, through and over any workplaces, where the Director or the designated person has reasonable grounds to believe papers or other documents are kept that relate to a pension plan or pension fund; (b) make examinations, investigations and inquiries, and may require the production of any book, paper or other document related to a pension plan or pension fund; and (c) make, take, remove or require the making, taking and removal of copies or extracts related to an examination, investigation or inquiry. (3) The Director or the designated person may not, pursuant to subsection (2), enter a private residence without the consent of the occupier. (4) The Director or the designated person may, for any purpose specified under this section, remove, upon giving a receipt, any books, papers or other documents respecting a pension plan or pension fund and may copy such books, papers or National Pensions Act (2024 Revision) other documents within a reasonable period of time and return them as soon as reasonably practicable after the copying is completed. (5) A copy of any book, paper or other document respecting a pension plan or pension fund and made under this section by the Director or the designated person in the course of any investigation, examination or inquiry, and certified by the Director, is admissible in evidence in any action for all purposes for which the original would have been admissible. (6) Where an owner or occupier of premises \u2014 (a) denies entry or access to, through or over premises to the Director or the designated person; (b) instructs the Director or the designated person to leave the premises; (c) obstructs such person; or (d) refuses to comply with a request for the production of any book, paper or other document the production of which is requested for the purpose of examination and investigation or inquiry or for a purpose mentioned in subsection (1), the Director may apply to a Justice of the Peace for an inspection order under section 89. (7) A person exercising a power under this section shall provide identification at the time of entry. (8) For the purposes of this Act \u2014 \u201cdocument\u201d includes any document held or kept by means of a computer. (9) Where any documents are held in or kept by means of a computer the powers of the Director or the designated person to require the supply of information and production of documents shall include powers \u2014 (a) to require any person having charge of, or otherwise concerned with the operation of a computer or associated apparatus which is or has been in use in connection with such information or documents, to afford to the Director or the designated person such assistance as they may reasonably require; and (b) to require the documents to be produced or copied in any form which the Director or the designated person may reasonably request. (10)  For the purposes of this section \u201cworkplaces\u201d means any premises in which any employee is employed to work and, without prejudice to the generality of the foregoing, includes any shop, office, licensed premises or factory; but does not include, in respect of a household domestic employed there, a private home. National Pensions Act (2024 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_88\", \"num\": \"88.\", \"text\": \"Obstruction 88. (1) No person shall hinder or obstruct any person lawfully carrying out a duty under this Act. (1A)  A person shall not knowingly or wilfully provide false or misleading information in connection with any information the person is required to provide under this Act. (2) A person who contravenes subsection (1) or (1A) commits an offence and is liable on summary conviction to a fine of ten thousand dollars or to imprisonment for a term of one year, or to both. (3) A refusal of consent to enter a private residence is not and shall not be deemed to be hindering or obstructing within the meaning of subsection (1) unless an inspection order under section 89 has been issued relating to such private residence.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_89\", \"num\": \"89.\", \"text\": \"Order by Justice of the Peace 89. (1) Where a Justice of the Peace is satisfied on evidence upon oath or affirmation by the Director or the designated person \u2014 (a) that there are reasonable and probable grounds for believing that it is necessary \u2014 (i) to enter and have access to, through and over any premises; (ii) to make examinations, investigations or inquiries; (iii) to make, take and remove photographs, samples, copies or extracts related to an examination, investigation or inquiry; (iv) or to do any such things, for a purpose mentioned in section 87(2); and (b) that the Director or the designated person \u2014 (i) has been denied entry to the premises; (ii) has reasonable grounds to believe that entry to the premises will be denied; (iii) has been instructed to leave the premises; (iv) has been obstructed; or (v) has been refused production of any book, paper or other document related to an examination, investigation or inquiry, by the occupier of the premises, the Justice of the Peace may issue an inspection order authorising the Director or the designated person to enter the premises and to do anything specified under section 87 together with such police officers as the Director may deem necessary. National Pensions Act (2024 Revision) (2) An inspection order issued under this section \u2014 (a) shall be executed between the hours of 6 a.m. and 9 p.m. unless the Justice of the Peace otherwise authorises in the order; and (b) shall state the date on which it expires, which shall be a date not later than fifteen days after the issue of the inspection order. (3) A Justice of the Peace may receive and consider an application for an inspection order under this section without notice to and in the absence of the owner or occupier of the premises.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_90\", \"num\": \"90.\", \"text\": \"Offences 90. (1) Except where specifically provided otherwise, a person who contravenes this Act or any order made under this Act commits an offence and is liable on summary conviction to a fine of ten thousand dollars or to imprisonment for a term of one year, or to both. (2) Where a person is convicted of an offence related to the failure to submit or make payment to a pension fund or to an approved provider, the court may, in addition to imposing any fine, assess the amount not submitted or not paid and order the person to pay the amount to the pension fund or to the approved provider. (3) No summary proceedings under this Act shall be commenced after five years after the date when the subject matter of the proceeding was reported to the Director. (4)  After obtaining the written consent of the Director of Public Prosecutions, the Director or Deputy Director may institute criminal proceedings for any offence under this Act, and may appear before the Court to conduct the prosecution in respect of the offence. 90A. Liability of directors, etc. where offence is committed by a body corporate 90A. (1) Where a body corporate commits an offence under this Act, every director or other officer concerned in the management of the body corporate commits that offence unless the director or other officer proves that the offence was committed without the director\u2019s or other officer\u2019s consent or connivance or that the director or other officer exercised reasonable diligence to prevent the commission of the offence. (2)  In subsection (1), \u201cdirector\u201d in relation to a body corporate whose affairs are managed by its members, means a member of the body corporate. National Pensions Act (2024 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_91\", \"num\": \"91.\", \"text\": \"Power to restrain 91. Where a provision of this Act or regulations or an order or approval of the Board or the Director under this Act is contravened, in addition to any other remedy and to any penalty imposed by law, the contravention may be restrained by action at the instance of the Board, of the Director or of the administrator of the pension plan affected by the contravention.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_92\", \"num\": \"92.\", \"text\": \"Service of documents 92. (1) Any notice, order or other document which is required to be served under this Act or regulations may be served \u2014 (a) by delivering it to the person on whom it is to be served; (b) by leaving it at the usual or last known place of abode of that person; (c) by sending it by prepaid post addressed to that person at that person\u2019s usual or last known postal address; or (d) in the case of a body corporate, by delivering or sending it by prepaid post to the secretary of that body at its registered office or other place of business. (2) Where the Director is of the opinion that \u2014 (a) the persons who are to be given any notice or document under this Act or regulations are so numerous; or (b) for any other reason, it is not reasonable to serve the notice or document on all or any of the persons individually, the Director may authorise the serving of the notice or document or reasonable notice of the contents of the notice or document to the persons by public advertisement in a newspaper or otherwise as the Director may direct. (3) The date on which the notice or document or the reasonable notice of the contents is first published or otherwise given as directed shall be deemed to be the date on which the notice or document is delivered. (4) Service effected by post shall be deemed to have been effected three days after the notice or other document is posted.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_93\", \"num\": \"93.\", \"text\": \"Time for actions by administrator 93. An administrator of a pension plan who is required to take action under this Act or regulations shall take the action within the prescribed period of time.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_94\", \"num\": \"94.\", \"text\": \"Conflict 94. (1) Subject to subsection (2), where there is any conflict or inconsistency between this Act and any other law, this Act shall prevail unless the other law expressly provides otherwise. National Pensions Act (2024 Revision) (2) Subsection (1) does not apply to the Confidential Information Disclosure Act, 2016 [Law 23 of 2016] which shall prevail over this Act. (3)  Notwithstanding subsection (2), the Director may share information with Government departments and statutory authorities regarding the compliance of pension plans with this Act and the failure of employers to provide pension benefits or make timely contributions in accordance with this Act. (4)  Information shared by the Director under subsection (3) shall not include any personal information of any employee and is limited to \u2014 (a)  the particulars of the employer; (b)  the type of contravention under this Act by the employer; and (c)  the resulting effect of the contravention of this Act by the employer. 94A. Victimisation 94A. (1) Where an employee reasonably believes that an employer has failed to comply with this Act, the employee may in writing make a disclosure of information to the Director or an authorised officer. (2)  An employer shall not subject or threaten to subject an employee to any victimisation on account of a disclosure made under subsection (1). (3)  An employee shall not be considered to be subject to victimisation where the employer has the right under any law in force in the Islands to take the action complained of or the action is demonstrably unrelated to the disclosure made. (4)  An employee who reasonably believes that the employee has been victimised as a result of the employee\u2019s disclosure under subsection (1) may make a complaint to a Labour Tribunal in accordance with the Labour Act (2021 Revision). (5)  In this section \u201cvictimisation\u201d includes the following \u2014 (a)  dismissal; (b)  suspension; (c)  denial of promotion; (d)  demotion; (e)  redundancy; (f)  intimidation; (g)  reduction of employee earnings; (h)  reduction of employee benefits; (i)  subjection to any discrimination by an employer or an employee ; or (j)  the threat of any action referred to in paragraphs (a) to (h). National Pensions Act (2024 Revision)\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_95\", \"num\": \"95.\", \"text\": \"Regulations 95. (1) The Cabinet may make regulations prescribing any matter referred to in this Act as to be prescribed by regulations and for carrying this Act into effect. (2) Notwithstanding the generality of subsection (1), the Cabinet may make regulations in particular \u2014 (a) prescribing the times or the last dates for filing, giving, serving, submitting or transmitting of documents that are required to be filed, given, served, submitted or transmitting under this Act or regulations; (b) prescribing reports that shall be submitted to the Director, the contents and the method of preparation of the reports and the persons and their qualifications by whom the reports must be prepared; (c) prescribing and regulating pension benefits and required contributions; (d) prescribing procedures that shall govern the appointment of members of pension committees; (e) prescribing procedures that shall govern the establishment of Advisory Committees and the appointments of members of the Advisory Committees; (f) prescribing procedures, including the times for notice, method of counting votes and such other matters as may be required for the holding of meetings of members, former members and claimants of pension plans; (g) prescribing fees; (h) prescribing the method for the establishment of a pension fund and the methods of calculating the values of assets and liabilities of pension funds; (i) regulating the disposal of surplus funds; (j) prescribing the rate or the method of determining the rate at which an employer shall pay money due from the employer under this Act on the winding up of a pension plan, and related matters; (k) regulating or prohibiting the investment of money from pension funds and prescribing investments or classes of investments in which such money may be invested; (l) prescribing requirements for pension entitlement savings contracts between members of pension plans and trustees from whom administrators may make payment when required in accordance with this Act; (m) requiring the payment of interest on any amount required to be paid under this Act or regulations made thereunder from the date the payment is due and prescribing the rate of interest and the method of calculating interest if such rate or method is not otherwise specified; (n) prescribing forms and records required to be prescribed under this Act and time limits for retention of such records; National Pensions Act (2024 Revision) (o) providing for the audit of pension plans and pension funds and prescribing the persons or classes of persons who may perform the audits and the manner of performing the audits and for connected matters; (p) prescribing the manner of determining the portion of a pension benefit, pension, deferred pension or ancillary benefit that is attributable before the 1st June, 1998 or that is attributable to employment on or after the 1st June, 1998; (q) prescribing the manner of division and transfer of pension benefits by court orders under section 43; (r) prohibiting or regulating the reduction or the variation of pension benefits by reference to benefits payable under any approved plan; (s) governing the winding up or partial winding up of pension plans or classes of pension plans and prescribing priorities or the method of determining priorities on winding up, including priorities in the allocation of assets and related matters; (t) exempting pension plans, pension funds, employees, administrators or other persons from the application of this Act or regulations or any section thereof; (u) governing the receiving, holding and disbursing of benefits by any agency established or designated under this Act; (v) prescribing terms and conditions governing the conversion of a defined benefit to a defined contribution benefit; (w) prescribing the manner of calculating the commuted value of a deferred pension or a pension benefit; and (x)  prescribing the manner in which an administrative penalty system may be implemented and for all matters that are necessary or convenient to be prescribed for giving effect to the administrative penalty system, which shall empower the Director where a specified offence is committed under this Act to stay or compound any proceeding for that offence; subject to the conditions the Director may think fit, which may include, but are not limited to, the payment of a levy, being not less than twice and not more than five times the amount of any fees that would have been payable had the provisions of this Act been observed and in the event that no fees are payable under this Act, the Director may impose a fine of up to such amount as may be prescribed. (3) A regulation may be general or particular in its application and may be limited as to the time or place or both. (4) A regulation may adopt by reference and may require compliance with, in whole or in part, such changes as the Cabinet considers necessary, any code, formula, National Pensions Act (2024 Revision) standard or procedure as appears to the Cabinet to be expedient for the purposes of this Act or regulations. (5) The Cabinet may, after consultation with the employees of the Government, make an order providing that this Act shall apply to \u2014 (a) the Government (b) a statutory authority, (c) a corporation wholly owned by the Government; or (d) a corporation, the majority of the shares of which are owned by the Government. (6) Regulations under this Act are subject to affirmative resolution. 95A. Verification of compliance 95A. (1) An employer may, for any purpose, by application, request from the Director or administrator, as authorised by the Director verification that the employer has complied with the provisions of this Act and the Director or administrator, as authorised by the Director if satisfied that the employer is in compliance with this Act, shall issue that verification in the form that the Director or administrator as authorised by the Director considers to be appropriate. (2)  Verification provided by the Director or administrator as authorised by the Director under subsection (1) shall be provided to the employer upon payment, by the employer, of the prescribed fee. (3)  Verification given by the Director or administrator as authorised by the Director under this section is evidence that the employer is in compliance with this Act on the date that the verification is issued by the Director or administrator as authorised by the Director. (4)  An employer is deemed to be in compliance with this Act if all contributions, interest and fees, under this Act have been paid and the Director or administrator as authorised by the Director has no knowledge that the employer has contravened any of the provisions of this Act.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_96\", \"num\": \"96.\", \"text\": \"Transitional 96. (1) Where, prior to the 9th December 2023, the commencement date of the National Pensions (Amendment) Act, 2023 [Act 23 of 2023], a person makes an application for a withdrawal under section 52B or 52C and the application has not been determined at the the 9th December 2023, that application shall be dealt with as if the National Pensions (Amendment) Act, 2023 [Act 23 of 2023] had not come into force. (2)  Where a person wishes to vary the amount on an application referred to under subsection (1), the person shall resubmit the application in accordance with the National Pensions Act (2024 Revision) requirements under the National Pensions (Amendment) Act, 2023 [Act 23 of 2023]. (3)  Subject to subsections (4) and (5), the terms and conditions in respect of a withdrawal which was granted under section 52B or 52C prior to the 9th December 2023, the date of commencement date of the National Pensions (Amendment) Act, 2023 [Act 23 of 2023], shall continue to apply to the withdrawal as if the National Pensions (Amendment) Act, 2023 [Act 23 of 2023]had not come into force. (4)  Where a person has received a withdrawal under section 52B or 52C prior to the 9th December 2023, the commencement date of the National Pensions (Amendment) Act, 2023 [Act 23 of 2023], (\u201cthe original withdrawal\u201d) and applies for and is granted another withdrawal under section 52B, 52BA or 52C after the 9th December 2023, the terms and conditions of the original withdrawal shall become subject to the provisions of the National Pensions (Amendment) Act, 2023 [Act 23 of 2023]. (5)  Where a person \u2014 (a)  has received a withdrawal for a deposit under section 52B prior to the the 9th December 2023, the commencement date of the National Pensions (Amendment) Act, 2023 [Act 23 of 2023]; and (b)  wishes to apply for another withdrawal under that section after the 9th December 2023, the commencement date of the National Pensions (Amendment) Act, 2023 [Act 23 of 2023], the person shall return the original amount of the deposit to the person\u2019s pension plan account and submit a new application for a withdrawal for a deposit in accordance with the National Pensions (Amendment) Act, 2023 [Act 23 of 2023]. National Pensions Act (2024 Revision) SCHEDULE SCHEDULE FORM (sections 52B, 52BA and 52C) NATIONAL PENSIONS ACT (2024 REVISION) APPLICATION FOR WITHDRAWAL OF DEPOSIT UNDER SECTION 52B OR REDUCTION PAYMENT ON A MORTGAGE AND, IF APPLICABLE, ARREARS IN STRATA FEES RELATED TO THE MORTGAGED PROPERTY OR RESIDENTIAL LAND LOAN UNDER SECTION 52BA OR TO PAY OFF AN EXISTING MORTGAGE AND, IF APPLICABLE, ARREARS IN STRATA FEES RELATED TO THE MORTGAGED PROPERTY UNDER SECTION 52C OF THE ACT PART A - GENERAL INFORMATION A1. Full Name of Applicant: _____________________________________________________________________ Date of Birth: (DD\/MON\/YY) ______  Applicant\u2019s Phone Number:_______________ Email Address: _________________  Mailing Address: ________________________ A2. Name of Applicant\u2019s Current Employer 1: _____________________________________________________________________ Employer\u2019s Email Address: _________Employer\u2019s Phone Number: _______________ Mailing Address \u2013 Employer 1: Name of Applicant\u2019s Current Employer 2: _____________________________________________________________________ Employer\u2019s Email Address: _____ Employer\u2019s Phone Number: __________________ Mailing Address \u2013 Employer 2: SCHEDULE National Pensions Act (2024 Revision) A3: Current Contributions Name of Pension Plan to which the Applicant is currently contributing Name of Administrator of the Pension Plan to which the Applicant is currently contributing Pension Plan Account Number Amount of contributions currently being made (CI$) A4: Withdrawal Requests Name of Pension Plan to which the Applicant is requesting a withdrawal Name of Administrator of the Pension Plan from which the Applicant is requesting a withdrawal Pension Plan Account Number Amount of withdrawal being requested (CI$) \u2013 Must not be more than $50,000 for a deposit or reduction payment or $100,000 to pay off mortgage and, if applicable, arrears in strata fees related to the mortgaged property National Pensions Act (2024 Revision) SCHEDULE A5: Type of Withdrawal Deposit to purchase an existing dwelling unit Deposit to construct a new dwelling unit Deposit to purchase residential land Reduction payment on an existing mortgage and, if applicable, arrears in strata fees related to the mortgaged property Reduction payment on a residential land loan Pay off an existing mortgage and, if applicable, arrears in strata fees related to the mortgaged property A6: Total amount of withdrawal required: _________________________________________________________ (Must not be more than $50,000 for a deposit or reduction payment or $100,000 for paying off an existing mortgage and, if applicable, arrears in strata fees related to the mortgaged property ) A7: Block and Parcel Number of the relevant property: _______________________________________________ A8: Will the Applicant be the sole owner of the property?  Yes No If no: Name of the Additional Owner 1:  _________________________________ Is the Additional Owner 1 also withdrawing from their pension plan? Yes No Name of the Additional Owner 2:__________________________________________ Is the Additional Owner 2 also withdrawing from their pension plan? Yes No A9: This application is accompanied by the following documents: (Select as appropriate) Evidence that the Applicant is Caymanian Evidence that the Applicant has legal title to the dwelling unit (In the case of withdrawal for reduction payment or to pay off an existing mortgage on a dwelling unit and, if applicable, arrears in strata fees related to the mortgaged property, land register is required) Letter from financial institution addressed to the Applicant Letter from corporation addressed to the Applicant In the case of a previous withdrawal by the Applicant, evidence of compliance with section 52B(10), 52BA(12), 52C(9) and 52D(1), if applicable SCHEDULE National Pensions Act (2024 Revision) PART B - DECLARATION BY NON-CURRENT HOME OWNER - REQUIRED FOR ALL APPLICATIONS FOR DEPOSITS ONLY (To be completed only by an Applicant who is a non-current home owner for a deposit to purchase an existing dwelling unit, construct a new dwelling unit or purchase residential land.If paying off existing mortgage disregard this Part and go to Part C.) A10. I, [__________________________________________] hereby declare that I (print full name) do not currently own a dwelling unit in the Cayman Islands. Signature of Applicant: ______________________________        Date: ___________ PART C - DECLARATION IN RELATION TO PRIMARY RESIDENCE - REQUIRED FOR ALL APPLICATIONS (To be completed only by an Applicant to purchase, construct, receive a reduction payment or pay off (and, if applicable, make a reduction payment towards or pay off arrears in strata fees in respect of) a new dwelling unit or an existing dwelling unit.) A11. I, [__________________________________________] hereby declare that (print full name) the dwelling unit listed in this application serves as my primary residence in the Cayman Islands. Signature of Applicant: ____________________________   Date: ________________ National Pensions Act (2024 Revision) SCHEDULE PART D - GENERAL DECLARATION \u2013 REQUIRED FOR ALL APPLICATIONS A12. I [________________________________________] hereby declare that this (print full name) application is accordingly made for the withdrawal of [*deposit \/ reduction payment\/ amount to pay off an existing mortgage and, if applicable, make a reduction payment towards or pay off arrears in strata fees related to the mortgaged property] as specified above and it is certified that all particulars contained in this application and in the documents accompanying it or otherwise furnished in support of the application are true and correct. I hereby confirm that any changes in the details of this application occurring before a decision is made regarding the granting or refusal of the withdrawal will be notified to the Administrator(s). Signature of Applicant: ______________________      Date:_____________________ PART E \u2013WITNESS A13. I [_________________________________________] hereby declare that the (print full name) declaration[s] was\/were signed in my presence and I am not an immediate family member of the Applicant. Print Full Name: _____________________________________________________________________ Mailing Address: _____________________________________________________________________ Email Address: _____________________________________________________________________ Phone Number: _____________________________________________________________________ WITNESS: ___________________________________Date:___________________\u201d. Signature of witness to declaration[s] SCHEDULE National Pensions Act (2024 Revision) Publication in consolidated and revised form authorised by the Cabinet this 30th day of January, 2024. Kim Bullings Clerk of Cabinet National Pensions Act (2024 Revision) ENDNOTES ENDNOTES Table of Legislation history: SL # Law\/Act # Legislation Commencement Gazette 33\/2023 National Pensions (Amendment) Act, 2023 (Commencement) Order, 2023 8-Dec-2012 LG40\/2023\/s2 23\/2023 National Pensions (Amendment) Act, 2023 9-Dec-2023 LG40\/2023\/s1 55\/2022 National Pensions (Amendment) Act, 2016 (Commencement) Order, 2022 14-Dec-2022 LG49\/2022\/s3 24\/2022 National Pensions (Amendment) Act, 2020 (Extension of Pension Holiday) (No. 2) Order, 2022  (extended  ss. 1, 2, 4, 5A & 6 to 30-Sep-2022) 30-Jun-2022 LG23\/2022\/s3 8\/2022 National Pensions (Amendment) Act, 2020 (Extension of Pension Holiday) Order, 2022 (extended  ss. 1, 2, 4, 5A & 6 to 30-Jun-2022) (Repealed by SL 24\/2022) 1-Apr-2022 LG11\/2022\/s1 78\/2021 National Pensions (Amendment) Act, 2020 (Extension of Pension Holiday) (No. 2) Order, 2021 (extended  ss. 1, 2, 4, 5A & 6 to 31-Mar-2022) 1-Jan-2022 LG64\/2021\/s1 46\/2021 National Pensions (Amendment) Act, 2020 (Extension of Pension Holiday) Order, 2021 (extended  ss. 1, 2, 4, 5A & 6 to 31-Dec-2021) 1-Jul-2021 LG36\/2021\/s1 167\/2020 National Pensions (Amendment) Act, 2020 (Extension of Pension Holiday) (No.2) Order, 2020 (extended  ss. 1, 2, 4, 5A & 6  to 30-Jun-2021) 1-Jan-2021 LG95\/2020\/s1 56\/2020 Citation of Acts of Parliament Act, 2020 3-Dec-2020 LG89\/2020\/s1 41\/2020 National Pensions (Amendment) (No. 2) Law, 2020 - 4-Sep-2020 LG64\/2020\/s7 35\/2020 Civil Partnership Law, 2020 4-Sep-2020 LG64\/2020\/s1 126\/2020 National Pensions (Amendment) Law, 2020 (Extension of Pension Holiday) Order, 2020 (extended  ss. 1, 2, 4, 5A & 6 to 31-Dec-2020) 29-Sep-2020 LG72\/2020\/s2 12\/2020 National Pensions (Amendment) Law, 2020 (expired 31Oct-2020 \u2013 ss. 1, 2, 4, 5A & 6 extended to 30-Sep-2022) 01-May-2020 LG30\/2020\/s3 65\/2016 National Pensions (Amendment) Law, 2016 (Commencement) Order, 2016 2-Dec-2016 GE96\/2016\/s1 17\/2016 National Pensions (Amendment) Law, 2016 (part)* 1-Oct-2023 GE45\/2016\/s5 National Pensions Law (2012 Revision) 22-Oct-2012 G22\/2012\/s3 25\/2011 National Pensions (Amendment) Law, 2011 8-Nov-2011 GE94\/2011\/s1 National Pensions Law (2010 Revision) 8-Nov-2010 G23\/2010\/s16 E1\/2010 Erratum: National Pensions (Amendment) Law, 2010 10-May-2010 G10\/2010\/p733 ENDNOTES National Pensions Act (2024 Revision) SL # Law\/Act # Legislation Commencement Gazette 8\/2010 National Pensions (Amendment) Law, 2010 26-Apr-2010 G9\/2010\/s12 National Pensions Law (2000 Revision) 13-Mar-2000 G6\/2000\/s3 8\/1999 National Pensions (Amendment) (Self Employed Persons and Prescribed Maximum) Law, 1999 6-Jul-1999 G14\/1996\/s9 National Pensions Law (1998 Revision) 14-Sep-1998 G19\/1998\/s1 8\/1998 National Pensions (Amendment) Law, 1998 25-May-1998 G11\/1998\/s3 28\/1997 National Pensions (Suspension) Law, 1997 16-Mar-1998 G6\/1998\/s20 10\/1996 National Pensions Law, 1996 25-Nov-1996 G24\/1996\/s11 *Section 18(2)(i) of the National Pensions (Amendment) Act, 2016 [Law of 2016] which amended the period from \u2018nine\u2019 to \u2018six\u2019 months has not yet commenced and is not incorporated in this Revision. National Pensions Act (2024 Revision) ENDNOTES ENDNOTES National Pensions Act (2024 Revision) (Price: $20.00)\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": \"e_commence_2024_02_08\", \"date\": \"2024-02-08\", \"type\": \"generation\", \"source\": \"#cilegis\"}]}, \"references\": {\"source\": \"#canary\", \"TLCRole\": [], \"TLCEvent\": [{\"eId\": \"ev_commencement\", \"href\": \"\/akn\/ontology\/canary\/event\/commencement\", \"showAs\": \"commencement\"}], \"TLCPerson\": [], \"TLCConcept\": [{\"eId\": \"inForce\", \"href\": \"\/akn\/ontology\/canary\/concept\/temporal\/in-force\", \"showAs\": \"in force\"}], \"TLCProcess\": [], \"TLCLocation\": [], \"TLCOrganization\": [{\"eId\": \"cilegis\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\", \"showAs\": \"Cayman Islands legislation mirror (kyleg)\"}]}, \"temporalData\": {\"source\": \"#cilegis\", \"temporalGroup\": [{\"eId\": \"tg_inforce_2024_02_08\", \"timeInterval\": [{\"end\": null, \"start\": \"#e_commence_2024_02_08\", \"duration\": null, \"refersTo\": \"#inForce\"}]}]}, \"classification\": null, \"identification\": {\"source\": \"#cilegis\", \"FRBRWork\": {\"FRBRuri\": \"\/akn\/ky\/act\/1996\/10\", \"FRBRdate\": [{\"date\": \"2024-02-08\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/1996\/10\/!main\", \"FRBRalias\": [{\"name\": \"cmsId\", \"value\": \"1996-0010\"}], \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRnumber\": \"10 of 1996\", \"FRBRcountry\": \"ky\", \"FRBRsubtype\": \"principal\"}, \"FRBRExpression\": {\"FRBRuri\": \"\/akn\/ky\/act\/1996\/10\/eng@2024-02-08\", \"FRBRdate\": [{\"date\": \"2024-02-08\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/1996\/10\/eng@2024-02-08\/!main\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRlanguage\": \"eng\"}, \"FRBRManifestation\": {\"FRBRuri\": \"\/akn\/ky\/act\/1996\/10\/eng@2024-02-08.xml\", \"FRBRdate\": [{\"date\": \"2026-06-22\", \"name\": \"generation\"}], \"FRBRthis\": \"\/akn\/ky\/act\/1996\/10\/eng@2024-02-08.xml\", \"FRBRauthor\": [{\"as\": \"#editor\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\"}], \"FRBRformat\": \"application\/xml\"}}}, \"name\": \"act\", \"header\": {\"title\": \"National Pensions Act\", \"actNumber\": \"10 of 1996\", \"longTitle\": null}}, \"doc\": null, \"bill\": null, \"judgment\": null}}","akn_full_text":"CAYMAN ISLANDS\n\nNATIONAL PENSIONS ACT\n(2024 Revision)\n\nSupplement No. 8 published with Legislation Gazette No. 7 of 8th February, 2024.\n\nPage 2\nRevised as at 31st December, 2023\nc\n\nPUBLISHING DETAILS\nLaw 10 of 1996 consolidated with Laws 28 of 1997, 8 of 1998, 8 of 1999, 8 of 2010, 25\nof 2011, 17 of 2016 (part) and 41 of 2020 and as amended by Law 35 of 2020, and Acts\n56 of 2020 and 23 of 2023.\n\nRevised under the authority of the Law Revision Act (2020 Revision).\n\nOriginally enacted \u2014\nLaw 10 of 1996-15th July, 1996\nLaw 28 of 1997-23rd December, 1997\nLaw 8 of 1998-9th April, 1998\nLaw 8 of 1999-23rd April, 1999\nLaw 8 of 2010-1st March, 2010\nLaw 25 of 2011-30th September, 2011\nLaw 17 of 2016-6th May, 2016 (part)\nLaw 35 of 2020-4th September, 2020\nLaw 41 of 2020-4th September, 2020\nAct 56 of 2020-7th December, 2020\nAct 23 of 2023-23rd November, 2023.\n\nConsolidated and revised this 31st day of December, 2023.\n\nNote (not forming part of this Act): This revision replaces the 2012 Revision which\nshould now be discarded.\n\nNational Pensions Act (2024 Revision)\nArrangement of Sections\n\nc\nRevised as at 31st December, 2023\nPage 3\n\nCAYMAN ISLANDS\n\nNATIONAL PENSIONS ACT\n(2024 Revision)\nArrangement of Sections\nSection\nPage\nPART 1 - Introductory\n1.\nShort title and commencement ..................................................................................................9\n2.\nApplication of this Act to certain pension plans ..........................................................................9\n3.\nInterpretation .............................................................................................................................9\n4.\nEstablishment of pension plans. .............................................................................................. 14\n5.\nGreater pension benefits and previous pensions...................................................................... 15\nPART 1A - Suspension of Pension Contributions\n5A.\nDefinitions and expiry of Part 1A .............................................................................................. 15\nPART 2 - Registration and Administration\n6.\nProhibitions of administration of an unregistered pension plan ................................................. 16\n7.\nRefusal or revocation of registration ......................................................................................... 18\n8.\nAdministrator ........................................................................................................................... 18\n9.\nRegistration ............................................................................................................................. 19\n10.\nContents of pension plan ......................................................................................................... 20\n11.\nAccrual of pension benefits. ..................................................................................................... 21\n12.\nRegistration of amendment ...................................................................................................... 21\n13.\nReduction of benefits ............................................................................................................... 22\n14.\nAcknowledgement of application for registration. ..................................................................... 22\n15.\nRefusal or revocation of registration ......................................................................................... 23\n16.\nDuties of the administrator ....................................................................................................... 23\n\nArrangement of Sections\nNational Pensions Act (2024 Revision)\n\nPage 4\nRevised as at 31st December, 2023\nc\n\n16A. Functions of the administrator .................................................................................................. 25\n17.\nAdministrator may employ agents ............................................................................................ 26\n18.\nInformation from employer ....................................................................................................... 27\n18A. Obligations of employer ........................................................................................................... 27\n19.\nAdvisory Committee ................................................................................................................. 28\nPART 3 - Disclosure of Information\n20.\nInformation from administrator ................................................................................................. 29\n21.\nNotice of proposed amendment ............................................................................................... 29\n22.\nSemi-annual statement of pension benefits ............................................................................. 30\n23.\nInspection of administrator\u2019s documents. ................................................................................. 30\n24.\nInspection of filed documents .................................................................................................. 31\nPART 4 - Membership\n25.\nEligibility for membership ......................................................................................................... 31\nPART 5 \u2013 Entitlement and Vesting\n26.\nNormal pension entitlement date ............................................................................................. 32\n27.\nDeferred pension for past service ............................................................................................ 33\n28.\nDeferred pension ..................................................................................................................... 33\n29.\nTermination by member. .......................................................................................................... 34\nPART 6 - Benefits\n30.\nMinimum benefit ...................................................................................................................... 34\n31.\nValue of deferred pension ........................................................................................................ 35\n32.\nAncillary benefits ..................................................................................................................... 36\n33.\nEarly pension entitlement option .............................................................................................. 37\n34.\nTransfer ................................................................................................................................... 37\n35.\nPurchase of pension. ............................................................................................................... 40\n36.\nJoint and survivor pension benefits .......................................................................................... 40\n37.\nInformation for payment of pension .......................................................................................... 41\n38.\nRemarriage of surviving spouse or entering into a subsequent civil partnership or\nmarriage by a surviving civil partner ......................................................................................... 42\n39.\nDeath benefit prior to application for pension entitlement ......................................................... 42\n40.\nVariation of payment to disabled person .................................................................................. 43\n41.\nCommuted value ..................................................................................................................... 43\n42.\nCash out of small benefits ........................................................................................................ 44\n43.\nPayment on breakdown of marriage or civil partnership ........................................................... 44\n44.\nDiscrimination on the basis of sex. ........................................................................................... 44\n45.\nInflation protection ................................................................................................................... 45\nPART 7 - Contributions\n46.\nFunding ................................................................................................................................... 45\n47.\nContribution rate ...................................................................................................................... 45\n48.\nNotice to Director of arrears of contributions ............................................................................ 48\n\nNational Pensions Act (2024 Revision)\nArrangement of Sections\n\nc\nRevised as at 31st December, 2023\nPage 5\n\n49.\nTrust property .......................................................................................................................... 51\n50.\nAccrual .................................................................................................................................... 51\n51.\nBond ........................................................................................................................................ 52\n52.\nInvestment of pension fund ...................................................................................................... 52\nPART 7A - Withdrawal of pension funds to purchase or\nconstruct dwelling unit, purchase residential land, provide\nreduction payment onresidential land loan or existing\nmortgage, and if applicable, arrears in strata fees in the\nIslands\n52A. Definitions in Part 7A ............................................................................................................... 52\n52B. Withdrawal of amount from pension account as a deposit ........................................................ 53\n52BA.\nWithdrawal of amount from pension account to provide a reduction payment on an\nexisting mortgage, and if applicable, arrears in strata fees, or residential land loan .................. 56\n52C. Withdrawal of amount from pension account to pay off an existing mortgage and arrears\nin strata fees ............................................................................................................................ 59\n52D. Additional contributions ............................................................................................................ 62\n52E. Total amount withdrawn from more than one pension plan not to exceed fifty thousand\ndollars except under section 52C ............................................................................................. 63\n52F. False or misleading declaration or information ......................................................................... 63\n52G. Restriction ............................................................................................................................... 63\n52H. Defence ................................................................................................................................... 63\nPART 8 - Locking In\n53.\nRefunds ................................................................................................................................... 64\n54.\nShorter qualification periods..................................................................................................... 65\n55.\nVoid transactions ..................................................................................................................... 65\n56.\nExemption from execution, seizure or attachment .................................................................... 65\n57.\nCommutation or surrender ....................................................................................................... 65\nPART 9 - Termination and Winding Up\n58.\nWinding up .............................................................................................................................. 66\n59.\nWinding up order by the Director ............................................................................................. 67\n60.\nWinding up report .................................................................................................................... 67\n61.\nAppointment of administrator to wind up .................................................................................. 68\n62.\nNotice of entitlements .............................................................................................................. 68\n63.\nDetermination of entitlement .................................................................................................... 69\n64.\nAccrual of pensions during notice of termination ...................................................................... 69\n65.\nLiability of employer on termination .......................................................................................... 69\n66.\nPension fund continues subject to this Act and the regulations ................................................ 70\nPART 10 - Surplus\n67.\nContinuing pension plan .......................................................................................................... 70\n\nArrangement of Sections\nNational Pensions Act (2024 Revision)\n\nPage 6\nRevised as at 31st December, 2023\nc\n\nPART 11 - Sales, Transfers and New Plans\n68.\nContinuation of benefits under successor employer ................................................................. 70\n69.\nAdoption of a new pension plan ............................................................................................... 72\nPART 12 - Orders\n70.\nOrder by Director ..................................................................................................................... 72\n71.\nOrder for correction.................................................................................................................. 73\nPART 13 - Hearing and Appeal\n72.\nAppeal from Director\u2019s decision ............................................................................................... 73\n73.\nRequest for appeal etc. ............................................................................................................ 74\n74.\nQuorum and votes ................................................................................................................... 75\n75.\nCosts ....................................................................................................................................... 75\n76.\nEnforcement ............................................................................................................................ 75\n77.\nAppeal to Grand Court ............................................................................................................. 75\nPART 14 - National Pensions Board\n78.\nNational Pensions Board ......................................................................................................... 76\n78A. Remuneration and immunity of members of the Board ............................................................ 76\n78B. Appointment and functions of committees ................................................................................ 76\n78C. Meetings of the Board .............................................................................................................. 77\n78D. Duty of confidentiality ............................................................................................................... 77\n79.\nDepartment of Labour and Pensions ........................................................................................ 78\n79A. Powers of Directors and Deputy Directors ............................................................................... 78\n80.\nDuty of Director and Board ...................................................................................................... 78\n81.\nResearch ................................................................................................................................. 78\n82.\nInformation. ............................................................................................................................. 79\n83.\nLiability of members and employees of Board and Director ...................................................... 79\n84.\nAudit ........................................................................................................................................ 79\n85.\nAnnual report ........................................................................................................................... 80\nPART 15 - General\n86.\nExtension of time ..................................................................................................................... 80\n87.\nEntry onto workplaces by the Director ...................................................................................... 80\n88.\nObstruction .............................................................................................................................. 82\n89.\nOrder by Justice of the Peace .................................................................................................. 82\n90.\nOffences .................................................................................................................................. 83\n90A. Liability of directors, etc. where offence is committed by a body corporate ............................... 83\n91.\nPower to restrain ..................................................................................................................... 84\n92.\nService of documents .............................................................................................................. 84\n93.\nTime for actions by administrator ............................................................................................. 84\n94.\nConflict .................................................................................................................................... 84\n94A. Victimisation ............................................................................................................................ 85\n95.\nRegulations ............................................................................................................................. 86\n95A. Verification of compliance ........................................................................................................ 88\n\nNational Pensions Act (2024 Revision)\nArrangement of Sections\n\nc\nRevised as at 31st December, 2023\nPage 7\n\n96.\nTransitional .............................................................................................................................. 88\nSCHEDULE\n91\nENDNOTES\n97\nTable of Legislation history: ............................................................................................................... 97\n\nNational Pensions Act (2024 Revision)\nSection 1\n\nc\nRevised as at 31st December, 2023\nPage 9\n\nCAYMAN ISLANDS\n\nNATIONAL PENSIONS ACT\n(2024 Revision)\n\nPART 1 - Introductory\n1.\nShort title and commencement\n1.\n(1)  This Act may be cited as the National Pensions Act (2024 Revision).\n(2)  The following provisions shall come into force on such date as the Cabinet may\nby Order specify \u2014\n(i)  sub-section 9(2)(d); and\n(ii) sub-sections 16(4)(e), 16(4)(j), 16(4)(l)(i).\n2.\nApplication of this Act to certain pension plans\n2.\nThis Act applies to pension plans established and maintained for the benefit of\nemployees in the Islands.\n3.\nInterpretation\n3.\nIn this Act \u2014\n\u201cactive member\u201d, in relation to a pension plan, means a member of the\nplan who \u2014\n(a) has not terminated that member\u2019s employment under the plan;\n(b) has not exercised that member\u2019s entitlement under section 29; and\n(c)\nhas not been deemed under section 63(1) to have terminated that member\u2019s\nemployment under the plan;\n\nSection 3\nNational Pensions Act (2024 Revision)\n\nPage 10\nRevised as at 31st December, 2023\nc\n\n\u201cactuarial present value\u201d, in relation to a pension or benefit, means the value\nof the pension or benefit calculated in the prescribed manner and as of a\nfixed date;\n\u201cactuary\u201d means a person who \u2014\n(a)\nhas qualified as an actuary by examination of the Institute of Actuaries in\nEngland, the Faculty of Actuaries in Scotland or the Societies of Actuaries\nin the United States or Canada and who is a current member in good\nstanding of one of those professional associations; or\n(b) holds some other actuarial qualification and who is, in the opinion of the\nCabinet, suitable for recognition as an actuary for the purposes of this Act;\n\u201cadditional voluntary contribution\u201d means a contribution and the earnings\nthereon to a pension fund by or on behalf of  a member in excess of the amount\nthe member is required by a pension plan or this Act to contribute;\n\u201cadministrator\u201d means a person who manages a pension plan;\n\u201cancillary benefit\u201d means any of the benefits described in section 32;\n\u201capproved provider\u201d means an insurance company or other company licensed\nto undertake pension plans in the Islands;\n\u201cassets\u201d, in relation to an employer, means assets that in the ordinary course of\nbusiness would be entered in the employer\u2019s books of accounts;\n\u201cbenefit\u201d means a pension benefit or an ancillary benefit;\n\u201cBoard\u201d means the National Pensions Board established under section 78;\n\u201ccertified copy\u201d means a copy certified by an attorney-at-law to be a true copy;\n\u201cclaimant\u201d, in relation to a pension plan, means a person other than a member\nor former member who, as a result of another person\u2019s membership at any time\nin a plan, is or may be entitled to a right or benefit under such plan;\n\u201ccivil partner\u201d has the meaning assigned by the Civil Partnership Act, 2020\n[Law 35 of 2020];\n\u201ccivil partnership\u201d has the meaning assigned by the Civil Partnership Act,\n2020 [Law 35 of 2020];\n\u201ccommuted value\u201d, for the purpose of determining the lump sum amount that\nis equivalent to a pension or benefit, means the value of the pension or benefit\ncalculated in the prescribed manner and as of a fixed date;\n\u201cconjugal period\u201d means a period beginning with the marriage of a man and a\nwoman and ending on either the death of one of them or on the date set out in \u2014\n(a) a decree of dissolution of the marriage;\n(b) a decree of nullity of the marriage;\n(c) a decree of presumption of death of a spouse or civil partner; or\n(d) a decree of judicial separation.\n\nNational Pensions Act (2024 Revision)\nSection 3\n\nc\nRevised as at 31st December, 2023\nPage 11\n\n\u201ccontinuous\u201d, in relation to employment, membership or service, means\ncontinuous notwithstanding regard to periods of temporary suspension of\nemployment, membership or service of less than six months, and\nnotwithstanding periods of lay-off from employment;\n\u201ccontributory benefit\u201d means a pension benefit or part of a pension benefit in\nrespect of which a member is required to make contributions under the terms of\nthe pension plan;\n\u201ccustodian\u201d means the person entrusted with the safekeeping of the assets of\nthe pension fund;\n\u201cdeferred benefit\u201d, in relation to a member of a pension plan, means a benefit\nother than an immediate benefit;\n\u201cdeferred pension\u201d means a deferred benefit that is in payment;\n\u201cdefined benefit\u201d means a benefit determined in advance with reference to\nvarious factors including level of earnings and length of employment and a\n\u201cdefined benefit pension plan\u201d means a plan providing such a benefit;\n\u201cdefined contribution benefit\u201d means a benefit that is determined solely with\nreference to and is provided by, contributions made by or for the credit of a\nmember together with the investment yield of such accumulated contributions\nand that is determined on an individual account basis;\n\u201cdefined contribution pension plan\u201d means a pension plan providing a defined\ncontribution benefit;\n\u201cDirector\u201d means the Director of the Department of Labour and Pensions\nestablished under section 79;\n\u201cdisabled\u201d, in relation to a member, means unable because of a physical or\nmental condition to perform most or all of the tasks related to that member\u2019s\nemployment;\n\u201cearnings\u201d means \u2014\n(a)\nin the case of an employee, any wages, salary, leave pay, fee, commission,\nbonus (to the extent that the bonus is equivalent to more than twenty per\ncent of the employee\u2019s basic salary or wage for the period in question) or\ngratuity, expressed in monetary terms, paid or payable by an employer\n(directly or indirectly) to that employee in consideration of employment,\nbut does not include severance payments, normal pension entitlement or\nlong service recognition payments or health insurance premiums; and\n(b) in the case of a self-employed person, income of that person prescribed\nand calculated in accordance with the regulations;\n\u201cemployee\u201d has the meaning assigned to it by section 2 of the Labour Act  (2021\nRevision) but does not include a Caymanian as defined in the Immigration\n(Transition) Act (2022 Revision) who is under twenty-three years of age and\npursuing full time education;\n\nSection 3\nNational Pensions Act (2024 Revision)\n\nPage 12\nRevised as at 31st December, 2023\nc\n\n\u201cemployer\u201d has the meaning assigned to it by section 2 of the Labour Act (2021\nRevision);\n\u201cfile\u201d means file with the Director;\n\u201cformer member\u201d means a person who was a member of a pension plan and\nwho has terminated employment or membership in a pension plan, and is \u2014\n(a)\nentitled to a deferred benefit payable from the pension fund;\n(b) in receipt of a pension payable from the pension fund;\n(c)\nentitled to commence receiving payment of a pension benefit from the\npension fund after termination of employment or membership; or\n(d) entitled to receive any other payment from the pension fund;\n\u201cfully funded\u201d, in relation to a pension plan, means to have at a given time,\nsufficient assets in a pension plan to provide for all pensions and other benefits\nas they become payable;\n\u201chousehold domestic\u201d has the meaning assigned to those words in the Labour\nAct (2021 Revision);\n\u201cimmediate benefit\u201d means a benefit under the pension plan where payment of\nthe pension in respect of the benefit is to commence not later than the first day\nof the month following the termination of the employment or membership of\nthe member;\n\u201cinactive member\u201d, in relation to a pension plan, means a member of the plan\nother than an active member;\n\u201cinvestment manager\u201d means a person that manages the investment of a\npension plan;\n\u201cjoint and survivor pension\u201d means a pension payable during the joint lives of\nthe person entitled to the pension and that person\u2019s spouse or civil partner and\nthereafter during the life of the survivor of them;\n\u201cmember\u201d, in relation to a pension plan, means a person who is or may be\nentitled to a benefit or refund of the person\u2019s contributions under the pension\nplan as a result of the person\u2019s employment or self-employment;\n\u201cMinister\u201d means the Minister having responsibility for pensions;\n\u201cmortgage\u201d has the same meaning assigned to the word \u201ccharge\u201d under the\nRegistered Land Act (2018 Revision);\n\u201cmulti-employer pension plan\u201d means a pension plan established and\nmaintained for self-employed persons or employees of two or more employers\nwho contribute or on whose behalf contributions are made to a pension fund,\nbut does not include a pension plan where all the employers are affiliated;\n\u201cnormal age of pension entitlement\u201d means sixty-five years of age except that\na person who attains sixty years of age, within the time prescribed by Order\n\nNational Pensions Act (2024 Revision)\nSection 3\n\nc\nRevised as at 31st December, 2023\nPage 13\n\nmade by Cabinet, may opt for a normal age of pension entitlement of sixty years\nof age;\n\u201cnormal pension entitlement\u201d means retirement;\n\u201corder\u201d means an order in writing;\n\u201cpartial winding up\u201d means the termination of part of a pension plan and the\ndistribution of the assets of the pension fund related to that part of that\npension plan;\n\u201cpension\u201d means a benefit which is being paid at regular intervals;\n\u201cpension benefit\u201d, in relation to a member or former member of a pension plan,\nmeans the entitlement of the member or former member or of another person\nupon the death of the member or former member to the periodic amounts\nprovided under the pension plan for the lifetime of the member or former\nmember, but does not include an ancillary benefit;\n\u201cpension committee\u201d means a committee that is the administrator of a pension\nplan;\n\u201cpension fund\u201d means a fund maintained to provide benefits payable under a\npension plan;\n\u201cpension plan\u201d includes a defined benefit pension plan or a defined contribution\npension plan constituted and administered to provide pension benefits for\nemployees but does not include \u2014\n(a)\nan employee\u2019s profit sharing plan or a deferred profit sharing plan;\n(b) a plan to provide cash withdrawals from the fund or lump sum payments;\n(c)\na plan under which all pension benefits are provided by contributions made\nby members who are not self-employed;\n(d) a fund or plan supplementary to a registered pension plan; or\n(e)\nany other prescribed type of plan;\n\u201cpensionable earnings\u201d means the average annual rate of earnings received by\na member in that consecutive sixty month period during which that member\u2019s\nearnings were the highest, or if membership is less than sixty months, the\naverage annual rate of earnings over the period of that member\u2019s membership\nsubject, in either case, to a prescribed maximum;\n\u201cperiod pertaining to civil partnership\u201d means a period beginning with the\nentering into a civil partnership and ending on either the death of one of the civil\npartners or on the date set out in \u2014\n(a)  a decree of dissolution or nullity of the civil partnership;\n(b)  a decree of presumption of death of a civil partner; or\n(c)  a decree of judicial separation;\n\u201cprescribed\u201d means prescribed by regulations made under this Act;\n\nSection 4\nNational Pensions Act (2024 Revision)\n\nPage 14\nRevised as at 31st December, 2023\nc\n\n\u201creciprocal transfer agreement\u201d means an agreement respecting two or more\npension plans that provides for the transfer of money, credits for employment\nor such other matter in respect of individual members who are transferring to\nand from registered pension plans whether in or outside the Islands;\n\u201cregistration\u201d means registration under this Act;\n\u201cregulations\u201d means all regulations made by the Cabinet under the powers\ncontained in this Act;\n\u201cself-employed person\u201d means a person over school leaving age whose\nearnings (otherwise than in the capacity of an employee) derive from that\nperson\u2019s production (in all or part) of goods or services in the Islands, or that\nperson\u2019s trade in goods or services in or from the Islands;\n\u201cspouse\u201d means a man or a woman who \u2014\n(a)\nin the case of a man, is married to a woman; or\n(b) in the case of a woman, is married to a man;\n\u201csurplus\u201d means the excess of the value of the assets of a pension fund related\nto a defined benefit pension plan over the value of the liabilities under the\npension fund, both calculated in the prescribed manner;\n\u201ctermination\u201d \u2014\n(a)\nin relation to employment, includes normal pension entitlement and death;\nand\n(b) in relation to a winding up in whole or in part of a pension plan, means the\ncessation of the accrual of benefits under the plan by members of the plan;\n\u201cwinding up\u201d, in relation to a pension plan, means the distribution of the assets\nof the pension plan after the plan is terminated; and\n\u201cyear\u2019s maximum pensionable earnings\u201d means earnings totalling in any year\neighty-seven thousand dollars or such other amount as may be prescribed by\nOrder, made by Cabinet, containing the amount and the period for which that\namount applies.\n4.\nEstablishment of pension plans.\n4.\n(1) Subject to section 25(2), every employer in the Islands shall provide a pension\nplan or make contribution to a pension plan for every person employed by that\nemployer in the Islands which shall, at the employer\u2019s discretion, be either a\ndefined benefit pension plan or a defined contribution pension plan and the\nspecific pension plan shall be selected in the prescribed manner.\n(2) A person shall be deemed to be employed in the Islands \u2014\n(a)\nwhere the office of that person\u2019s employer to which that person is required\nto report to work is situated in the Islands; or\n\nNational Pensions Act (2024 Revision)\nSection 5\n\nc\nRevised as at 31st December, 2023\nPage 15\n\n(b) if that person is normally resident in the Islands and where the office from\nwhich the person\u2019s salary, wage or other remuneration is paid is situated\nin the Islands.\n(3) The Director shall cause to be published, in the Gazette or via any other media\nas the Director determines, notice of each pension plan registered under this Act\ntogether with the details of any persons who will carry on the functions of\nadministrator, investment manager, investment adviser, or custodian of the\npension plan.\n(4)  An employer who fails without reasonable cause to comply with the\nrequirements of subsection (1) commits an offence and is liable \u2014\n(a)  in the case of a first offence, on summary conviction to a fine of twenty\nthousand dollars or to imprisonment for a term of two years, or to both;\n(b)  in the case of a second offence, on summary conviction to a fine of fifty\nthousand dollars or to imprisonment for a term of three years, or to both;\nor\n(c)  in the case of a third or subsequent offence, on conviction on indictment\nto a fine of one hundred thousand dollars or to imprisonment for a term of\nfive years, or to both.\n5.\nGreater pension benefits and previous pensions.\n5.\n(1) Nothing in this Act shall be construed to prevent the registration under this Act\nof any pension plan that provides pension benefits and ancillary benefits which\nare more advantageous to its members than those specified under this Act.\n(2) The Cabinet may make regulations respecting the administration of any pension\nplans which are in existence on the 1st June, 1998.\nPART 1A - Suspension of Pension Contributions\n5A.\nDefinitions and expiry of Part 1A\n5A. (1) In this Part  \u2014\n\u201c2010 pension holiday period\u201d means the periods commencing on 26th April,\n2010, the date on which the National Pensions (Amendment) Law, 2010 [Law 8\nof 2010] was published in the Gazette and ending on the date on which section 2\nof that Law ceased to have effect; and\n\u201c2020 pension holiday period\u201d means the periods commencing on 1st April,\n2020 and ending on 30th September, 2020, the commencement date of sections\n1, 2. 4 and 6 of the National Pensions (Amendment) Law, 2020 [Law 12 of\n2020], or upon such later date as may be appointed by Order made by the\nCabinet*.\n\nSection 6\nNational Pensions Act (2024 Revision)\n\nPage 16\nRevised as at 31st December, 2023\nc\n\n* The National Pensions (Amendment) Law, 2020 (Extension of Pension Holiday) Order, 2020 [SL24 of\n2022] extended this pension holiday period to 30th September, 2022.\n(2) With regard to the 2010 pension holiday period, this Part shall cease to have\neffect \u2014\n(a)\nin relation to an employee who is a Caymanian, on the 25th April 2011,\nthe date of expiration of a period of one year subsequent to the\ncommencement of the National Pensions (Amendment) Law, 2010 [Law 8\nof 2010]; and\n(b) in relation to an employee who is not a Caymanian, on the 25th April 2012,\nthe date of the expiration of a period of two years subsequent to the\ncommencement of the National Pensions (Amendment) Law, 2010 [Law 8\nof 2010].\n (3) With regard to the 2020 pension holiday period, this Part shall cease to have\neffect on 30th September, 2022, as provided by section 1(3) of the National\nPensions (Amendment) Law, 2020 [Law 12 of 2020] and as extended by\nNational Pensions (Amendment) Law, 2020 (Extension of Pension Holiday)\nOrder, 2020 [SL 24 of 2022].\nPART 2 - Registration and Administration\n6.\nProhibitions of administration of an unregistered pension plan\n6.\n(1) Subject to subsections (2), (3) and (4), no person shall administer a pension plan\nfor the benefit of employees unless the plan has been registered by the Director\nand a certificate has been issued in respect of the plan by the Director.\n(2) Notwithstanding subsection (1), a pension plan which has not been registered in\naccordance with subsection (1) may be administered without the required\nregistration during the first two hundred and seventy days after the 1st\nJune, 1998.\n(3) Notwithstanding subsection (1), a pension plan which was offered or subscribed\nto by an employer before the 1st June, 1998, which is acceptable to the Director,\nmay continue to be administered as a supplementary plan without being\nregistered, but only if \u2014\n(a)\nthe employees\u2019 participation is voluntary;\n(b) the pension plan is in addition to a registered plan;\n(c)\nthe pension plan is entered into with full information; and\n(d) regular reports are provided to the employees in accordance with\nguidelines issued, from time to time, by the Director.\n(4)    (a) Notwithstanding subsection (1), international pension plans, which are\ndefined benefit pension plans at the 1st June, 1998, may continue to\n\nNational Pensions Act (2024 Revision)\nSection 6\n\nc\nRevised as at 31st December, 2023\nPage 17\n\noperate without registration subject to such conditions as may be imposed\nby the Director and to the conditions specified in paragraph (c).\n(b) An employee shall only be eligible to participate in a plan of a type referred\nto in paragraph (a) if, at the 1st June, 1998, that employee has been\nparticipating in the plan for at least ten years and \u2014\n(i)\nthere are no more than ten years before that employee\u2019s date of\ncompulsory retirement;\n(ii) the employee is at least forty-five years of age; or\n(iii) the employee has been participating in the plan prior to that\nemployee\u2019s employment in the Islands.\n(c)\nThe conditions referred to in paragraph (a) are \u2014\n(i)\nthe employees\u2019 participation in the plan shall be voluntary;\n(ii) the employer shall ensure that \u2014\n(A) the estimated value of the fund;\n(B) the investment performance of the fund;\n(C) changes in the contribution rate, if applicable;\n(D) amendments to the plan;\n(E) changes on the Board, Committee, or Trustees who administer\nthe plan;\n(F) the funding status of the plan; and\n(G) any other relevant information,\nare provided within a reasonable time to all employees;\n(iii) arrangements for portability or the payment of benefits in the event\nof termination of employment or winding up of a plan referred to in\nparagraph (a) shall have been approved by the Director;\n(iv) benefits shall either be payable in the form of a pension or valued and\ntransferred to another plan; and\n(v) benefits may not, under the plan, be able to be commuted and paid in\nthe form of a lump sum cash settlement.\n(d) In this subsection \u2014\n\u201cinternational pension plan\u201d means a pension plan which provides\npensions for the employees of an employer, or a group of affiliated\nemployers, in more than one country.\n(5) If an employer to which subsection (4)(a) refers employs a Caymanian\nemployee, then the employer shall enroll that employee in a plan registered in\naccordance with subsection (1).\n\nSection 7\nNational Pensions Act (2024 Revision)\n\nPage 18\nRevised as at 31st December, 2023\nc\n\n(6)  A person who contravenes subsection (1) commits an offence and is liable on\nsummary conviction to a fine of ten thousand dollars or to imprisonment for a\nterm of one year, or to both.\n(7)  In this section \u2014\n\n\u201cCaymanian\u201d has the meaning assigned to it by the Immigration (Transition)\nAct (2022 Revision);\n7.\nRefusal or revocation of registration\n7.\n(1) No person shall administer a pension plan if the registration of that plan has\nbeen refused or revoked by the Director.\n(2) Subsection (1) does not apply to prevent administration of a pension plan for the\npurposes of the winding up of that pension plan.\n(3) A person who contravenes subsection (1) commits an offence and is liable on\nsummary conviction to a fine of one hundred thousand dollars or to\nimprisonment for a term of five years, or to both.\n8.\nAdministrator\n8.\n(1) For the purposes of this Act, only the following persons may administer a\npension plan \u2014\n(a)\nan employer;\n(b) a pension committee at least fifty per cent of which shall be representatives\nof members of the pension plan and a majority of which shall hold\nCaymanian status or be permanent residents of the Islands;\n(c)\nan approved provider where that provider provides all of the benefits under\nthe pension plan, or a representative or agent of that provider;\n(d) a board of trustees appointed pursuant to the pension plan, at least fifty per\ncent of which shall be representative of members of the pension plan and\na majority of which shall hold Caymanian status or be permanent residents\nof the Islands;\n(e)\na board, agency or other person made responsible by this Act or any other\nlaw for the administration of the pension; or\n(f)\na trust company licensed in accordance with the Banks and Trust\nCompanies Act (2021 Revision).\n(2) For the purposes of subsection (1) \u2014\n\u201cemployer\u201d includes an affiliate or parent company.\n(3) An administrator shall ensure that the administration, custodianship and\ninvestment of the pension plan and fund are undertaken by qualified and\nexperienced persons or bodies.\n\nNational Pensions Act (2024 Revision)\nSection 9\n\nc\nRevised as at 31st December, 2023\nPage 19\n\n(4) No person who is a receiver or trustee in bankruptcy of an administrator of the\npension plan shall administer a pension plan.\n(5) An administrator, subject to any approval of the Director to different\narrangements given under section 6(3), shall be based or represented in the\nIslands.\n(6) In the event of the bankruptcy of an employer within the meaning of the\nBankruptcy Act (1997 Revision), the Director may act as or appoint an\nadministrator of the plan.\n(7)  A person who contravenes subsection (1) or (4) commits an offence and is liable\non summary conviction to a fine of one hundred thousand dollars or to\nimprisonment for a term of five years, or to both.\n9.\nRegistration\n9.\n(1) An administrator shall apply to the Director within sixty days after the date on\nwhich a pension plan is established to register the pension plan.\n(2) An application for the registration of a pension plan shall be made in the\nprescribed form and accompanied by \u2014\n(a)  the prescribed fee;\n(b)  two certified copies of the document constituting the pension plan and the\nrelevant pension fund;\n(c)  a certified copy of any reciprocal transfer agreement related to the pension\nplan;\n(d)  a statement of investment policy in the prescribed manner;\n(e)  evidence of the method utilised to address on-going administrator training;\n(f)  details of the person that has accepted the appointment as auditor of the\npension plan;\n(g)  details of any persons, including evidence of the knowledge and skill of\nthe persons, who will carry on the functions of administrator, investment\nmanager, investment adviser, agent of the administrator or custodian of the\npension plan;\n(h)  details of all the individuals to be appointed to the pension committee, the\nboard of trustees or the trust company acting as administrator;\n(i)  in the case of a defined benefit pension plan, an original or certified copy\nof an actuarial report;\n(j)  any other prescribed information respecting the pension plan and pension\nfund;\n(k)  a certified copy of the explanation and any other information required\nunder section 20(1); and\n\nSection 10\nNational Pensions Act (2024 Revision)\n\nPage 20\nRevised as at 31st December, 2023\nc\n\n(l)  any other information and particulars including copies of any actuarial\nreport or advice given to the administrator or employer in connection with\nthe establishment of the plan as the Director considers relevant.\n (3) The form in which an application for registration is to be made or in which any\ninformation is to be given pursuant to this section shall be prescribed by\nregulations made by the Cabinet acting on the advice of the Director.\n10.\nContents of pension plan\n10. (1) The document that constitutes a pension plan shall contain the following\ninformation \u2014\n(a)\nthe method of appointment and the details of the appointment of the\nadministrator of the pension plan;\n(b) the conditions for membership of the pension plan;\n(c)\nthe benefits and rights which will accrue upon \u2014\n(i)\ntermination of employment;\n(ii) termination of membership;\n(iii) normal pension entitlement; and\n(iv) death;\n(d) the normal pension entitlement date under the pension plan;\n(e)\nthe requirements for entitlement under the pension plan to any pension\nbenefit;\n(f)\nthe contributions and the method of calculating the contributions required\nby the pension plan;\n(g) the method of determining benefits payable under the pension plan;\n(h) the method of calculating interest to be credited to contributions under the\npension plan;\n(i)\nthe mechanism for payment of the cost of administration of the pension\nplan and pension fund together with a schedule of administration fees;\n(j)\nthe mechanism for establishing and maintaining the pension fund;\n(k) in the case of a defined benefit pension plan, the method of dealing with\nsurplus during the continuation and on the winding up of the pension plan;\n(l)\nthe obligation of the administrator to provide members with information\nand documents required to be disclosed under this Act and the regulations;\n(m) the method of allocation of the assets of the pension on the winding up of\nsuch plan;\n(n) particulars of any previous pension plan under which members of the\npension plan may be entitled to pension benefits;\n\nNational Pensions Act (2024 Revision)\nSection 11\n\nc\nRevised as at 31st December, 2023\nPage 21\n\n(o) in the case of a defined benefit pension plan, an original or certified copy\nof an actuarial survey and report; and\n(p) any other prescribed information respecting the pension plan and\npension fund.\n(2) Where a pension plan is established pursuant to a trust agreement, the\ndocuments constituting such agreement shall set out the powers and duties of\nthe trustees.\n11.\nAccrual of pension benefits.\n11. (1) The Director shall not register a pension plan where, apart from additional\nvoluntary contributions \u2014\n(a)\nthe plan does not provide for the accrual of pension benefits in a gradual\nand uniform manner; or\n(b) the formula for computation of the employer\u2019s contributions to the pension\nfund or, in the case of a defined benefit pension plan, the benefits provided\nunder the pension plan, are variable at the discretion of the employer.\n(2) The Director shall not register a defined contribution pension plan if the formula\ngoverning allocation of contributions to a pension fund and the investment yield\nof such accumulated contributions among members of the pension plan is\nvariable otherwise than at the discretion of a majority of the members of the\npension plan.\n12.\nRegistration of amendment\n12. (1) An administrator shall not amend a plan without \u2014\n(a)\nthe recorded approval and votes of two-thirds of the members and the\nformer members of the plan affected by the proposed amendment either\npresent or voting by proxy, which votes shall be recorded in the minutes\nof the meeting at which such votes were taken, or voting in a written ballot\nof those members affected by the proposed amendment; and\n(b) the approval of the employer.\n(2) A meeting or ballot process required for the purpose of subsection (1) shall be\nheld in accordance with the rules set out in regulations prescribed by the\nCabinet.\n(3) An administrator shall apply to the Director within thirty days after the date on\nwhich the pension plan is amended for registration of the amendment.\n(4) An application for the registration of an amendment shall be made in the\nprescribed form and shall be accompanied by \u2014\n(a)\nthe prescribed fee;\n(b) a certified copy of the document;\n\nSection 13\nNational Pensions Act (2024 Revision)\n\nPage 22\nRevised as at 31st December, 2023\nc\n\n(c)\ncertified copies of any other prescribed documents; and\n(d) any other prescribed information.\n(5) An amendment of a pension plan is not effective until it is approved by the\nDirector.\n(6) The administrator shall, where an amendment is approved, file a certified copy\nof the amended plan.\n(7) Notwithstanding subsection (1), an administrator shall not be required to obtain\nthe approval of the members of a plan for amendments which are, in the opinion\nof the Director, minor or statutorily required.\n(8) An amendment to a pension plan may be made effective from a date before the\ndate on which the amendment is registered.\n(9) An amendment which purports to convert a defined benefit pension plan to a\ndefined contribution pension plan, or vice versa, shall be void and of no effect\nunless made with the written consent of the employer.\n13.\nReduction of benefits\n13. An amendment of a pension plan is void and of no effect where the amendment\npurports to reduce \u2014\n(a)\nthe amount, the commuted value or the actuarial present value of a pension\nbenefit accrued under the pension plan with respect to employment before\nthe commencement of the amendment;\n(b) the amount, the commuted value or the actuarial present value of a pension\nor a deferred pension accrued under the pension plan; or\n(c)\nthe amount, the commuted value or the actuarial present value of an\nancillary benefit for which a member or former member of the pension\nplan is eligible.\n14.\nAcknowledgement of application for registration.\n14. (1) The Director shall issue to an administrator \u2014\n(a)\na written acknowledgement of any application for registration of a pension\nplan within thirty days after receiving an application for registration under\nsection 9;\n(b) a certificate of registration within thirty days of the registration of a\nplan; and\n(c)\na notice of registration for each amendment to a plan within thirty days of\nthe registration of the amendment.\n(2) No person shall contract out of or waive a requirement imposed under this Act\nupon an employer or administrator of a pension plan in favour of a member,\n\nNational Pensions Act (2024 Revision)\nSection 15\n\nc\nRevised as at 31st December, 2023\nPage 23\n\nformer member or claimant and any such contracting out or waiver is void and\nof no effect.\n(3) Notwithstanding any provision in a pension plan, a plan that has been registered\nshall be deemed to be amended so that it complies with this Act and the\nregulations.\n15.\nRefusal or revocation of registration\n15. (1) The Director shall refuse to register a pension plan or an amendment to a pension\nplan which does not comply with this Act.\n(2) The Director may revoke the registration of a pension plan which is not being\nadministered in accordance with this Act.\n(3) The authority of the Director under subsection (1) or (2) is subject to the right\nto a hearing under section 72 of a person affected by the Director\u2019s decision.\n(4) An amendment to a pension plan terminates on the date the Director revokes the\nregistration of the amendment.\n(5) Where the Director refuses to register a pension plan or revokes the registration\nof a plan, the administrator shall wind up the pension plan in accordance with\nthis Act and the regulations.\n16.\nDuties of the administrator\n16. (1) An administrator shall \u2014\n(a)  administer the pension plan and pension fund in accordance with this Act\nand Regulations; and\n(b)  administer the pension plan and any amendment to the pension plan in\naccordance with the documents filed with the Director upon registration of\nthat plan or amendment.\n(2)  An administrator shall \u2014\n(a)  where more than one pension plan is administered by the administrator,\nsegregate the assets, bank accounts and records of each pension plan from\nthe other; and\n(b)  segregate the assets, bank accounts and records of a pension plan from any\nother business in which the administrator may be engaged.\n(3)  An administrator shall use that administrator\u2019s best efforts in the administration\nof a pension fund using all relevant knowledge and skill that, by reason of the\nadministrator\u2019s profession or business or calling, that administrator ought to\npossess.\n(4)  The administrator of a pension plan shall \u2014\n(a)  pay the prescribed fee to the Director in respect of the pension plan within\nthree months of the end of the financial year of the pension plan;\n\nSection 16\nNational Pensions Act (2024 Revision)\n\nPage 24\nRevised as at 31st December, 2023\nc\n\n(b)  file with the Director each year during the continuation of the pension plan\nan annual information return relating to the pension plan in the prescribed\nform within three months of the end of the financial year of the pension\nplan or within any longer period the Director may approve;\n(c)  within six months of the end of a financial year of the pension plan or\nwithin any longer period that the Director may approve, file with the\nDirector audited financial statements of the pension plan prepared in the\nprescribed manner by an independent auditor approved by the Director,\ntogether with a copy of any management letter issued by the auditor;\n(d)  every three years during the continuation of a defined benefit pension plan\nwith the assistance of an actuary, review the financial operation of the\npension plan and file with the Director an actuarial report within six\nmonths of the completion of the review, or any longer period the Director\nmay allow;\n(e)  provide returns and expense ratios for the pension plan, in the prescribed\nformat, which shall be provided to the Director within six months of the\nend of a financial year of the pension plan or within any longer period that\nthe Director may approve;\n(f)  provide the Director, within three months of the end of the financial year,\nevidence of annual administrator training;\n(g)  file with the Director a list of all active and inactive employers in the\npension plan annually when filing the annual information return under\nparagraph (b) and on a monthly basis, thereafter, file with the Director all\nemployer movements in or out of the pension plan;\n(h)  hold annual general meetings dealing with prescribed information and\nprovide a record thereof to the Director within three months of the meeting\nand to the members with the statement required under section 22;\n(i)  file with the Director any additional reports required under this Act;\n(j)  publish the pension plan or details relating thereto in the prescribed\nmanner;\n(k)  ensure that all documents and records of the pension plan are maintained\nin a central location and notify the Director of that location and any\nchanges to that location; and\n(l)  prepare and submit to the Director, together with the audited financial\nstatements each year \u2014\n(i)  confirmation that the statement of investment policy is in compliance\nwith the prescribed requirements; and\n(ii)  a register of the members of the pension plan, and the register shall\nspecify \u2014\n(aa)  the name of each member;\n\nNational Pensions Act (2024 Revision)\nSection 16A\n\nc\nRevised as at 31st December, 2023\nPage 25\n\n(bb)  the date of birth of each member;\n(cc)  the employer of each member; and\n(dd)  the value of the accrued benefit of each member.\n(5)  If an administrator fails to comply with any requirement under this section, the\nDirector may dismiss the administrator and act as or may appoint another\nadministrator of the plan.\n(6)  The reasonable administration costs of the Director or the administrator\napproved by the Director of any action taken under subsection (5) shall be paid\nby the pension fund.\n(7)  A person who contravenes this section commits an offence and is liable on\nsummary conviction to a fine of one hundred thousand dollars or to\nimprisonment for a term of five years, or to both.\n\n16A. Functions of the administrator\n16A. (1) An administrator shall ensure that the administration, custodianship and\ninvestment of a pension plan or pension fund are undertaken by persons\nqualified and experienced to be administrators, custodians, investment advisers\nand investment managers, as the case may be.\n(2)  An administrator shall exercise the care, diligence and skill in the administration\nof a pension plan and in the management and investment of the pension fund\nthat a person of ordinary prudence would exercise in dealing with the property\nof another.\n(3)  An administrator shall not knowingly permit that administrator\u2019s private\ninterests to conflict with that administrator\u2019s duties and powers in respect of a\npension plan or pension fund.\n(4)  An administrator is not entitled to any benefit from a pension plan other than -\n(a)  pension benefits or ancillary benefits or a refund of contributions under the\nplan to which the administrator is entitled as a member, former member or\nclaimant under the plan ;\n(b)  ancillary benefits; and\n(c)  the administrative fees and expenses as are provided by a pension plan.\n(5)  Subsection (4) applies with necessary modifications to a member of a pension\ncommittee or board of trustees that is the administrator of a pension plan and to\na member of a board, agency or committee made responsible by this Act or any\nother law for the administration of a pension plan.\n(6)  If an administrator fails to comply with any requirement under this section, the\nDirector may dismiss the administrator and act as or may appoint another\nadministrator of the plan.\n\nSection 17\nNational Pensions Act (2024 Revision)\n\nPage 26\nRevised as at 31st December, 2023\nc\n\n(7)  The reasonable administration costs of the Director or the administrator\napproved by the Director of any action taken under subsection (6) shall be paid\nby the pension fund.\n(8)  A person who contravenes this section commits an offence and is liable on\nsummary conviction to a fine of one hundred thousand dollars or to\nimprisonment for a term of five years, or to both.\n17.\nAdministrator may employ agents\n17. (1) Repealed by section 13(b) of the National Pensions (Amendment) Act. 2016\n[Law 17 of 2016].\n(2) Repealed by section 13(b) of the National Pensions (Amendment) Act. 2016\n[Law 17 of 2016].\n(3) Where it is reasonable and in the interests of the members of a plan so to do, an\nadministrator may employ one or more agents to carry out any act required to\nbe done in the administration of the pension plan and in the management and\ninvestment of the pension fund.\n(4) Every actuary, accountant or other professional person who provides\nprofessional services with respect to the establishment or administration of a\npension plan or pension fund, shall be deemed to be an agent of the\nadministrator.\n(5) An administrator who employs an agent shall \u2014\n(a)\npersonally select the agent;\n(b) be satisfied of the agent\u2019s suitability to perform the acts for which the agent\nis employed; and\n(c)\nsupervise the agent as far as practicable and reasonable.\n(6) An agent of an administrator is subject to the standards that apply to the\nadministrator under subsections 16(1), (2) and (3) and 16A (1), (2) and (3).\n(7) Repealed by section 13(b) of the National Pensions (Amendment) Act. 2016\n[Law 17 of 2016].\n(8) Repealed by section 13(b) of the National Pensions (Amendment) Act. 2016\n[Law 17 of 2016].\n(9) An agent of an administrator is entitled to usual and reasonable fees and\nexpenses for services provided in respect of a pension plan and such fees and\nexpenses may be paid out of the pension fund.\n\nNational Pensions Act (2024 Revision)\nSection 18\n\nc\nRevised as at 31st December, 2023\nPage 27\n\n18.\nInformation from employer\n18. (1) An employer, who is not an administrator, shall provide to the administrator of\nthe pension plan of which that employer\u2019s employees are members any\ninformation required by the administrator for the purpose of complying with the\nterms of the pension plan, of this Act or the regulations.\n(2) In subsection (1) \u2014\n\u201cemployer\u201d includes a predecessor of the employer.\n18A. Obligations of employer\n18A. (1) An employer shall cause to be kept proper payroll accounts, books and records\nwith respect to all sums of money paid by the employer to a pension plan.\n(2)  For the purposes of subsection (1), proper payroll accounts, books and records\nshall not be deemed to be kept if there are not kept such payroll accounts, books\nand records as are necessary to give a true and fair view of the state of affairs of\nthe employer with regards to a pension plan and to explain its transactions.\n(3)  An employer shall cause all books of account required to be kept under\nsubsection (1) to be retained for a minimum period of five years from the date\non which they are prepared.\n(4)  For each employee, except an employee for whom an employer is not required\nto provide a pension plan or to contribute to a pension plan under section 25, an\nemployer shall keep and maintain records showing \u2014\n(a)  the name of and current contact information for the employee;\n(b)  the date the employment commenced and the duration;\n(c)  whether the employment is part time or full time;\n(d)  the rate of pay and salaried arrangements;\n(e)  gross and net amounts of pay;\n(f)  bonuses;\n(g)  resignations and terminations relating to the employee;\n(h)  the name of the pension plan;\n(i)  all deductions from earnings of the employee for pension contributions;\n(j)  all contributions made by the employer and on behalf of the employee and\nevidence of payment to the pension plan;\n(k)  the period over which contributions were made;\n(l)  the dates on which the contributions were made; and\n(m)  any interest payments made in the name of the pension plan.\n(5)  The contributions shall be stated clearly and there shall be no comingling; that\nis, contributions shall be differentiated from other payments that employers are\nrequired to pay, such as health insurance.\n\nSection 19\nNational Pensions Act (2024 Revision)\n\nPage 28\nRevised as at 31st December, 2023\nc\n\n(6)  An employer shall retain records required to be kept under subsection (4) for a\nminimum period of five years from the date on which they are prepared.\n(7)  An employer shall maintain a written notification, acknowledged by the\nemployee in writing, of the pension plan referred to in section 4(1).\n(8)  An employer who \u2014\n(a)  knowingly and wilfully contravenes subsections (1) or (3); or\n(b)  fails without reasonable cause to comply with subsections (4), (5), (6) or\n(7),\n\ncommits an offence and is liable on summary conviction to a fine of ten\nthousand dollars.\n19.\nAdvisory Committee\n19. (1) The members and former members of a pension plan, by the decision of a\nmajority of them participating in a vote, may establish an advisory committee.\n(2) The inactive members of a pension plan are entitled to appoint at least one\nrepresentative to the advisory committee.\n(3) An advisory committee may be established pursuant to subsection (1) to \u2014\n(a)\nmonitor the administration of the pension plan;\n(b) make recommendations to an administrator respecting the administration\nof the pension plan; and\n(c)\npromote awareness and understanding of a pension plan among members,\nformer members and claimants of the plan and other persons receiving\nbenefits under the pension plan.\n(4) An advisory committee or a member of the committee may examine the records\nof the administrator relating to the administration of the pension plan and the\npension fund at the office of the administrator, and may make copies of the\nrecords, but shall not, without the written consent of a member, examine\ninformation relating to any member\u2019s \u2014\n(a)\nservice;\n(b) salary;\n(c)\npension benefits; or\n(d) other personal information.\n(5) Subsection (1) does not apply if the pension plan is administered by a pension\ncommittee and at least one-third of the members of the committee are appointed\nby members of the pension plan or where a plan is administered by a board of\ntrustees.\n\nNational Pensions Act (2024 Revision)\nSection 20\n\nc\nRevised as at 31st December, 2023\nPage 29\n\n(6) An administrator shall provide to an advisory committee or its representative\nsuch information as is under the control of the administrator and is required by\nthe advisory committee or its representative for the purposes of the committee.\nPART 3 - Disclosure of Information\n20.\nInformation from administrator\n20. (1) An administrator shall provide, in writing, to each person who under this Act is\nrequired to become a member of a pension plan, immediately upon the person\u2019s\napplication for membership in the pension plan \u2014\n(a)  an explanation of the provisions of the pension plan that apply to the\nperson;\n(b)  an explanation of the person\u2019s rights and obligations under the pension\nplan;\n(c)  details of the returns and expense ratios of the pension fund in the\nprescribed format; and\n(d)  any other information prescribed.\n(2)  An employer shall, within twenty-one days after the date upon which an\nemployee becomes eligible to become a member of a pension plan, provide to\nan administrator the information required to enable the administrator to comply\nwith this section.\n21.\nNotice of proposed amendment\n21. (1) Before the registration of an amendment to a pension plan, an administrator\nshall \u2014\n(a)\ngive notice containing an explanation of the amendment to \u2014\n(i)\neach member;\n(ii) each former member; and\n(iii) any other person entitled to payment from the pension fund;\n(b) invite the submission of written comments on the amendment to the\nadministrator and the Director; and\n(c)\nprovide the Director with a copy of the notice of the proposed amendment.\n(2) The Director shall not register an amendment until forty-five days after the date\nof the notice of amendment to members.\n(3) An administrator shall notify each member of the date of registration of an\namendment.\n(4) The Director may, upon the written application of an administrator, exempt that\nadministrator from the requirements of subsection (1) where the administrator\n\nSection 22\nNational Pensions Act (2024 Revision)\n\nPage 30\nRevised as at 31st December, 2023\nc\n\nhas been exempted from obtaining the approval of the members of a plan under\nsection 12(7) or where the Director is of the opinion that the amendment \u2014\n(a)\nis of a technical nature;\n(b) will not substantially affect the pension benefits, rights or obligations of a\nmember or former member; or\n(c)\nwill not adversely affect any person entitled to payments from the pension\nfund.\n22.\nSemi-annual statement of pension benefits\n22. (1) An administrator shall on a semi-annual basis, or at the shorter period as may\nbe specified in a pension plan, give to each member a written statement setting\nout \u2014\n(a)  the prescribed information in respect of the pension plan which shall cover\nthe pension plan\u2019s operations since the last report or since registration in\nthe first instance;\n(b)  in the case of a pension plan that is a defined benefit pension plan, the\nmember\u2019s expected pension benefits as at the member\u2019s normal pension\nentitlement date or, in the case of a pension plan that is a defined\ncontribution pension plan, the amount of money standing in the member\u2019s\naccount; and\n (c)  any ancillary benefits for which the member is eligible.\n(2)  Notwithstanding the requirement for a written statement under subsection (1), a\nstatement may be forwarded to a member electronically or via any other media\nupon the consent of the member in writing to accept transmission of the\nstatement in that manner.\n(3)  An administrator shall, where a member terminates employment with an\nemployer or otherwise ceases to be a member of a plan, give to that member or\nany other person who is, as a result, entitled to a benefit under the pension plan,\na written statement setting out the prescribed information in respect of the\nbenefits, rights and obligations of the member or the other person.\n(4)  Subsection (3) applies in respect of a multi-employer pension plan where a\nmember ceases to be a member but does not apply where a member terminates\nemployment with an employer but continues to be a member.\n23.\nInspection of administrator\u2019s documents.\n23. (1) Within thirty days of a written request, an administrator shall make available the\nprescribed documents and information in respect of a pension plan and the\npension fund for inspection without charge to \u2014\n(a)\na member;\n(b) a former member;\n\nNational Pensions Act (2024 Revision)\nSection 24\n\nc\nRevised as at 31st December, 2023\nPage 31\n\n(c)\nthe spouse or civil partner or former spouse or former civil partner of a\nmember or former member;\n(ca)  the member\u2019s or former member\u2019s civil partner or former civil\npartner where the civil partnership is dissolved or annulled;\n(d) a claimant;\n(e)\nany other person entitled to pension benefits under the pension plan;\n(f)\nan agent authorised in writing by a person mentioned in paragraph (a), (b),\n(c), (ca), (d) or (e);\n(g) an employer who is or was required to make contributions to the\npension plan;\n(h) a receiver or trustee in bankruptcy of an employer referred to in\nparagraph (g); and\n(i)\nsuch other person as may be prescribed.\n(2) The prescribed documents and information may be inspected at the premises of\nthe employer of a member or former member or at such other location agreed\nupon by the administrator and the person making the request.\n(3) A person inspecting the documents may copy the documents or purchase from\nthe administrator, at a reasonable fee, copies of the documents.\n(4) A person described in paragraphs (a) to (g) of subsection (l), may not make a\nrequest under this section more than once in any six months unless the\ndocuments have been changed or amended during the course of the six month\nperiod.\n(5)  For the avoidance of doubt, only a person mentioned in subsection (1) shall be\nentitled to inspect the documents referred to in subsection (1).\n24.\nInspection of filed documents\n24. The administrator of a pension plan and the persons mentioned in section 23(1) may\ninspect at the offices of the Director during normal business hours, the copies of the\ndocuments that constitute the pension plan and the pension fund and such other\nprescribed documents as are filed in respect of the pension plan and the pension fund\nand may obtain copies of the documents upon payment of the prescribed fee.\nPART 4 - Membership\n25.\nEligibility for membership\n25. (1) Subject to subsection (2) all employees between the ages of eighteen years and\nthe normal age of pension entitlement shall be members of a pension plan.\n\nSection 26\nNational Pensions Act (2024 Revision)\n\nPage 32\nRevised as at 31st December, 2023\nc\n\n(2) Employers are not required to provide pension plans, or to contribute to pension\nplans, for the benefit of employees who do not have Caymanian status, or who\nare not permanent residents, within the meaning of the Immigration (Transition)\nAct (2022 Revision) and who, in either case \u2014\n(a)\nhave been working in the Islands for a continuous period of nine months\nor less*; or\n(b) are employed as a household domestic.\n     *  Section 18(2)(i) of the National Pensions (Amendment) Act, 2016 [Law of\n2016] which amended the period from \u2018nine\u2019 to \u2018six\u2019 months has not yet\ncommenced.\n(3) Every self-employed person shall either be a member of an approved pension\nplan or shall contribute to an individual pension entitlement account with an\napproved provider.\n(4) Where an employee is employed by more than one employer, each employer\nshall be liable to pay contributions to a pension plan in respect of such employee.\n(5) With the approval of the Director, an employer may offer or establish a separate\npension plan for employees employed in less than full-time continuous\nemployment.\n(6) The Director shall approve a separate pension plan referred to in subsection (5)\nif the Director considers that the separate pension plan provides benefits\nequivalent to those in the pension plan maintained by the employer for\nemployees of the same class employed in full-time continuous employment.\nPART 5 \u2013 Entitlement and Vesting\n26.\nNormal pension entitlement date\n26. (1) The normal pension entitlement date under a pension plan submitted for\nregistration under this Act is the date, not later than three months after attaining\nthe normal age of pension entitlement, on which a person becomes entitled\nunder a registered pension plan to collect that person\u2019s pension benefits.\n(2)  Every pension plan established prior to the 1st June, 1998 and registered under\nthis Act, shall be deemed to specify a normal pension entitlement date in respect\nof pension benefits that accrue after the 1st June, 1998, that is not later than one\nyear after attainment of the normal age of pension entitlement.\n(3)  The first instalment of a member\u2019s pension is due not later than the first day of\nthe month following the normal pension entitlement date, unless the member\nelects otherwise.\n(4)  An active member who continues employment and membership in a pension\nplan after the normal pension entitlement date may elect to continue accruing\n\nNational Pensions Act (2024 Revision)\nSection 27\n\nc\nRevised as at 31st December, 2023\nPage 33\n\nbenefits under the pension plan up to the date of the member\u2019s application for\ntheir pension entitlement and is subject to any terms of the pension plan \u2014\n(a)  limiting the number of years of employment or active membership that can\nbe considered for the purpose of determining a member\u2019s pension benefit;\nor\n(b)  fixing a maximum amount of a member\u2019s pension benefit.\n(5)  The first instalment of a pension of a member who makes the election described\nin subsection (4) is due not later than the earlier of \u2014\n(a)  the first day of the month following the date of revocation of the election\nby the member; or\n(b)  the first day of the month following the date of termination of employment\nof the member.\n27.\nDeferred pension for past service\n27. (1) An active member of a pension plan continued after the 1st June, 1998 who\nmeets the qualifications in subsection (2) is, subject to section 6(3) and (4),\nentitled to the benefit mentioned in subsection (3).\n(2) The qualifications are that, on the date the member terminates that member\u2019s\nemployment \u2014\n(a)\nthe member must have been employed by the employer or have been a\nmember of the pension plan for a continuous period of at least ten years;\n(b) the member must have reached the age of forty-five years; and\n(c)\nthe member must terminate that member\u2019s employment with the employer\nbefore the  normal pension entitlement date under the pension plan.\n(3) The benefit is a deferred pension provided under the pension plan as it existed\non the day before the 1st June, 1998 in respect of employment in the Islands\nbefore the 1st June, 1998.\n(4) Subsections (1) to (3) do not apply in respect of benefits that result from\nadditional voluntary contributions payable under plans that are not registered\nunder section 6(3).\n28.\nDeferred pension\n28. (1) An active member of a pension plan brought into existence after the 1st June,\n1998 who meets the qualifications in subsection (2) is entitled to the benefit\nmentioned in subsection (3).\n(2) The qualifications are that the member must \u2014\n(a)\nbe a member of a pension plan on or after the 1st June, 1998; and\n(b) have terminated membership of a plan before the normal pension\nentitlement date.\n\nSection 29\nNational Pensions Act (2024 Revision)\n\nPage 34\nRevised as at 31st December, 2023\nc\n\n(3) The benefit is a deferred pension provided under the pension plan in respect of\nemployment after the 1st June, 1998.\n29.\nTermination by member.\n29. (1) A person who is an active member \u2014\n(a)\nof a multi-employer pension plan;\n(b) of a pension plan who is employed by an employer on a part-time basis; or\n(c)\nof a pension plan who has been laid off by the employer,\nmay terminate that person\u2019s active membership in the pension plan if no\ncontributions are paid or are required to be paid to the pension fund by or on\nbehalf of the member for twenty-four consecutive months or for such shorter\nperiod as may be specified in the pension plan.\n(2) For the purpose of determining benefits under this Act, a person mentioned in\nsubsection (1) who terminates that person\u2019s membership in a pension plan shall\nbe deemed to have terminated that person\u2019s employment.\n(3) Subsections (1) and (2) shall not apply if contributions are not paid or are not\nrequired to be paid because the person has become a member of another pension\nplan and there is a reciprocal transfer agreement between the two pension plans.\nPART 6 - Benefits\n30.\nMinimum benefit\n30. (1) A member of a defined benefit pension plan that is continued or established after\nthe 1st June, 1998 shall, subject to subsection (4), be entitled at that member\u2019s\nnormal pension entitlement date to a minimum annual pension equivalent to 1.5\nper cent of that member\u2019s pensionable earnings for each year that that member\nshall have been in membership of that plan subject to a maximum of forty-seven\nyears membership.\n(2) Where a member elects to retire before the normal pension entitlement date, that\nmember\u2019s annual pension shall be calculated in accordance with the regulations.\n(3) In calculating years of membership each completed month shall count as onetwelfth of a year.\n(4) The minimum annual pension entitlement referred to in subsection (1) shall, in\nthe case of an employee who makes reduced contributions under section 47(8),\nbe reduced in accordance with guidelines to be issued, from time to time, by the\nDirector.\n\nNational Pensions Act (2024 Revision)\nSection 31\n\nc\nRevised as at 31st December, 2023\nPage 35\n\n31.\nValue of deferred pension\n31. (1) If the commuted value of the contributory benefit that accrued under a defined\nbenefit pension plan before the 1st June, 1998, and to which a member is entitled\non the date of termination of employment is less, on the date of termination,\nthan the sum of the member\u2019s contributions made under the plan before the 1st\nJune, 1998 to the date of termination, the benefit shall be increased on the date\nof termination so that the commuted value of the benefit is at least equal to the\nsum of the member\u2019s contributions and the interest thereon.\n(2) Subsection (1) does not apply in respect of a pension plan that contains the\nprovision described in subsection (4).\n(3) Under a pension plan an increase in the commuted value of a contributory\nbenefit under a pension plan in respect of employment before the 1st\nJune, 1998 \u2014\n(a)\nthat results from an amendment to the pension plan made on or after that\ndate; and\n(b) to which the member is entitled on the date of termination of employment,\nmay be included in calculating the commuted value of the benefit for the\npurposes of subsection (1).\n(4) A pension plan may provide, in respect of each member of the plan that \u2014\n(a)\nthe sum of the member\u2019s contributions under the pension plan made before\nthe 1st June, 1998 and the interest thereon to the date of termination of\nemployment of the member shall not be used to provide more than fifty\nper cent of the commuted value on the date of termination of the\ncontributory benefit under the plan to which the member is entitled on the\ndate of termination; and\n(b) if the member is entitled to a contributory benefit under the pension plan\non termination of employment, the member is entitled to payment on\ntermination of a lump sum equal to the amount by which the sum of the\nmember\u2019s contributions made before the 1st June, 1998 and interest\nthereon to the date of termination exceeds fifty per cent of the commuted\nvalue accrued before the 1st June, 1998.\n(5) The sum of the contributions under a pension plan made by a member of the\nplan after the 1st June, 1998 and the interest thereon to the date of termination\nof employment shall not be used to provide more than fifty per cent of the\ncommuted value of the contributory benefit under the plan that has accrued after\nthe 1st June, 1998 and to which the member is entitled on the date of\ntermination.\n(6) A member is entitled to payment on termination of membership to a lump sum\nequal to the amount by which the sum of the member\u2019s contributions made after\nthe 1st June, 1998 and interest thereon to the date of termination exceeds fifty\n\nSection 32\nNational Pensions Act (2024 Revision)\n\nPage 36\nRevised as at 31st December, 2023\nc\n\nper cent of the commuted value of the contributory benefit that accrued after the\n1st June, 1998 and to which the member is entitled on the date of termination.\n(7) Under a pension plan the following may be excluded in determining that part of\nthe commuted value of a pension or the actuarial present value of a benefit to\nwhich subsections (5) and (6) apply \u2014\n(a)\ndefined contribution benefits;\n(b) benefits that result from additional voluntary contributions; and\n(c)\nany other benefits prescribed for the purposes of this subsection.\n(8) Under a pension plan the following may be included in calculating a member\u2019s\ncontributory benefit for the purposes of this section \u2014\n(a)\nancillary benefits related to employment on or after the 1st June, 1998;\n(b) any increase in pension benefits and ancillary benefits related to\nemployment before the date of the amendment to a plan resulting from an\namendment to such plan made on or after the 1st June, 1998 but that are\nnot included in calculating commuted value under subsection (2); and\n(c)\npension benefits and ancillary benefits related to employment before the\ndate of the establishment of the pension plan, in the case of a pension plan\nestablished on or after the 1st June, 1998.\n(9) Where a defined benefit accrued by a member of a pension plan is, at any time,\nconverted in whole or in part into a defined contribution benefit, the value of the\ndefined benefits that are converted shall be the actuarial present value of those\nbenefits at the time of conversion, and subsections (5) and (6) shall apply as if\nthe member had terminated that member\u2019s employment at the time of\nconversion, and as if the term \u201cactuarial present value\u201d were substituted for the\nterm \u201ccommuted value\u201d in those subsections.\n32.\nAncillary benefits\n32. (1) A pension plan may only provide the following ancillary benefits \u2014\n(a)\ndisability benefits;\n(b) death benefits in excess of those referred to in section 39;\n(c)\nbenefits arising from additional voluntary contributions which have\nprovided a pension entitlement fund in excess of the minimum as\nprescribed;\n(d) early pension entitlement options and benefits in excess of those provided\nby section 33; and\n(e)\nany other prescribed ancillary benefit.\n(2) The pension benefit to which a member is entitled on the date of termination of\nemployment of the member shall include an ancillary benefit for which the\n\nNational Pensions Act (2024 Revision)\nSection 33\n\nc\nRevised as at 31st December, 2023\nPage 37\n\nmember has met, on that date, all eligibility requirements under the\npension plan.\n(3) For the purposes of subsection (2), where, under a pension plan, the consent of\nan employer is an eligibility requirement for entitlement to receive an ancillary\nbenefit and a member or a former member has met all other eligibility\nrequirements, the employer\u2019s consent shall be deemed to have been given.\n33.\nEarly pension entitlement option\n33. (1) An inactive member of a pension plan is entitled to elect at any time to receive\nan early pension entitlement under the pension plan if the member \u2014\n(a)\nterminates employment on or after the 1st June, 1998;\n(b) is entitled, at the time of election, to a deferred benefit under the pension\nplan; and\n(c)\nis at the time of election, within ten years of the normal pension entitlement\ndate.\n(2) An active member who is within ten years of the normal pension entitlement\ndate and who would be entitled to a deferred benefit on termination of\nemployment is entitled upon termination of employment or on the winding up\nof the pension plan in whole or in part to elect to receive an early pension\nentitlement.\n(3) The actuarial present value of an inactive member\u2019s early pension entitlement\nunder subsection (1) shall not be less than the actuarial present value of the\ninactive member\u2019s deferred benefit under the pension plan.\n(4) The actuarial present value of a member\u2019s early pension entitlement shall be not\nless than the actuarial present value of the deferred benefit under the pension\nplan to which the member would be entitled on termination of employment.\n(5) An inactive or active member may require the commencement of the payment\nof the early pension  entitlement at any time after making the election and within\nthe ten year period mentioned in subsections (1) and (2).\n(6) An election under subsection (1) or (2) may be made in writing, signed by the\nmember and delivered to the administrator of the plan.\n34.\nTransfer\n34. (1) A member of a pension plan who, on or after 1st June, 1998, terminates\nemployment with a specific employer and who is entitled to a deferred\nbenefit \u2014\n(a)  may request the administrator to pay an amount equal to the commuted\nvalue of the deferred benefit or the balance in the member\u2019s defined\ncontribution account \u2014\n\nSection 34\nNational Pensions Act (2024 Revision)\n\nPage 38\nRevised as at 31st December, 2023\nc\n\n(i)  to another registered pension plan, if the administrator of the other\npension plan agrees to accept the payment;\n(ii)  into a prescribed pension entitlement savings arrangement; or\n(iii)  for the purchase for the member of a life annuity that will not\ncommence before the earliest date on which the member would have\nbeen entitled to receive payment of pension benefits under the\npension plan;\n(b)  may elect to remain in the pension plan; or\n(c)  may elect to transfer that deferred benefit to a plan administered under the\nPublic Service Pensions Act (2023 Revision) if  the administrator of the\nPublic Service Pensions Board agrees to accept the payment.\n(2)  The pension entitlement under subsection (1) is subject to the prescribed\nlimitations in respect of the transfer of funds from pension funds.\n(3)  Notwithstanding subsection (1), where \u2014\n(a)  a member\u2019s employment is terminated;\n(b)  the member ceases to reside in the Islands; and\n(c)  no contributions have been made to a pension plan by or on behalf of the\nmember for a period of two years or more,\n\nthe member may request the administrator to pay an amount equal to the\ncommuted value of the deferred benefit or the balance in the member\u2019s defined\ncontribution account to a pension plan, pension entitlement savings arrangement\nor life annuity that is outside of the Islands.\n(4)  The requirements under subsection (3) are not applicable to transfers between\nregistered pension plans.\n(5)  For the purposes of subsection (3), a person is considered to have ceased to be\nresident in the Islands if that person has been absent from the Islands for a period\nof two years or more, and, in calculating a period of absence, no account shall\nbe taken of a period of residence in the Islands for an aggregate period of less\nthan three months.\n(6)  Subject to subsections (1) and (3), an administrator may, on making a payment\nor transfer under section 42, 53 or this section, make a deduction from that\npayment or transfer, subject to a prescribed maximum fee, exclusive of any\ntransfer fees charged by the pension plan\u2019s bankers, in respect of actual and\nascertainable administrative expenses incurred in making the payment or\ntransfer that is \u2014\n(a)  provided for in the pension plan to be made in respect of all transfers and\nwithdrawals; and\n(b)  approved by the Director,\n\nNational Pensions Act (2024 Revision)\nSection 34\n\nc\nRevised as at 31st December, 2023\nPage 39\n\nand the Director shall not approve a provision in a pension plan that purports to\nenable different levels of deduction to be made in respect of different classes of\nmembers.\n(7)  A former member may exercise that member\u2019s pension entitlement under\nsubsections (1) and (3) by delivering to the administrator within the prescribed\nperiod of time a direction in a form supplied by the Director.\n(8)  Subject to compliance with the requirements of this section and the Regulations,\nthe administrator shall comply with the direction referred to in subsection (7)\nnot later than forty-five days after the date of delivery of the direction.\n(9)  An administrator who contravenes subsection (8) commits an offence and is\nliable on summary conviction to a fine of twenty thousand dollars or to\nimprisonment for a term of two years, or to both; and if the offence is a\ncontinuing one to a fine of one thousand dollars for every day or part of a day\nduring which the offence has continued.\n(10)  The administrator shall not make a payment under \u2014\n(a)  subsection (l)(a)(ii), unless the pension entitlement savings arrangement is\nin accordance with the prescribed requirements; and\n(b)  subsection (l)(a)(iii), unless the contract to purchase the deferred life\nannuity is in accordance with the prescribed requirements.\n(11) Where a payment does not meet the limitations prescribed in relation to the\ntransfer of funds from pension funds, the administrator shall not make the\npayment without the approval of the Director.\n(12) The Director may, by Order, approve a payment under subsection (11) subject\nto the terms and conditions contained in the Order that the Director thinks fit in\nthe circumstances.\n(13)  Where \u2014\n(a)  a payment that does not meet the conditions prescribed in relation to the\ntransfer of the funds from pension funds is made without the approval of\nthe Director; or\n(b)  there is a failure to comply with a term or condition of the approval given\nunder subsection (12),\n\nthe Director may, by Order, require any person to whom payment has been made\nto repay an amount equal to the amount paid together with interest on the\namount.\n(14) This section does not apply in respect of benefits under a pension plan accrued\non or before a prescribed date where those benefits are guaranteed by an\napproved provider and the guarantee was given by the approved provider on or\nbefore that date.\n\nSection 35\nNational Pensions Act (2024 Revision)\n\nPage 40\nRevised as at 31st December, 2023\nc\n\n(15) Subject to section 76, an Order for payment under subsection (12) may be\nenforced in the same manner as a judgment of the Grand Court for the payment\nof money.\n(16)  An administrator is discharged from all responsibilities and liabilities in respect\nof a payment made in good faith under this section and in compliance with this\nAct.\n35.\nPurchase of pension.\n35. (1) Subject to section 34 and any limitations on transfer of funds from pension\nplans, an administrator who is required by a pension plan to provide a pension\nor benefit, may purchase the pension or benefit from an approved provider.\n(2) Where a purchase under subsection (1) does not comply with limitations\nprescribed in respect of transfer of funds from pension funds, the administrator\nmay not complete the purchase without the prior approval of the Director.\n(3) The Director may approve a purchase under this section subject to such terms\nand conditions as the Director considers fit in the circumstances.\n(4) Where \u2014\n(a)\na purchase that does not comply with limitations prescribed in relation to\ntransfer of funds from pension funds is made without the approval of the\nDirector; or\n(b) there is a failure to comply with a term or condition attached to the\nDirector\u2019s approval under subsection (3),\nthe Director may, by order, require any person, to whom payment under this\nsection has been made, to repay an amount not greater than the amount of the\npayment together with interest thereon at the rate to be prescribed in the\nregulations.\n(5) Subject to section 72, an order for payment under subsection (4) may be\nenforced in the same manner as a judgment of the Grand Court for the payment\nof money.\n36.\nJoint and survivor pension benefits\n36. (1) Every pension paid under a pension plan to a former member who has a spouse\nor civil partner on the date that the payment of the first instalment of the pension\nis due shall be a joint and survivor pension and the pension payable to the spouse\nor civil partner on the death of the member shall be of an amount equivalent to\none hundred per cent of the pension paid to the member.\n(2) The actuarial present value of a joint and survivor pension under subsection (1)\nshall not be less than the actuarial present value of the pension that would be\npayable under the pension plan to the former member but for subsection (1).\n(3) Subsections (1) and (2) do not apply \u2014\n\nNational Pensions Act (2024 Revision)\nSection 37\n\nc\nRevised as at 31st December, 2023\nPage 41\n\n(a)\nin respect of a pension benefit if payment of the pension has commenced\nbefore the 1st June, 1998; or\n(b) in respect of the portion of a pension that relates to a prescribed ancillary\nbenefit.\n(4) Where \u2014\n(a)\nprior to the 1st June, 1998 a deferred life annuity has been purchased from\nan approved provider for a person entitled to a deferred pension under this\nAct;\n(b) payments have not commenced under the annuity on the 1st June,\n1998; and\n(c)\nthe recipient of the payments has a spouse or civil partner on the date\npayments commence,\nthe annuity shall be paid as a joint and survivor pension in accordance with the\nrequirements of this section, and the approved provider shall make payments\naccordingly.\n(5) Where a former member dies leaving a surviving spouse or civil partner and\ndependent children, the spouse or civil partner shall receive and hold fifty per\ncent of the spouse\u2019s or civil partner\u2019s pension to be used for their maintenance,\nbenefit and education until such time as the children attain the age of twentythree or cease their full-time education, whichever shall be the earlier.\n(6) In a case where there is need, in the interests of the children, the Director of\nSocial Services shall have power to apply to the Court for an order appointing a\ntrustee to receive up to fifty per cent of the pension payable to the surviving\nspouse or civil partner and to apply it for the benefit of the children in\naccordance with subsection (5).\n37.\nInformation for payment of pension\n37. (1) An administrator or their agent shall, before paying a pension or benefit, or\npaying the commuted value of the pension or benefit, require the person entitled\nto such pension, benefit or commuted value, to provide that person with any\nnecessary relevant information respecting the calculation of the amount of the\npension or benefit.\n(2) An administrator is discharged from all liabilities upon making the payment \u2014\n(a)\nin accordance with information provided by the person entitled under\nsubsection (1); or\n(b) where the person entitled fails to provide information in accordance with\nsubsection (1), in accordance with such information respecting that\nperson\u2019s pension or benefit as is contained in the records of the\nadministrator.\n\nSection 38\nNational Pensions Act (2024 Revision)\n\nPage 42\nRevised as at 31st December, 2023\nc\n\n38.\nRemarriage of surviving spouse or entering into a subsequent civil\npartnership or marriage by a surviving civil partner\n38. (1) The surviving spouse or civil partner of a former member of a pension plan who\nis receiving a pension under such pension plan remains entitled to such pension\nnotwithstanding the subsequent remarriage of such surviving spouse or or the\nentering into a subsequent civil partnership or marriage by such surviving civil\npartner.\n(2) Subsection (1) applies in respect of pensions which are first paid after the 1st\nJune, 1998.\n39.\nDeath benefit prior to application for pension entitlement\n39. (1) If a member or former member of a pension plan dies before the commencement\nof payment of a pension, the person who is the spouse or civil partner of the\nmember or former member on the date of the death of the member or former\nmember is entitled either to an immediate or deferred pension the commuted\nvalue of which is at least equal to the commuted value of the deferred pension\nof the member or former member.\n(2) The surviving spouse or civil partner who elects to receive a deferred pension\nmay further elect that either \u2014\n(a)\nthe pension in respect of the deferred benefit described in subsection (1)\nshall be paid to the spouse or civil partner \u2014\n(i)\nno earlier than ten years before the spouse or civil partner attains the\nage of sixty-five; or\n(ii) no later than the spouse\u2019s or civil partner\u2019s normal age of pension\nentitlement under the plan; or\n(b) the commuted value of the defined benefit shall be paid by the\nadministrator to one of the vehicles or for one of the purposes specified in\nsection 34(1).\n(3) If a member continues in employment after the normal pension entitlement date\nunder the pension plan and dies before the commencement date of the payment\nof benefits, the person who is the spouse or civil partner of the member on the\ndate of death of the member is entitled to an immediate or deferred pension the\ncommuted value of which is at least equal to the commuted value of the pension\nbenefit of the member at the date of death.\n(4) For the purposes of this section, the deferred pension or pension benefits to\nwhich a member is entitled if the member dies while employed shall be\ncalculated as if the member\u2019s employment were terminated immediately before\nthe member\u2019s death.\n(5) A member or former member may designate a beneficiary and the beneficiary\nis entitled to be paid an amount equal to the commuted value of the deferred\n\nNational Pensions Act (2024 Revision)\nSection 40\n\nc\nRevised as at 31st December, 2023\nPage 43\n\npension mentioned in subsection (1) or (3), if the member or former member\ndoes not have \u2014\n(a)\nany dependent child or children; and\n(b) a spouse or civil partner on the date of death.\n(6) The personal representative of the estate of a member or former member may\nreceive payment of the commuted value of a pension under this section as the\nproperty of the member or former member if the member or former member \u2014\n(a)\nhas not designated a beneficiary in accordance with subsection (5); and\n(b) does not have a spouse or civil partner on the date of the member\u2019s or\nformer member\u2019s death.\n(7) If the pension plan provides for payment of pension benefits to or for a\ndependent child or dependent children of the member or former member, upon\nthe death of the member or former member, the commuted value of the\npayments may be deducted from the entitlement of a beneficiary designated\nunder subsection (5) or of a personal representative under subsection (6).\n(8) A person entitled to payment under this section shall provide the administrator\nwith the relevant information respecting such payment.\n(9) The administrator is discharged from all liabilities on making payment in\naccordance with the information provided by the person pursuant to\nsubsection (8).\n(10) In this section \u2014\n\u201cpersonal representative\u201d has the meaning assigned to it by section 2 of the\nSuccession Act (2021 Revision).\n40.\nVariation of payment to disabled person\n40. A pension plan may provide for the payment of greater benefits under the plan to a\nmember whose life expectancy is likely to be reduced because of the mental or\nphysical disability of that member.\n41.\nCommuted value\n41. A pension plan may provide for a lump sum payment to a former member of a portion\nof the commuted value of a benefit if the annual benefit payable at a normal pension\nentitlement date is more than the prescribed minimum pension.\n\nSection 42\nNational Pensions Act (2024 Revision)\n\nPage 44\nRevised as at 31st December, 2023\nc\n\n42.\nCash out of small benefits\n42. Notwithstanding any provision of this Act to the contrary, if the commuted value of\nthe pension benefit on termination is less than five thousand dollars or such other sum\nas may be prescribed, the administrator may distribute such benefit to the former\nmember, or, if the member is deceased, to that member\u2019s spouse or civil partner,\ndependent child or designated beneficiary, as appropriate, in a single lump sum cash\npayment payable on the date of termination.\n43.\nPayment on breakdown of marriage or civil partnership\n43. (1) A court order made upon a dissolution of a civil partnership, divorce or\nseparation for maintenance or other payments respecting such dissolution of a\ncivil partnership, divorce or separation may provide for the transfer to a\nmember\u2019s spouse or civil partner of a portion of the commuted value of a\nmember\u2019s pension benefits but shall not require payment of a pension benefit\nbefore the earlier of \u2014\n(a)\nthe date on which payment of the pension benefit commences; or\n(b) the normal pension entitlement date of the member or former member.\n(2) A court order may not provide for the payment to a spouse or civil partner of\nmore than fifty per cent of the pension benefit calculated in the prescribed\nmanner and accrued by a member or former member during the conjugal period\nor period pertaining to civil partnership or of the value of the defined\ncontribution account added during the conjugal period or period pertaining to\ncivil partnership of the member or former member and that member\u2019s or former\nmember\u2019s spouse or civil partner.\n(3) An administrator is discharged from all liabilities upon making payment in\naccordance with an order under this section.\n(4) Where a court order mentioned in subsection (1) affects a pension, the\nadministrator shall revalue the pension in the prescribed manner.\n(5) A spouse or a civil partner on whose behalf a certified order is given to an\nadministrator is entitled, on termination of employment by the member or\nformer member, to any option available in respect of the spouse\u2019s or civil\npartner\u2019s interest in the pension benefits as the member or former member has\nin respect of their pension benefits.\n44.\nDiscrimination on the basis of sex.\n44. (l)\nThe sex of a member, former member or other beneficiary under a pension plan\nshall not be taken into account in \u2014\n(a)\ndetermining the amount of contributions required to be made by a member\nof the plan;\n\nNational Pensions Act (2024 Revision)\nSection 45\n\nc\nRevised as at 31st December, 2023\nPage 45\n\n(b) determining the benefits or the actuarial present value or the commuted\nvalue of benefits to which a member, former member or other beneficiary\nis or may become entitled;\n(c)\nthe provision of eligibility conditions for membership; or\n(d) the provision of ancillary benefits.\n(2) In order to comply with subsection (1), the administrator may \u2014\n(a)\nuse annuity factors that do not differentiate as to sex;\n(b) provide for employer contributions that vary according to the sex of the\nemployee; or\n(c)\nuse any other prescribed method of calculation or valuation.\n(3) Subsections (1) and (2) apply in respect of contributions, benefits and conditions\nin relation to \u2014\n(a)\nemployment on or after the 1st June, 1998; and\n(b) employment before the 1st June, 1998 in so far as it is dealt with in an\namendment made to the pension plan after the 1st June, 1998.\n45.\nInflation protection\n45. Pension benefits, pensions or deferred pensions shall be adjusted in accordance with\ninternationally accepted formulae respecting inflation increases as specified in the\nregulations.\nPART 7 - Contributions\n46.\nFunding\n46. (1) A defined benefit pension plan shall not be registered under this Act unless it\nprovides for funding sufficient to provide the benefits and rights under the\npension plan in accordance with this Act and the regulations.\n(2) Subject to subsection (3), every defined benefit pension plan registered under\nthis Act must be fully funded within five years of the 1st June, 1998.\n(3) An administrator shall, where a defined benefit pension plan is not fully funded\nat the date of registration, submit together with the documents specified under\nsection 9 a funding schedule to be approved by the Director.\n47.\nContribution rate\n47. (1) Subject to section 25(2), a member and that member\u2019s employer shall contribute\nto the pension fund of a pension plan on behalf of that member from the date of\nthe commencement of that member\u2019s employment by that employer at the rates\nspecified in subsection (3).\n\nSection 47\nNational Pensions Act (2024 Revision)\n\nPage 46\nRevised as at 31st December, 2023\nc\n\n(2) A self-employed person shall contribute to a pension plan or an individual\npension entitlement account every year during that person\u2019s employment a sum\nequivalent to ten per cent of that person\u2019s earnings, up to the year\u2019s maximum\npensionable earnings for that year. The Cabinet may make regulations\nrespecting the pension plans and individual pension entitlement accounts of selfemployed persons.\n (3)  (a)\nA member shall not be required, without that member\u2019s express consent,\nto contribute to a defined contribution pension plan more than five per cent\nof that member\u2019s earnings up to the year\u2019s maximum pensionable earnings.\n(b) An employer may not contribute to a defined contribution plan less than\nfive per cent of the member\u2019s earnings up to the year\u2019s maximum\npensionable earnings.\n(c)\nWhere an employer contributes to a defined contribution plan more than\nfive per cent of the member\u2019s earnings, the member shall only be required\nto contribute such an amount as shall, when added to the employer\u2019s\ncontribution, equal ten per cent of the member\u2019s earnings up to the year\u2019s\nmaximum pensionable earnings.\n(d) For a defined benefit pension plan, the member shall not be required,\nwithout that member\u2019s express consent, to contribute more than the\namount stipulated in the actuarial report up to a maximum of five per cent\nof that member\u2019s earnings up to the year\u2019s maximum pensionable earnings\nin any one year, and the employer shall contribute an amount equal to the\namount contributed by the member in accordance with the actuarial report,\nexcept in cases where a shortfall exists where the employer shall\ncompensate for this underfunding.\n(4) A member\u2019s contribution shall be payable at regular periods during each year of\nthat member\u2019s employment, and the employer\u2019s contribution shall be payable at\nthe same time as the member\u2019s contribution.\n(5) The employer shall deduct the relevant part of the member\u2019s contribution from\nthat member\u2019s earnings and pay the same, together with the employer\u2019s\ncontribution, directly into the pension fund or, if the pension benefits under the\npension plan are paid by an approved provider, to the approved provider.\n(6) In the case of a defined benefit pension plan, an employer may apply to the\nDirector for payment out of the pension fund of an overpayment by the employer\ninto the pension fund.\n(7) The Director may consent to a payment under subsection (6) to an employer if\nthe application is made by the employer within three months after the end of the\nfiscal year in which the overpayment is made.\n(8)   (a)\nA pension plan, or an individual pension entitlement account in the case\nof a self-employed person, established prior to, on or immediately after the\n1st June, 1998 may \u2014\n\nNational Pensions Act (2024 Revision)\nSection 47\n\nc\nRevised as at 31st December, 2023\nPage 47\n\n(i)\nallow employees forty years of age or younger to pay reduced\ncontributions for a period of four years after the 1st June, 1998;\n(ii) allow employees between ages forty-one and forty-five to pay\nreduced contributions for two years after the 1st June, 1998; and\n(iii) allow self-employed persons to pay reduced contributions for four\nyears after the 1st June, 1998.\n(b) The rates of contributions payable under paragraph (a) shall be on a\ngraduated scale prescribed by regulations.\n(c)\nA member may, with the agreement of the employer (in the case of an\nemployed person) continue in membership of a pension plan after the\nnormal age of pension entitlement and, in such event, the employee\u2019s\ncontributions will continue to be payable at the rate or rates prescribed by\nthe plan.\n(d) Members may make additional voluntary contributions at any time prior\nto normal pension entitlement.\n(e)\nAn employer may, subject to the obligation to compensate for\nunderfunding contained in subsection (3), during the period that any\nemployee is contributing at a rate less than the rate prescribed by the plan,\ncontribute to a pension fund on behalf of that employee an amount equal\nto that contributed by the employee.\n(9) Notwithstanding any contract to the contrary, an employer shall not deduct from\nthe salary, wage or other remuneration of an employee or otherwise recover\nfrom such person, the contributions paid by the employer in respect of such\nperson.\n(10) Subject to the pension plan, a member may access that member\u2019s additional\nvoluntary contributions prior to the normal age of pension entitlement as\nfollows \u2014\n(a)  for medical purposes where the member\u2019s health insurance does not cover\nthe cost of the medical attention sought and the medical attention sought\nis not elective;\n(b)  for temporary unemployment where that unemployment is within the first\nsix month period following the three month period after the date upon\nwhich the member was terminated;\n(c)  for housing purposes including \u2014\n(i)  the purchase or construction of the member\u2019s dwelling house;\n(ii)  the purchase of residential land for the member;\n(iii)  providing a reduction payment \u2014\n(A)  on an existing residential mortgage, and if applicable, any\narrears in strata fees related to the mortgaged property; or\n\nSection 48\nNational Pensions Act (2024 Revision)\n\nPage 48\nRevised as at 31st December, 2023\nc\n\n(B)  on a residential land loan; or\n(iv)  payment of the outstanding balance of the member\u2019s mortgage in full\nand, if applicable, any arrears in strata fees related to the mortgaged\nproperty, but excluding the payment of rent or similar purposes; and;\n(d)  for the educational purposes of a member or the dependent child of a\nmember who is under twenty-three years of age and pursuing full time\neducation.\n(11)  For the purposes of subsection (10) a member shall make an application to the\nadministrator in the manner designated by the Director.\n(12)  An administrator shall provide to the Director on a monthly basis \u2014\n(a)  a list of the names of all members who have withdrawn an amount from\nthe member\u2019s respective account in a pension plan under this section,\nstating the amount of each withdrawal;\n(b)  a list of the names of all members who applied for an amount under this\nsection;\n(c)  a copy of each letter to each member stating the reason for refusal under\nsubsection (12)(b); and\n(d)  in the form designated by the Director, a report with respect to each\nmember who has withdrawn an amount from the member\u2019s account in a\npension plan under this section.\n(13) A person who contravenes this section commits an offence and is liable on\nsummary conviction to a fine of twenty thousand dollars or to imprisonment for\na term of two years, or to both.\n48.\nNotice to Director of arrears of contributions\n48. (1) A member and the member\u2019s employer shall contribute to the pension fund of a\npension plan on behalf of that member from the date that the member is required\nby this Act to participate in the pension plan and at the rates specified in section\n47(3).\n(2)  Contributions shall be remitted to employees\u2019 pension plans on or before the\n15th day of the month next following any month in which the employee\nperforms services for the employer, for which the employee receives or expects\nto receive remuneration, regardless of the employee\u2019s established pay period,\nand this date shall be known as the \u201ccontribution date deadline.\u201d\n(3)  A contribution not received by the close of business on the contribution date\ndeadline is considered a delinquent contribution.\n(4)  An administrator shall immediately take action to collect a delinquent\ncontribution which for the purposes of this subsection includes interest accrued\non the delinquent contribution.\n\nNational Pensions Act (2024 Revision)\nSection 48\n\nc\nRevised as at 31st December, 2023\nPage 49\n\n(5)  A delinquent contribution not received by the administrator by the 15th day of\nthe month next following the contribution date deadline, in this section referred\nto as the \u201creportable date\u201d, shall be reported in writing by the administrator to\nthe Director in the form approved by the Director.\n(6)  An administrator shall notify \u2014\n(a)  the Director in writing on or before the 20th day of the month next\nfollowing the month of the contribution date deadline, in this section\nreferred to as \u201cthe delinquent notification date\u201d, of any delinquent\ncontributions not received by the reportable date and still outstanding at\nthe date of reporting; and\n(b)  the affected employees in writing within sixty days of the date on which\nthe Director is notified under paragraph (a) of the delinquent contributions\nreported under paragraph (a) and the administrator may publish the names\nof employers whose delinquent contributions have not been received by\nthe delinquent notification date.\n (7)  The Director, if the Director considers it necessary, may instruct an\nadministrator in writing, to publish in another publication that the Director shall\nidentify, in addition to the publication under subsection (6)(b), the names of\nemployers for whom contributions have not been received by the delinquent\nnotification date.\n(8)  Notwithstanding the requirement for written notification under subsection\n(6)(b), notification may be forwarded to an affected employee electronically or\nvia any other media upon the consent of the employee in writing, to accept\ntransmission of notification in that manner.\n(9)  The Director shall, no later than the 20th day of the month next following the\ndelinquent notification date, initiate an action to recover the payment of the\ndelinquent contributions by one or more of the following means \u2014\n(a)  by letter of demand to the employer, stating a time within fourteen days of\nthe date of the letter of demand that the contribution shall be paid into the\npension plan, and outlining the action that will be taken if the contribution\nis not forthcoming within the specified time;\n(b)  by letter demanding the appearance of the delinquent employer before the\nDirector for the purpose of explaining the delinquency, disclosing the\nemployer\u2019s banking arrangements, delinquent contributions and payroll\nrecords and arriving at an acceptable payment plan, but only if the Director\nis of the opinion that the delinquency can be rectified and that the employer\nis acting in good faith;\n (c)  by ordering the payment of a delinquency collection fee equal to the\ngreater of ten per cent of the total amount delinquent or fifty dollars per\nday, from the contribution date deadline until the total amount of\ndelinquent contributions is paid;\n\nSection 48\nNational Pensions Act (2024 Revision)\n\nPage 50\nRevised as at 31st December, 2023\nc\n\n(d)  by commencing legal proceedings in a court of competent jurisdiction to\nrecover the delinquent contributions, any fines and fees arising pursuant to\nthis Act, except that no action is necessary for one or more of the following\nreasons \u2014\n (i)  where the delinquency was reported in error;\n(ii)  where the delinquency has been corrected by full payment; or\n(iii)  where any action has been taken in resolution of the delinquency\nconsistent with this Act; or\n(e)  by publishing breaches of this Act by employers and such publications\nshall include the name of the employer, the offence under  this Act which\nwas contravened and the applicable penalty.\n(10)  Any information disclosed to the Director pursuant to subsection (9)(b) shall be\nused solely for the purposes of pension arrears recovery and shall otherwise be\nkept confidential.\n(11) Any expenses of the administrator for the additional reporting for the purposes\nof subsection (6), which shall be approved in advance either generally or\nspecifically by the Director, or any expenses authorised pursuant to this Act to\nbe made by the Director for the actions pursuant to subsection (7) or (9), shall\nbe borne by the employer concerned and not by the pension plan in general or\nthe employees.\n(12) An employer who fails to pay contributions into a pension plan within the\nspecified time given by the Director shall, in addition to the delinquent\ncontributions and the fee and expenses levied pursuant to subsection (9)(c) and\n(11), be liable on summary conviction to a fine of twenty thousand dollars or to\nimprisonment for a term of two years, or to both.\n(13)  The Director may \u2014\n(a)  investigate the relevant activities of employers in respect of contributions\nto pension plans; and\n(b)  share information pursuant to an investigation under paragraph (a)\nregarding employers with other Government departments and agencies.\n(14)  Where pursuant to legal proceedings commenced under subsection (9)(d) funds\nare restrained for the payment of delinquent contributions to a pension plan, the\ncourt shall not make an Order to allow for the payment of costs, legal and other\nexpenses out of the funds.\n (15) Where an employee reasonably believes that an employer has failed to remit\ncontributions to the administrator by the reportable date, the employee may in\nwriting report the employer to the Director and the Director may, after making\ninvestigations in accordance with subsection (13), take any action referred to in\nsubsection (9).\n\nNational Pensions Act (2024 Revision)\nSection 49\n\nc\nRevised as at 31st December, 2023\nPage 51\n\n49.\nTrust property\n49. (1) Where an employer receives money from an employee under an arrangement\nthat the employer will pay the money into a pension fund as the employee\u2019s\ncontribution under the pension plan, the employer shall be deemed to hold the\nmoney in trust for the employee until the employer pays the money into the\npension fund.\n(2) Money withheld by an employer, whether by payroll deduction or otherwise,\nfrom money payable to an employee shall be deemed to be money received by\nthe employer from the employee.\n(3) An employer who is required to pay contributions to a pension fund shall be\ndeemed to hold in trust for the beneficiaries of the pension plan an amount of\nmoney equal to the employer\u2019s contributions due and not paid into the\npension fund.\n(4) Where a pension fund is wound up in whole or in part, an employer who is\nrequired to pay contributions to the pension fund shall be deemed to hold in trust\nfor the beneficiaries of the pension plan an amount of money equal to the\nemployer\u2019s contributions accrued on the date of the winding up but not yet due\nunder the plan or regulations.\n(5) An administrator has a lien and charge on assets of the employer in an amount\nequal to the amounts deemed to be held under subsections (1), (3) and (4).\n(6) Subsections (1), (3) and (4) apply whether or not the money has been kept\nseparate and apart from other money or property of the employer.\n50.\nAccrual\n50. (1)  An employer is liable to pay interest to a pension fund, as prescribed, on all\nmoney that is due to be paid by the employer to that pension fund at the current\nprime rate in the Islands plus five percent, calculated on a daily basis in addition\nto any other fees, fines and penalties specified by this Act or ordered by a court\nof competent jurisdiction.\n(2)  For the purposes of section 48, the amount of any delinquent contribution to be\ncollected and paid, is inclusive of the accrued interest calculated in accordance\nwith this section.\n(3)  The administrator of a pension fund shall ensure that all interest due on\ndelinquent contributions has been properly calculated as stipulated in this\nsection and received in accordance with the provisions of this Act and paid into\nthe pension plan of the employee.\n\nSection 51\nNational Pensions Act (2024 Revision)\n\nPage 52\nRevised as at 31st December, 2023\nc\n\n51.\nBond\n51. The Director may require an administrator or any person who receives contributions\nto a pension fund to be bonded in an amount specified by the Director and to provide\na guarantor to be approved by the Director.\n52.\nInvestment of pension fund\n52. Every person engaged in selecting an investment to be made with the assets of a\npension fund shall ensure that the investment is selected in accordance with the\ncriteria set out in this Act and prescribed by regulations.\nPART 7A - Withdrawal of pension funds to purchase or\nconstruct dwelling unit, purchase residential land, provide\nreduction payment onresidential land loan or existing\nmortgage, and if applicable, arrears in strata fees in the\nIslands\n52A. Definitions in Part 7A\n52A. (1) In this Part \u2014\n\u201cbuilding society\u201d means a society incorporated under the Building Societies\nAct (2020 Revision);\n\u201cCaymanian\u201d has the meaning assigned to that expression under the\nImmigration (Transition) Act (2022 Revision);\n\u201cCayman Islands Development Bank\u201d means the Cayman Islands\nDevelopment Bank established under section 3 of the Development Bank Act\n(2018 Revision);\n\u201cClass A bank\u201d means a bank holding an \u201cA\u201d licence under the Banks and Trust\nCompanies Act (2021 Revision);\n\u201ccredit union\u201d has the meaning assigned to that expression under the\nCooperative Societies Act (2020 Revision);\n\u201cdeposit\u201d means all monies required by a financial institution as a condition for\na person to obtain a loan (which shall include any legal fees and stamp duty) the\nproceeds of which will be used to purchase no more than two existing dwelling\nunits, construct no more than two new dwelling units, or purchase residential\nland in the Islands;\n\u201cdwelling unit\u201d means two or more rooms used or intended for the domestic\nuse of one or more individuals living as a single housekeeping unit, with\nexclusive cooking, eating, living, sleeping and sanitary facilities;\n\u201cfinancial institution\u201d means a building society, credit union or Class A bank\ncarrying on business in the Islands or the Cayman Islands Development Bank;\n\nNational Pensions Act (2024 Revision)\nSection 52B\n\nc\nRevised as at 31st December, 2023\nPage 53\n\n\u201cnon-current home owner\u201d means a person who does not currently own a\ndwelling unit in the Islands;\n\u201creduction payment\u201d means a payment towards \u2014\n(a)  a residential mortgage, and if applicable, arrears in strata fees related to\nthe mortgaged property; or\n(b)  a residential land loan;\n\u201cresidential land\u201d means any lot, plot, tract, area, piece or parcel of land\nincluding any building used exclusively or intended to be used as no more than\ntwo dwelling units; and\n\u201croom\u201d means a compartment within a building enclosed by \u2014\n(a)\na floor;\n(b) a ceiling; and\n(c)\nwalls or partitions.\n(2)  For the purposes of the definition of the words \u201creduction payment\u201d, payment\ntowards a residential mortgage and, if applicable, arrears in strata fees related to\nthe mortgaged property, or payment towards a residential land loan applies to\u2014\n(a)  in respect of a residential mortgage or residential land loan which is in\nforeclosure, both the principal and interest arrears on the mortgage or land\nloan;\n(b)  in respect of a residential mortgage or residential land loan which is in\ngood standing with the financial institution that granted it, the principal on\nthe mortgage or land loan; or\n(c)  in respect of a residential mortgage where there are arrears in strata fees\nrelated to the mortgaged property \u2014\n(i)  where the residential mortgage is in foreclosure, the principal and\ninterest arrears on the mortgage and the arrears in strata fees related\nto the mortgaged property; and\n(ii)  where the residential mortgage is in good standing with the financial\ninstitution that granted it, the principal on the mortgage and the\narrears in strata fees related to the mortgaged property.\n52B. Withdrawal of amount from pension account as a deposit\n52B. (1) Notwithstanding sections 55 and 56, but subject to the remaining provisions of\nthis section, a person who is a Caymanian and non-current home owner may\nwithdraw from that person\u2019s account in a pension plan an amount not exceeding\nfifty thousand dollars as a deposit.\n(2) Notwithstanding subsection (1), a person who is a non-current home owner but\nwho owns land in the Islands shall be entitled to withdraw an amount from that\n\nSection 52B\nNational Pensions Act (2024 Revision)\n\nPage 54\nRevised as at 31st December, 2023\nc\n\nperson\u2019s account in a pension plan as a deposit to purchase residential land in\nthe Islands.\n(3) A person who wishes to withdraw an amount as a deposit pursuant to\nsubsection (1) shall, subject to subsection (4), make an application to the\nrelevant administrator in the form prescribed in the Schedule.\n(4) An application under subsection (3) shall be accompanied by \u2014\n(a)\nevidence that the person is a Caymanian;\n(b) a declaration in the form prescribed in Part B of the Schedule that the\nperson is a non-current home owner;\n(c)\na copy of a letter issued by a financial institution addressed to the person\nmaking the application (whether or not solely to that person), showing\napproval in principle of a loan to \u2014\n(i)  purchase no more than two existing dwelling units;\n(ii)  construct no more than two new dwelling units; or\n(iii)  purchase residential land in the Islands,\nand the deposit required;\n(d)  where the person has made a previous withdrawal under this Part, evidence\nthat the member has complied with sections 52B(10), 52BA(12), 52C(9)\nand 52D(1), if applicable; and\n(e)  if required by the administrator, an application fee not exceeding fifty\ndollars.\n(4A)  The letter referred to in subsection (4)(c) shall specify \u2014\n(a)  the name of each person that applied for the withdrawal;\n(b)  the relevant block and parcel number of the relevant property to which\neach withdrawal relates;\n(c)  the specific sources of funding for the purchase, including each amount\nand specific pension plan from which the respective withdrawal will be\ntaken; and\n(d)  a breakdown of the planned utilisation of the deposit.\n(4B) Any amount that was withdrawn under this section and is not used for the\npurchase of the property referred to in subsection (4)(c) shall be returned to the\npension plan administrator within six months of the withdrawal but where the\ndwelling unit is being constructed, the amount that was not used shall be\nreturned to the pension plan administrator within twelve months of the\nwithdrawal.\n(5) For the avoidance of doubt, two or more persons who are Caymanians and noncurrent home owners approved in principle by a financial institution may, in\naccordance with this section, withdraw the amount of the deposit required from\n\nNational Pensions Act (2024 Revision)\nSection 52B\n\nc\nRevised as at 31st December, 2023\nPage 55\n\ntheir respective accounts in a pension plan up to a maximum of fifty thousand\ndollars each towards a single loan from a financial institution for the purchase\nof no more than two dwelling units, construction of no more than two new\ndwelling unitsor purchase of residential land in the Islands.\n(6) Where an application is made under subsection (3), the administrator \u2014\n(a)\nshall, within sixty days of the application being submitted, issue the\ndeposit in the form of a cheque payable to the relevant financial institution\nand deliver it to the applicant if satisfied that the applicant is entitled under\nsubsection (1) to withdraw the amount applied for; or\n(b) may, if not satisfied that all the requirements under subsection (4) have\nbeen correctly provided by the applicant, refuse the application and shall,\nwithin seven days of the application being submitted, give reasons for the\nrefusal to the applicant, by letter in writing.\n(7) An administrator who contravenes subsection (6) commits an offence and is\nliable on summary conviction to a fine of twenty thousand dollars or to\nimprisonment for a term of two years, or to both; and if the offence is a\ncontinuing one to a fine of one thousand dollars for every day or part of a day\nduring which the offence has continued.\n(8) An administrator shall provide to the Director monthly \u2014\n(a)\na list of all persons who have withdrawn amounts as deposits from their\nrespective accounts in a pension plan under this section, stating the amount\nof each deposit;\n(b) a list of all persons who applied for amounts as deposits under this section;\n(ba) a list of all persons who are repaying withdrawn amounts into their\nrespective accounts in a pension plan under this section;\n(c)\na copy of each letter to persons stating the reason for refusal under\nsubsection (6)(b); and\n(d) in the form approved by the Director, a report with respect to each person\nwho has withdrawn an amount as a deposit from that person\u2019s account in\na pension plan under this section.\n(9) An administrator who contravenes subsection (8) commits an offence and is\nliable on summary conviction to a fine of twenty thousand dollars or to\nimprisonment for a term of two years, or to both.\n(10) Subject to subsection (12), where before repaying the withdrawal amount in full,\na person sells the dwelling unit purchased or constructed or the residential land\npurchased through the use of a deposit under this section, the person shall upon\ncompletion of the sale return the original amount of deposit or ten per cent of\nthe fair market value of the dwelling unit or residential land, whichever is\ngreater, back to that person\u2019s pension plan account.\n\nSection 52BA\nNational Pensions Act (2024 Revision)\n\nPage 56\nRevised as at 31st December, 2023\nc\n\n (11) A person who contravenes subsection (10) commits an offence and is liable on\nsummary conviction to a fine of twenty thousand dollars or to imprisonment for\na term of two years, or to both.\n(12)  The payments received by a pension plan administrator under section 52D shall\nbe deducted from the amount that the member is required to repay under\nsubsection (10).\n(13)  A person may apply to withdraw an amount from the person\u2019s pension plan as\na deposit under this section to purchase an existing dwelling unit or construct a\nnew dwelling only where the dwelling unit serves as the primary residence of\nthe person applying for the withdrawal.\n\n52BA. Withdrawal of amount from pension account to provide a reduction payment\non an existing mortgage, and if applicable, arrears in strata fees, or\nresidential land loan\n52BA.(1) Notwithstanding sections 55 and 56 but subject to the remaining provisions of\nthis section, a person who is a Caymanian may withdraw from the person\u2019s\naccount in a pension plan an amount not exceeding fifty thousand dollars\nrequired to provide a reduction payment on \u2014\n(a)  an existing mortgage on no more than two dwelling units in the Islands;\n(b)  where there is an existing mortgage on no more than two dwelling units in\nthe Islands, the existing mortgage and any arrears in strata fees related to\nthe mortgaged property; or\n(c)  a residential land loan in the Islands.\n(2)  A person who wishes to withdraw an amount required to provide a reduction\npayment pursuant to subsection (1) shall, subject to subsection (3), make an\napplication to the relevant administrator in the form prescribed in the Schedule.\n(3)  An application under subsection (2) shall be accompanied by \u2014\n(a)  evidence that the person is a Caymanian;\n(b)  evidence that the applicant has legal title to the respective dwelling unit or\nresidential land;\n(c)  if applicable, a declaration in the form prescribed in Part B of the Schedule\nthat the dwelling unit referred to in paragraph (b) is intended to serve as\nthe primary residence of the applicant;\n(d)  if applicable, a copy of a letter issued by or on behalf of the relevant\ncorporation addressed to the person making the application (whether or not\nsolely to that person) certifying the matters set out in section 6(4) of the\nStrata Titles Registration Act (2013 Revision);\n\nNational Pensions Act (2024 Revision)\nSection 52BA\n\nc\nRevised as at 31st December, 2023\nPage 57\n\n(e)  a copy of a letter issued by the financial institution holding the mortgage\nor residential land loan, addressed to the person making the application\n(whether or not solely to that person), showing approval in principle for\naccepting a reduction payment on \u2014\n(i)  the existing mortgage in respect of no more than two dwelling units\nand the amount to be paid;\n(ii)  the existing mortgage in respect of no more than two dwelling units,\nany arrears in strata fees related to the mortgaged property and the\namount to be paid; or\n(iii)  a residential land loan and the amount to be paid;\n(f)  where the person has made a previous withdrawal under this Part, evidence\nthat the member has complied with sections 52B(10), 52BA(12), 52C(9)\nand 52D(1), if applicable; and\n(g)  if required by the administrator, an application fee not exceeding fifty\ndollars.\n(4)  The letters referred to in subsection (3)(e)(i) and (iii) shall specify \u2014\n(a)  the name of each person that applied for the withdrawal;\n(b)  the block and parcel number of the relevant property to which the\nwithdrawal relates; and\n(c)  the specific sources of funding for the reduction payment, including each\namount and specific pension plan from which the respective withdrawal\nwill be taken.\n(5)  The letter referred to in subsection (3)(e)(ii) shall \u2014\n(a)  specify the matters set out in subsection (4);\n(b)  provide confirmation that the arrears in strata fees is for the member\u2019s\nprimary residence which shall contain no more than two dwelling units;\nand\n(c)  have annexed to it a copy of the letter referred to in subsection (3)(d).\n(6)  Two or more persons who are Caymanian and who are approved in principle by\na financial institution may, in accordance with this section, withdraw the amount\nrequired from their respective accounts in a pension plan up to the maximum of\nfifty thousand dollars each towards providing a reduction payment on \u2014\n(a)  an existing mortgage on the respective person\u2019s primary residence;\n(b)  where there is an existing mortgage on the respective person\u2019s primary\nresidence and arrears in strata fees in respect of the primary residence, both\nthe mortgage and the arrears in strata fees; or\n(c)  a residential land loan.\n\nSection 52BA\nNational Pensions Act (2024 Revision)\n\nPage 58\nRevised as at 31st December, 2023\nc\n\n(7)  Where a person withdraws an amount from the person\u2019s account in a pension\nplan pursuant to subsection (1)(b), the person shall pay the part of the amount\nallocated to paying off the arrears in strata fees through a financial institution.\n(8)  Where an application is made under subsection (2), the administrator \u2014\n(a)  shall, within sixty days of the application being submitted, issue the\namount required to be paid towards the existing mortgage, and, if\napplicable, the arrears in strata fees related to the mortgaged property, or\nresidential land loan in the form of a cheque payable to the relevant\nfinancial institution and deliver it to the applicant if satisfied that the\napplicant is entitled under subsection (1) to withdraw the amount applied\nfor; or\n(b)  may, if not satisfied that all the requirements under subsection (3) have\nbeen correctly provided by the applicant, refuse the application and shall,\nwithin seven days of the application being submitted, give reasons for the\nrefusal to the applicant, by letter in writing.\n (9)  An administrator who contravenes subsection (8) commits an offence and is\nliable on summary conviction to a fine of twenty thousand dollars or to\nimprisonment for a term of two years, or to both; and if the offence is a\ncontinuing one to a fine of one thousand dollars for every day or part of a day\nduring which the offence has continued.\n(10) An administrator shall provide to the Director monthly \u2014\n(a)  a list of all persons who have withdrawn amounts from their respective\naccounts in a pension plan under this section, stating each amount\nwithdrawn;\n(b)  a list of all persons who applied for a withdrawal under this section;\n(ba) a list of all persons who are repaying withdrawn amounts into their\nrespective accounts in a pension plan under this section;\n(c)  a copy of each letter to persons stating the reason for refusal under\nsubsection (8)(b);\n(d)  in the form approved by the Director, a report with respect to each person\nwho has withdrawn an amount from the person\u2019s account in a pension plan\nunder this section; and\n(e)  a list of all persons who are repaying withdrawn amounts into their\nrespective accounts in a pension plan under this section.\n(11)  An administrator who contravenes subsection (10) commits an offence and is\nliable on summary conviction to a fine of twenty thousand dollars or to\nimprisonment for a term of two years, or to both.\n(12)  Subject to subsection (13), where, before repaying the withdrawal amount in\nfull, a person sells the dwelling unit in respect of which a reduction payment has\nbeen applied through the use of an amount withdrawn pursuant to this section,\n\nNational Pensions Act (2024 Revision)\nSection 52C\n\nc\nRevised as at 31st December, 2023\nPage 59\n\nthe person shall upon completion of the sale return the amount withdrawn or ten\nper cent of the fair market value of the dwelling unit, whichever is greater, back\nto the person\u2019s pension plan account.\n(13) The payments received by an administrator under section 52D shall be deducted\nfrom the amount that the member is required to repay under subsection (12).\n(14) A person who contravenes subsection (12) commits an offence and is liable on\nsummary conviction to a fine of twenty thousand dollars or to imprisonment for\na term of two years, or to both.\n(15) For the purposes of this section, a person may apply for a reduction payment on\nan existing mortgage only where the mortgage applies to the primary residence\nof the person and the residence contains no more than two dwelling units.\n52C. Withdrawal of amount from pension account to pay off an existing mortgage\nand arrears in strata fees\n52C. (1) Notwithstanding sections 55 and 56 but subject to the remaining provisions of\nthis section, a person who is a Caymanian may withdraw from the person\u2019s\naccount in a pension plan an amount not exceeding one hundred thousand\ndollars required to \u2014\n(a)  pay off an existing mortgage on a dwelling unit in the Islands so that the\ndwelling unit is free from any encumbrance; or\n(b)  where there is an existing mortgage on a dwelling unit in the Islands, pay\noff the existing mortgage and any arrears in strata fees related to the\nmortgaged property.\n(2) A person who wishes to withdraw an amount required to pay off an existing\nmortgage pursuant to subsection (1) (a) or pay off an existing mortgage and pay\noff arrears in strata fees related to the mortgaged property pursuant to subsection\n(1)(b) shall, subject to subsection (3), make an application to the relevant\nadministrator in the form prescribed in the Schedule.\n (3) An application under subsection (2) shall be accompanied by \u2014\n(a)\nevidence that the person is a Caymanian;\n(b) evidence that the applicant has legal title to the dwelling unit;\n(ba) if applicable, a copy of a letter issued by or on behalf of the relevant\ncorporation addressed to the person making the application (whether or not\nsolely to that person) certifying the matters set out in section 6(4) of the\nStrata Titles Registration Act (2013 Revision);\n(c)\na copy of a letter issued by the financial institution holding the mortgage,\naddressed to the person making the application (whether or not solely to\nthat person), showing approval in principle \u2014\n(i)  for paying off the existing mortgage and the amount to be paid off;\nor\n\nSection 52C\nNational Pensions Act (2024 Revision)\n\nPage 60\nRevised as at 31st December, 2023\nc\n\n(ii)  for paying off the existing mortgage and any arrears in strata fees\nrelated to the mortgaged property, and the amount to be paid off;\n(d)  where the person has made a previous withdrawal under this Part, evidence\nthat the member has complied with sections 52B(10), 52BA(12), 52C(9)\nand 52D(1), if applicable; and\n(e)  if required by the administrator, an application fee not exceeding fifty\ndollars.\n(3A) The letter referred to in subsection (3)(c)(i) shall specify \u2014\n(a)\nthe name of each person that applied for the withdrawal;\n(b) the relevant block and parcel number of the relevant property to which the\nwithdrawal relates;\n(c)\nthe specific sources of funding for the purchase, including each amount\nand specific pension plan from which the respective withdrawal will be\ntaken; and\n(d) confirmation that the mortgage is for the member\u2019s primary residence\nwhich shall contain no more than two dwelling units.\n(3B) The letter referred to in subsection (3)(c)(ii) shall \u2014\n(a)\nspecify the matters set out in subsection (3A);\n(b) provide confirmation that the arrears in strata fees is for the member\u2019s\nprimary residence which shall contain no more than two dwelling units;\nand\n(c)\nhave annexed to it a copy of the letter referred to in subsection (3)(ba).\n(4) Two or more persons who are Caymanian and who are approved in principle by\na financial institution may, in accordance with this section, withdraw the amount\nrequired from their respective accounts in a pension plan up to the maximum of\none hundred thousand dollars each towards \u2014\n(a)  paying off an existing mortgage on the respective person\u2019s primary\nresidence; or\n(b)  where there is an existing mortgage on the respective person\u2019s primary\nresidence and arrears in strata fees in respect of the primary residence,\npaying off both the mortgage and the arrears in strata fees.\n(4A) Where a person withdraws an amount from the person\u2019s account in a pension\nplan pursuant to subsection (1)(b), the person shall pay the part of the amount\nallocated to paying off the arrears in strata fees through a financial institution.\n(5) Where an application is made under subsection (2), the administrator \u2014\n(a)\nshall, within sixty days of the application being submitted, issue the\namount required to pay off the existing mortgage and, if applicable, the\narrears in strata fees related to the mortgaged property in the form of a\n\nNational Pensions Act (2024 Revision)\nSection 52C\n\nc\nRevised as at 31st December, 2023\nPage 61\n\ncheque payable to the relevant financial institution and deliver it to the\napplicant if satisfied that the applicant is entitled under subsection (1) to\nwithdraw the amount applied for; or\n (b) may, if not satisfied that all the requirements under subsection (3) have\nbeen correctly provided by the applicant, refuse the application and shall,\nwithin seven days of the application being submitted, give reasons for the\nrefusal to the applicant, by letter in writing.\n(6) An administrator who contravenes subsection (5) commits an offence and is\nliable on summary conviction to a fine of twenty thousand dollars or to\nimprisonment for a term of two years, or to both; and if the offence is a\ncontinuing one to a fine of one thousand dollars for every day or part of a day\nduring which the offence has continued.\n(7) An administrator shall provide to the Director monthly \u2014\n(a)\na list of all persons who have withdrawn amounts from their respective\naccounts in a pension plan under this section, stating each amount\nwithdrawn;\n(b) a list of all persons who applied for a withdrawal under this section;\n(ba) a list of all persons who are repaying withdrawn amounts into their\nrespective accounts in a pension plan under this section;\n(c)\na copy of each letter to persons stating the reason for refusal under\nsubsection (5)(b); and\n(d) in the form approved by the Director, a report with respect to each person\nwho has withdrawn an amount from that person\u2019s account in a pension\nplan under this section.\n(8) An administrator who contravenes subsection (7) commits an offence and is\nliable on summary conviction to a fine of twenty thousand dollars or to\nimprisonment for a term of two years, or to both.\n(9) Subject to subsection (9A), where before repaying the withdrawal amount in\nfull, a person sells the dwelling unit paid off through the use of an amount\nwithdrawn pursuant to this section, the person shall upon completion of the sale\nreturn the amount withdrawn or ten per cent of the fair market value of the\ndwelling unit, whichever is greater, back to that person\u2019s pension plan account.\n(9A) The payments received by a pension plan administrator under section 52D shall\nbe deducted from the amount that the member is required to repay under\nsubsection (9).\n(10) A person who contravenes subsection (9) commits an offence and is liable on\nsummary conviction to a fine of twenty thousand dollars or to imprisonment for\na term of two years, or to both.\n(11) In this section \u2014\n\nSection 52D\nNational Pensions Act (2024 Revision)\n\nPage 62\nRevised as at 31st December, 2023\nc\n\n\u201ccorporation\u201d has the meaning assigned by section 2 of the Strata Titles\nRegistration Act (2013 Revision);\n\u201cencumbrance\u201d has the meaning assigned to that expression under section 2 of\nthe Registration (Land) Act (1996 Revision).\n(12) A dwelling unit under subsection (1) refers to a dwelling unit which serves as\nthe primary place of residence for the person making the withdrawal under that\nsection.\n52D. Additional contributions\n52D. (1) Notwithstanding section 47 or any provision under another Act in force in the\nIslands to the contrary, where a person makes a withdrawal from the person\u2019s\naccount in a pension plan pursuant to section 52B, 52BA or 52C, the person\nshall, in addition to the amount that the person is required to contribute to a\npension plan pursuant to section 47, contribute an additional amount of three\nper cent of the person\u2019s earnings to the pension plan from the month\nimmediately following the date of issuance of the cheque pursuant to section\n52B(6)(a), 52BA(8)(a) or 52C(5)(a) \u2014\n(a)  until the total additional contributions equal the actual amount withdrawn;\nor\n(b)  until the person attains the normal age of pension entitlement, whichever\nis earlier.\n(1A) A member may make further lump sum payments, in addition to the percentage\nrequired to be paid under subsection (1), to facilitate faster repayment of the\nwithdrawal under section 52B, 52BA or 52C.\n(2) Notwithstanding subsection (1), an employer shall not be required to make any\nadditional contributions to a pension plan on the basis of additional\ncontributions made by a person pursuant to that subsection.\n(3) Where a person is required to make additional contributions under\nsubsection (1), the person shall \u2014\n(a)\nif that person is an employee, inform that person\u2019s employer in writing of\nthe requirement and the employer shall deduct such additional\ncontributions from the employee\u2019s earnings and pay the same into the\nemployee\u2019s account in the pension plan; or\n(b) if that person is self-employed deduct such additional contributions from\nthat person\u2019s earnings and pay the same into that person\u2019s account in the\npension plan.\n(4) A person who contravenes subsection (1) or (3) commits an offence and is liable\non summary conviction to a fine of twenty thousand dollars or to imprisonment\nfor a term of two years, or to both.\n\nNational Pensions Act (2024 Revision)\nSection 52E\n\nc\nRevised as at 31st December, 2023\nPage 63\n\n52E. Total amount withdrawn from more than one pension plan not to exceed fifty\nthousand dollars except under section 52C\n52E. (1) Where a person contributes or has contributed to more than one pension plan\nunder this Act, that person shall not withdraw more than a total of fifty thousand\ndollars in the aggregate from that person\u2019s accounts in the pension plans under\nsection 52B or 52BA.\n(1A) Where a person contributes or has contributed to more than one pension plan\nunder this Act, that person shall not withdraw more than a total of one hundred\nthousand dollars in the aggregate from the person\u2019s accounts in the pension\nplans under section 52C.\n(2) A person who contravenes subsection (1) commits an offence and is liable on\nsummary conviction to a fine of ten thousand dollars or to imprisonment for a\nterm of one year, or to both.\n52F. False or misleading declaration or information\n52F. (1) A person shall not knowingly or wilfully make a false or misleading declaration\nor supply false or misleading information in an application made under\nsection 52B, 52BA or 52C.\n(2) A person who contravenes subsection (1) commits an offence and is liable on\nsummary conviction to a fine of ten thousand dollars or to imprisonment for a\nterm of one year, or to both.\n52G. Restriction\n52G. (1) Where a withdrawal is made pursuant to section 52B, 52BA or 52C, the Director\nshall make an application to the Registrar of Lands for a restriction to be entered\nwith respect to the dwelling unit or residential land that is the subject of the\nwithdrawal and the Registrar of Lands shall enter the restriction in accordance\nwith the Registered Land Act (2018 Revision).\n(2) Notwithstanding section 134 of the Registered Land Act (2018 Revision), a\nrestriction entered pursuant to this section shall not be removed unless the total\namount withdrawn under section 52B, 52BA or 52C is repaid as additional\ncontributions or on the sale of the dwelling unit or residential land.\n(3) In this section \u2014\n\u201cRegistrar of Lands\u201d means the person appointed as such pursuant to section 5\nof the Registered Land Act (2018 Revision).\n52H. Defence\n52H. It shall be a defence to a prosecution under section 52B, 52BA, 52C, 52D or 52E that\na person took all reasonable steps to comply with section 52B, 52BA, 52C, 52D or\n52E, as the case may be.\n\nSection 53\nNational Pensions Act (2024 Revision)\n\nPage 64\nRevised as at 31st December, 2023\nc\n\nPART 8 - Locking In\n53.\nRefunds\n53. (1) Except as is otherwise provided under this Act, no member or former member\nis entitled to a refund from a pension fund of contributions made by that member\nor on that member\u2019s behalf in respect of employment in the Islands or\ninvestment earnings on the contributions or otherwise to receive a payment or\ntransfer from the pension plan on or after 1st June, 1998.\n(2)  Notwithstanding subsection (1), on application by the administrator,\ncontributions and interest thereon may be refunded to a member with the\napproval of the Director if \u2014\n(a)  the pension plan provides for the refund; and\n(b)  the pension plan meets prescribed requirements.\n(3)  Subsection (2) shall only apply to a person who has attained the normal age of\npension entitlement and provides evidence through the administrator to the\nsatisfaction of the Director that the member cannot transfer that member\u2019s\npension benefits to another pension plan, pension entitlement savings\narrangement or life annuity.\n(4)  Notwithstanding subsection (1), where \u2014\n(a)  a member\u2019s employment is terminated;\n(b)  that member ceases to reside in the Islands; and\n(c)  no mandatory contributions have been made to a pension plan by or on\nbehalf of the member for a period of two years or more,\n\nthe member may elect, after the expiration of two years from the termination of\nthe member\u2019s employment, in the case of a defined contribution pension plan,\nto receive a lump sum payment of an amount equal to not less than the amount\nof the contributions made by or on behalf of the member and the investment\nearnings on the contributions made under the pension plan or to have the units\nallocated to the member\u2019s account realised by the approved provider and to have\nthe amount transferred to another pension plan, and in the case of a defined\nbenefit plan, to receive a lump sum payment of the commuted value of the\nmember\u2019s accrued pension benefits.\n(5)  For the purposes of subsection (4), a person shall be deemed to have ceased to\nbe resident in the Islands when the person has been absent from the Islands for\na period of six months or more, and, in calculating a period of absence, no\naccount shall be taken of a period of residence in the Islands for a continuous\nperiod less than three months.\n(6)  Further to the requirements of subsection (4) an administrator shall provide, in\nthe form that the administrator considers appropriate, a member leaving the\n\nNational Pensions Act (2024 Revision)\nSection 54\n\nc\nRevised as at 31st December, 2023\nPage 65\n\njurisdiction details setting out that member\u2019s ability to access the member\u2019s\npension benefits under this Act.\n(7)  A person may only apply for a refund under subsection 4 within the time\nprescribed by Order made by Cabinet.\n54.\nShorter qualification periods\n54. A pension plan may provide for shorter qualification periods for entitlement to a\ndeferred pension than those set out in section 27 or 28 in respect of employees who\nare transferring benefits to another approved pension plan.\n55.\nVoid transactions\n55. (1) Any transaction is void if it purports to convey, assign, charge, anticipate or give\nas security \u2014\n(a)\na right to receive money that is or may become payable under a pension\nplan; or\n(b) assets being transferred from a pension fund.\n(2) Subsection (1) does not apply with respect to a transfer required by a court order\nrelating to the transfer of assets on a dissolution of a civil partnership, divorce,\nlegal separation or decree of nullity.\n56.\nExemption from execution, seizure or attachment\n56. (1) Money payable under a pension plan is exempt from execution, seizure or\nattachment or any other process that is taken by a creditor.\n(2) Money transferred from a prescribed fund to a prescribed pension entitlement\nsavings arrangement or for the purchase of a life annuity under this Act is\nexempt from execution, seizure or attachment or any other process that is taken\nby a creditor.\n(3) Money payable from a prescribed pension entitlement savings arrangement or a\nlife annuity is exempt from execution, seizure, attachment or any other process\nthat is taken by a creditor.\n(4) Subsections (1), (2) and (3) do not apply, subject to section 43, to prevent\nexecution, seizure or attachment in satisfaction of a court order made upon a\ndissolution of a civil partnership, divorce or separation for maintenance or other\npayments respecting dissolution of a civil partnership, divorce or separation.\n(5) Subsection (4) applies to orders whether made before or after the 1st June, 1998.\n57.\nCommutation or surrender\n57. Except as provided by or under this Act \u2014\n(a)\na pension or benefit of a person under a pension plan, a prescribed pension\nentitlement savings arrangement or a life annuity purchased for a person\n\nSection 58\nNational Pensions Act (2024 Revision)\n\nPage 66\nRevised as at 31st December, 2023\nc\n\nunder a pension plan shall not be commuted or surrendered during a\nperson\u2019s life; and\n(b) a transaction that purports to commute or surrender such a pension, benefit,\nannuity or prescribed pension entitlement savings arrangement is void and\nof no effect.\nPART 9 - Termination and Winding Up\n58.\nWinding up\n58. (1) An administrator may terminate and wind up a pension plan in whole or in part.\n(2) The administrator shall give written notice of the proposal to terminate and wind\nup the pension plan to \u2014\n(a)\nthe Director;\n(b) each member;\n(c)\neach former member;\n(d) each participating employer;\n(e)\nthe advisory committee of the pension plan; and\n(f)\nany other person entitled to a payment from the pension fund.\n(3) In the case of a proposal to terminate and wind up only part of a pension plan,\nthe administrator is not required to give written notice of the proposal to\nmembers, former members or other persons entitled to payment from the\npension fund if, in the opinion of the Director, they will not be affected by the\nproposed partial winding up.\n(4) The notice of proposal to terminate and wind up shall contain the information\nprescribed by regulations.\n(5) When giving notice of a proposal to terminate and wind up a pension plan to the\nDirector, the administrator shall pay the prescribed fee to the Board.\n(6) The Director may waive the fee payable under subsection (5) if the liabilities of\nthe pension plan exceed the assets of the pension fund.\n(7) The date of termination of a pension plan that is being wound up shall \u2014\n(a)\nnot be earlier than the date the members\u2019 contributions, if any, cease to be\ndeducted, in the case of contributory pension plans; or\n(b) in any other case, be on the date notice is given to members.\n(8) The Director, may, by order, where the Director deems it necessary, change the\ncommencement date of the winding up of a pension plan.\n\nNational Pensions Act (2024 Revision)\nSection 59\n\nc\nRevised as at 31st December, 2023\nPage 67\n\n59.\nWinding up order by the Director\n59. (1) The Director may, by order, require the termination and winding up of a pension\nplan in whole or in part if \u2014\n(a)\nthere is a cessation or suspension of employees\u2019 contributions to the\npension fund;\n(b) the employer fails to make contributions to the pension fund as required\nby this Act or regulations;\n(c)\nthe employer is bankrupt within the meaning of the Bankruptcy Act (1997\nRevision);\n(d) a significant number of members of the pension plan cease to be employed\nby the employer as a result of the discontinuance of all or part of the\nbusiness of the employer or as a result of the reorganisation of the business\nof the employer;\n(e)\nin the case of a multi-employer pension plan \u2014\n(i)\nthere is a significant reduction of the number of members; or\n(ii) there is a cessation of contributions under the pension plan or a\nsignificant reduction in such contributions; or\n(f)\nany other prescribed event or circumstance occurs.\n(2) In an order under subsection (1), the Director shall specify \u2014\n(a)\nthe date of the winding up;\n(b) the person or class of persons to whom the administrator shall give notice\nof the order; and\n(c)\nthe information that shall be given in the notice.\n60.\nWinding up report\n60. (1) An administrator of a pension plan that is to be wound up in whole or in part\nshall file a winding up report that sets out \u2014\n(a)\nthe assets and liabilities of the pension plan;\n(b) the benefits to be provided under the pension plan to members, former\nmembers and claimants;\n(c)\nthe methods of allocating and distributing the assets of the pension plan\nand determining the priorities for payment of benefits; and\n(d) such other information as is prescribed.\n(2) No payment shall be made out of the pension fund related to the pension plan in\nrespect of which notice of proposal to wind up has been given until the Director\nhas approved the winding up report.\n(3) Subsection (2) does not apply \u2014\n\nSection 61\nNational Pensions Act (2024 Revision)\n\nPage 68\nRevised as at 31st December, 2023\nc\n\n(a)\nto prevent continuation of payment of a pension or other benefit, the\npayment of which commenced before the giving of the notice of proposal\nto wind up the pension plan; or\n(b) to prevent any other payment that is prescribed or that is approved by the\nDirector.\n(4) An administrator shall not make payment out of the pension fund except in\naccordance with the winding up report approved by the Director.\n(5) The Director may, by order, refuse to approve a winding up report that \u2014\n(a)\ndoes not meet the requirements of this Act and regulations; or\n(b) does not protect the interests of the members and former members of the\npension plan.\n(6) On the partial winding up of a pension plan, members, former members and\nclaimants entitled to benefits under the pension plan shall have rights and\nbenefits that are not less than the rights and benefits they would have on a full\nwinding up of the pension plan on the commencement of the partial winding up.\n61.\nAppointment of administrator to wind up\n61. (1) If a pension plan that is to be wound up in whole or in part does not have an\nadministrator or the administrator fails to act, the Director may act as or may\nappoint an administrator.\n(2) The reasonable administration costs of the Director or the administrator\nappointed by the Director may be paid out of the pension fund.\n62.\nNotice of entitlements\n62. (1) On the winding up of a pension plan in whole or in part, the administrator shall\ngive to each person entitled to a benefit or to a refund in respect of the pension\nplan a statement setting out \u2014\n(a)\nthe person\u2019s entitlement under the pension plan;\n(b) the options available to the person; and\n(c)\nany other prescribed information.\n(2) Where a person to whom notice is given under subsection (1) is required to make\nan election, the person shall make the election within sixty days of receiving the\nnotice or shall be deemed \u2014\n(a)\nto have elected to receive immediate payment of a pension benefit, if\neligible therefor; or\n(b) if not eligible to receive immediate payment of a pension benefit, to\nreceive a pension commencing at the earliest date mentioned in\nparagraph (b) of section 63(l),\n\nNational Pensions Act (2024 Revision)\nSection 63\n\nc\nRevised as at 31st December, 2023\nPage 69\n\nand the administrator of the pension plan shall make payment in accordance\nwith the election or deemed election.\n63.\nDetermination of entitlement\n63. (1) For the purpose of determining the amounts of pension benefits and any other\nrights, benefits and entitlements on the winding up of a pension plan, in whole\nor in part \u2014\n(a)\nthe employment of each member affected by the winding up shall be\ndeemed to have been terminated on the commencement of the winding up;\n(b) each member\u2019s pension benefits at the commencement of the winding up\nshall be determined as if the member had satisfied all eligibility conditions\nfor a pension benefit; and\n(c)\nprovision shall be made for the entitlements referred to in section 62.\n(2) A person entitled to a benefit on the winding up of a pension plan, other than a\nperson who is receiving a pension is entitled to the rights under section 34(1) of\na member who terminates employment.\n64.\nAccrual of pensions during notice of termination\n64. (1) Membership in a pension plan that is wound up in whole or in part includes the\nperiod of notice of termination of employment required under the Labour Act\n(2021 Revision).\n(2) Subsection (3) does not apply for the purpose of calculating the amount of a\npension benefit of a member who is required to make contributions to the\npension plan unless the member makes the contributions in respect of the period\nof notice of termination of employment.\n(3) For the purposes of this section, where \u2014\n(a)\nunder a pension plan the consent of an employer is an eligibility\nrequirement to receive payment of an ancillary benefit; and\n(b) the member would meet all other eligibility requirements,\nthe employer shall be deemed to have given the consent.\n(4) This section and other sections relating to entitlement and benefits, apply in\nrespect of the winding up, in whole or in part of a pension plan where the\ncommencement of the winding up is on or after the 1st June, 1998.\n65.\nLiability of employer on termination\n65. (1) Where a pension plan is terminated in whole or in part, the employer or each\nparticipating employer shall pay into the pension fund an amount equal to the\ntotal of all payments that, under this Act, the regulations and the pension plan,\nare due or that have accrued and that have not been paid into the pension fund.\n\nSection 66\nNational Pensions Act (2024 Revision)\n\nPage 70\nRevised as at 31st December, 2023\nc\n\n(2) The employer shall pay the money due under subsection (1) in the prescribed\nmanner and at the prescribed times.\n(3) In any case where \u2014\n(a)\nany warrant of distress is executed against the property of an employer and\nthe property is seized or sold in pursuance of the execution; or\n(b) on the application of a secured creditor the property of an employer is sold,\nthe proceeds of the sale of the property shall not be distributed to any person\nentitled thereto until the court ordering the sale has made provision for the\npayment into a pension fund of any amounts due in respect of both contributions\npayable by the employer and employees contributions deducted from the payroll\nbut not credited to the pension fund.\n66.\nPension fund continues subject to this Act and the regulations\n66. (1) The pension fund of a pension plan that is wound up continues to be subject to\nthis Act and regulations until all the assets of the pension fund have been\ndisbursed.\n(2) In the case of a defined benefit pension plan, where the money in a pension fund\nis not sufficient to pay all the pension benefits on the winding up of the pension\nplan in whole or in part, the pension benefits and other benefits shall be reduced\nin the prescribed manner.\nPART 10 - Surplus\n67.\nContinuing pension plan\n67. (1) No surplus under a defined benefit pension plan shall be paid to any employer\nand such surplus shall be used solely for the benefit of members, former\nmembers and claimants of a pension plan as prescribed by the regulations.\n(2) Notwithstanding subsection (1), on the winding up of a defined benefit plan\nwhere a surplus existed prior to the 1st June, 1998, this section does not apply\nto the extent of the amount of that surplus.\nPART 11 - Sales, Transfers and New Plans\n68.\nContinuation of benefits under successor employer\n68. (1) Where an employer who contributes to a pension plan sells, assigns or otherwise\ndisposes of all or part of that employer\u2019s business or all or part of the assets of\nthat employer\u2019s business, and a member of the pension plan as a result becomes\nan employee of the successor employer and becomes a member of the pension\nplan provided by the successor employer, that member \u2014\n\nNational Pensions Act (2024 Revision)\nSection 68\n\nc\nRevised as at 31st December, 2023\nPage 71\n\n(a)\ncontinues to be entitled to the benefits provided under the employer\u2019s\npension plan in respect of employment in the Islands up to the date of the\ncompletion of the sale, assignment or disposition without further accrual;\n(b) is entitled to credit in the pension plan of the successor employer for the\nperiod of membership in the employer\u2019s pension plan, for the purpose of\ndetermining eligibility for membership in or entitlement to benefits under\nthe pension plan of the successor employer; and\n(c)\nis entitled to credit in the employer\u2019s pension plan for the period of\nemployment with the successor employer for the purpose of determining\nentitlement to benefits under the employer\u2019s pension plan.\n(2) Paragraph (a) of subsection (1) does not apply if the successor employer\nassumes responsibility for the accrued pension benefits of the employer\u2019s\npension plan and the pension plan of the successor\u2019s employer shall be deemed\nto be a continuation of the employer\u2019s plan with respect to any benefits or assets\ntransferred.\n(3) Where a transaction described in subsection (1) takes place, the employment of\nthe employee shall be deemed, for the purposes of this Act, not to be terminated\nby reason of the transaction.\n(4) Subject to subsection (5), where a transaction described in subsection (1) occurs\nand the successor employer assumes responsibility in whole or in part for the\nbenefits provided under the employer\u2019s pension plan, a transfer of assets shall\nbe made from the pension fund related to the employer\u2019s pension plan to the\npension fund related to the plan provided by the successor employer in\naccordance with the prescribed terms and conditions.\n(5) The Director shall not approve a transfer of assets that does not \u2014\n(a)\nprotect the pension benefits and any other benefits of the members and\nformer members of the employer\u2019s pension plan; or\n(b) that does not meet the prescribed requirements and qualifications.\n(6) No transfer shall be made under subsection (4) without the prior consent of the\nDirector.\n(7) The Director may, by order, require a transferee to return to the pension fund,\nwith interest at a rate to be prescribed, assets transferred without the prior\nconsent required by subsection (5).\n(8) Subject to section 72, an order for return of assets under subsection (7) may be\nenforced in the same manner as a judgment of the Grand Court for the payment\nof a sum of money.\n(9) In this section \u2014\n\u201csuccessor employer\u201d means the person who acquires the business or the assets\nof the employer.\n\nSection 69\nNational Pensions Act (2024 Revision)\n\nPage 72\nRevised as at 31st December, 2023\nc\n\n69.\nAdoption of a new pension plan\n69. (1) Where a pension plan is established or utilised by an employer to be a successor\nto an existing pension plan, the rights of members under section 63(2) shall not\narise and the assets and liabilities of the existing plan shall be transferred to the\nnew plan.\n(2) The benefits and rights under the original pension plan in respect of employment\nbefore the establishment of the new pension plan shall be carried forward and\nincluded in the new pension plan.\n(3) Subsection (2) applies whether or not the assets and liabilities of the original\npension plan are consolidated with those of the new pension plan.\n(4) An administrator shall not transfer assets from the pension fund of the original\npension plan to the pension fund of the new pension plan without the prior\nconsent of the Director or contrary to the prescribed terms and conditions.\n(5) The Director shall not approve a transfer of assets that does not protect the\npension benefits and any other benefits and rights of the members, former\nmembers and claimants of the original pension plan.\n(6) The Director may, by order, require a transferee to return to the pension fund\nassets, with interest at a rate calculated in accordance with the regulations,\ntransferred to that person by the administrator without the prior consent of the\nDirector or transferred contrary to the prescribed terms or conditions.\n(7) Subject to section 72, an order for return of assets under subsection (6), may be\nenforced in the same manner as a judgment of the Grand Court for the payment\nof a sum of money.\n(8)  An administrator who contravenes this section, commits an offence and is liable\non summary conviction to a fine of fifty thousand dollars or five per cent of the\nassets transferred whichever is greater and this fine shall be paid by the\nadministrator and shall not be charged to the pension plan.\nPART 12 - Orders\n70.\nOrder by Director\n70. (1) The Director, in the circumstances mentioned in subsection (2), may order an\nadministrator or any other person to take or refrain from taking any action in\nrespect of a pension plan or a pension fund.\n(2) The Director may make an order under this section if the Director is of the\nopinion that \u2014\n(a)\nthe pension plan or pension fund is not being administered in accordance\nwith this Act, the regulations or the pension plan;\n\nNational Pensions Act (2024 Revision)\nSection 71\n\nc\nRevised as at 31st December, 2023\nPage 73\n\n(b) the pension plan does not comply with this Act and the regulations; or\n(c)\nthe administrator of the pension plan, the employer or any other person\ndealing with a pension plan is contravening a requirement of this Act or\nthe regulations.\n(3) In an order made under this section the Director may specify the time or times\nwhen the periods of time within which the persons to whom the order is directed\nmust comply with the order.\n(4) An order under this section is not effective unless the reasons for the order are\nset out in the order.\n71.\nOrder for correction\n71. (1) The Director, in the circumstances mentioned in subsection (2), may order an\nadministrator to take the action specified in subsection (3).\n(2) The Director may make an order under this section where the Director is of the\nopinion that \u2014\n(a)\nthe assumptions or methods used by the administrator in the preparation\nof a report required under this Act or regulations in respect of a pension\nplan are inappropriate for a pension plan;\n(b) the assumptions or methods used in the preparation of a report required\nunder this Act or regulations in respect of a pension plan do not accord\nwith accepted actuarial principles or such other requirements as may be\nprescribed; or\n(c)\na report submitted in respect of a pension plan does not meet the\nrequirements of this Act, the regulations or the pension plan.\n(3) An order under this section may include, but is not limited to, requiring the\npreparation of a new report and specifying the assumptions or methods or both\nthat shall be used in the preparation of the new report.\nPART 13 - Hearing and Appeal\n72.\nAppeal from Director\u2019s decision\n72. (1) A person affected by a decision of the Director may appeal to the Board.\n(2) In subsection (1) \u2014\n\u201cdecision\u201d includes \u2014\n(a)\nan order;\n(b) an approval;\n(c)\na consent;\n(d) a refusal to register a pension plan or an amendment to a pension plan;\n\nSection 73\nNational Pensions Act (2024 Revision)\n\nPage 74\nRevised as at 31st December, 2023\nc\n\n(e)\nthe revocation of a pension plan or an amendment to a pension plan; and\n(f)\nthe appointment of an administrator.\n73.\nRequest for appeal etc.\n73. (1) A person affected by a decision of the Director may make an appeal under\nsection 72 by notice in writing and shall deliver such notice to the Board not\nlater than thirty days after the receipt of the Director\u2019s decision by the person.\n(2) On receipt of a notice of appeal under subsection (1), the Board shall appoint a\ntime for the hearing of the appeal provided that the Board may refuse to hear an\nappeal if there are reasonable grounds to conclude that the appeal is frivolous\nand vexatious.\n(3) For the purposes of this section the parties to an appeal are \u2014\n(a)\nthe person who requests the hearing;\n(b) the Director;\n(c)\nan administrator;\n(d) any trustees of the pension plan;\n(e)\nany member of the pension plan; and\n(f)\nany employer who contributes to the pension plan.\n(4) Upon hearing an appeal, the Board \u2014\n(a)\nmay confirm, vary or rescind the decision appealed against; or\n(b) substitute its decision for that of the Director\u2019s,\nand may attach such terms and conditions to its order as the Board considers\nnecessary.\n(5) The Board shall, by notice in writing, inform the parties to an appeal of its\ndecision.\n(6) The Board may grant a stay of the decision appealed against on such terms and\nconditions as the Board considers appropriate in the circumstances.\n(7) A party to an appeal shall be given notice by the Board of the appeal and\nafforded an opportunity to examine before the hearing any written or\ndocumentary evidence that will be produced or any report the contents of which\nwill be given in evidence at the hearing.\n(8) Documents in evidence at a hearing shall, upon the request of the person who\nproduced them, be released to the person within a reasonable time after the\nconclusion of the hearing.\n\nNational Pensions Act (2024 Revision)\nSection 74\n\nc\nRevised as at 31st December, 2023\nPage 75\n\n74.\nQuorum and votes\n74. (1) Three members of the Board constitute a quorum for the purposes of a hearing\nbefore the Board under section 73, and decisions in such hearings require the\nvote of a majority of the members of the Board present at the hearing.\n(2) The Board may sit in two or more panels simultaneously for the purposes of\nsuch proceedings.\n(3) The Chairperson of the Board shall assign the members of the Board to its panels\nand may change an assignment at any time.\n(4) The Cabinet may make regulations with respect to the practice and procedure of\nthe Board.\n(5) Where a hearing is commenced before the Board and the term of office on the\nBoard of a member sitting for the hearing expires or is terminated other than for\ncause before the hearing has been concluded but after the evidence has been\nheard, the person shall be deemed to remain a member of the Board for the\npurpose of completing the hearing in the same manner as if the person\u2019s term of\noffice had not expired or been terminated.\n75.\nCosts\n75. (1) The costs of and incidental to any proceedings before the Board are in the\ndiscretion of the Board and shall be assessed by the Board in any hearing.\n(2) The Board may, by order, direct to whom and by whom costs, if any, are to\nbe paid.\n(3) The Board may establish a scale under which such costs shall be assessed.\n76.\nEnforcement\n76. An order of the Director or the Board may be filed in the Grand Court and is, upon\nsuch filing, enforceable as an order of that court.\n77.\nAppeal to Grand Court\n77. (1) A party to any proceedings before the Board under this Act may appeal to the\nGrand Court against the decision or order of the Board.\n(2) Upon the request of a person to appeal to the Grand Court, the Board shall\nfurnish that person with a certified copy of the record of the proceedings,\nincluding the documents received in evidence and the decision from which an\nappeal is requested.\n\nSection 78\nNational Pensions Act (2024 Revision)\n\nPage 76\nRevised as at 31st December, 2023\nc\n\nPART 14 - National Pensions Board\n78.\nNational Pensions Board\n78. (1) The National Pensions Board is hereby established.\n(2) The Board shall consist of \u2014\n(a)\na Chairperson;\n(b) a Deputy Chairperson; and\n(c)\nsuch other members being not less than five nor more than nine.\n(3) The members of the Board shall be appointed by the Cabinet.\n(4) The appointment of the members of the Board shall be published in the Gazette.\n(5) The Cabinet may fill any vacancy in the membership of the Board or in the\noffices of Chairperson or Deputy Chairperson of the Board.\n(6) The Cabinet may make regulations with respect to \u2014\n(a)\nthe tenure of members and vacation of office by members of the\nBoard; and\n(b) the appointment of staff to assist the Board in carrying out the business of\nthe Board.\n(7) Subject to section 74(1), a majority of the members of the Board constitutes a\nquorum.\n(8) The Cabinet may, by directions, designate such further functions of the Board\nas are considered necessary for the effective administration of this Act and\nregulate the procedure and functions of the Board.\n78A. Remuneration and immunity of members of the Board\n78A. (1) Those members of the Board who are not public officers shall receive such\nremuneration in respect of each meeting attended, and the chairperson and\ndeputy chairperson shall receive such additional remuneration as may be\ndetermined by the Cabinet.\n(2)  Every member of the Board shall be personally indemnified against all claims,\ndamages, costs, charges or expenses incurred by the member in the discharge of\nthe member\u2019s functions or duties under this Act except claims, damages, costs,\ncharges, or expenses caused by the member\u2019s bad faith.\n78B. Appointment and functions of committees\n78B. (1) The chairperson of a Board may appoint committees comprising no fewer than\nthree members of the Board including the chairperson or the deputy chairperson,\nand may delegate to such committees any of the functions of the Board, except\nthat \u2014\n\nNational Pensions Act (2024 Revision)\nSection 78C\n\nc\nRevised as at 31st December, 2023\nPage 77\n\n(a)  the chairperson shall, as soon as practicable, notify the Cabinet of the\nappointment of any such committee; and\n(b)  either the chairperson or the deputy chairperson shall be the chairperson\nof each committee so appointed.\n(2)  The Secretary or the assistant Secretary of the Board shall be the Secretary of\neach committee so appointed\n78C. Meetings of the Board\n78C. (1) The Board shall meet at least once every quarter and upon such other occasions\nas, in the opinion of the chairperson, may be necessary or desirable in the public\ninterest.\n(2)  Any member of the Board who, without providing the prior written notice to the\nchairperson, is absent from more than two out of five consecutive meetings of\nthat Board shall cease to be a member of the Board.\n(3)  In the temporary absence of the chairperson or in the event of that person\u2019s\ninability to act, the deputy chairperson shall act as chairperson and exercise all\nthe powers and functions of chairperson.\n(4)  At every meeting of the Board \u2014\n(a)  it shall reach its decision by a majority of the votes of members present\nand voting;\n(b)  the chairperson or presiding member shall have no original but only a\ncasting vote; and\n(c)  two-thirds of the membership shall constitute a quorum.\n(5)  Where a member of the Board has a personal or pecuniary interest, direct or\nindirect, in any matter which is to be determined by the Board, the member shall,\nif present at the meeting at which such matter is to be determined, as soon as\npossible after the commencement of the meeting, disclose the fact and leave the\nmeeting.\n(6)  Subject to subsections (1) to (5), the Board shall have power to regulate its own\nprocedure.\n78D. Duty of confidentiality\n78D. (1) The fact and any particulars of, or relating to, any matter falling for\nconsideration by, or the decision of, a Board shall be treated as confidential by\neach member of the Board and the member shall not disclose any such fact or\nparticular otherwise than in the proper performance of the member\u2019s duties\nunder this Act or in compliance with the order of a court of competent\njurisdiction.\n(2)  The failure of any member to comply with subsection (1) \u2014\n(a)  is an offence; and\n\nSection 79\nNational Pensions Act (2024 Revision)\n\nPage 78\nRevised as at 31st December, 2023\nc\n\n(b)  constitutes a sufficient ground for the termination of the member\u2019s\nappointment.\n(3)  Any allegations of a breach of subsection (1) shall be fully investigated by a\nconstable of the rank of Inspector or above.\n(4)  A person who commits an offence under subsection (2)(a) is liable on summary\nconviction to a fine of ten thousand dollars or to imprisonment for a term of one\nyear, or to both\n79.\nDepartment of Labour and Pensions\n79. (1) There is established the Department of Labour and Pensions which shall be\nresponsible for the administration and enforcement of this Act.\n(2) The Department of Labour and Pensions shall be comprised of the Director,\nDeputy Director, officers and other members of staff necessary to satisfy the\nrequirement of subsection (1).\n(3) The Director, Deputy Director, officers and other members of staff of the\nDepartment of Labour and Pensions shall be appointed pursuant to the Public\nService Management Act (2018 Revision) and the Regulations made thereunder.\n(4) The Director is the chief administrative officer of the Board and shall exercise the\npowers and perform the duties that are vested in or imposed upon the Director\nby this Act and the Regulations.\n79A. Powers of Directors and Deputy Directors\n79A. The Director, Deputy Director and any designated person pursuant to section 87 shall\nhave, when performing duties regarding the imposition of administrative penalties\nunder this Act the same powers, privileges and immunities as are conferred on a\nconstable by the Police Act (2021 Revision) and may perform the functions required\nto be performed by the designated person in accordance with section 87.\n80.\nDuty of Director and Board\n80. The Board shall \u2014\n(a)\nhear, consider and determine decisions appealed in accordance with Part\n13 of this Act;\n(b) promote the establishment, extension and improvement of pension plans\nthroughout the Islands;\n(c)\nadvise the Minister in respect of the business of the Board; and\n(d) make recommendations to the Minister in respect of pension plans.\n81.\nResearch\n81. (1) The Board shall conduct surveys and research programmes and compile\nstatistical information related to pensions and pension plans.\n\nNational Pensions Act (2024 Revision)\nSection 82\n\nc\nRevised as at 31st December, 2023\nPage 79\n\n(2) The Director may request an employer, an administrator or a member of a\npension plan to provide information necessary to compile the statistical\ninformation, and such persons shall comply with the request within a reasonable\nperiod of time.\n(3) The Board shall use the information only for the purpose of compiling the\nstatistical information.\n(4) A person who, being an employer, an administrator or a member fails to comply\nwith a request under subsection (2) commits an offence and is liable on\nsummary conviction to a fine of five thousand dollars.\n82.\nInformation.\n82. (1) The Director or the Board may require an employer, an administrator or any\nother person to supply to the Director or the Board such information and within\nsuch time limits as they may specify for the purpose of ascertaining compliance\nwith this Act and regulations.\n(2) A person to whom a request is made under subsection (1) shall comply with the\nrequest within the time specified by the Director or the Board.\n(3) A person who contravenes subsection (2) commits an offence and is liable on\nsummary conviction to a fine of ten thousand dollars or to imprisonment for a\nterm of one year, or to both .\n(4) The Director or the Board may require an administrator to secure an appraisal\nof any or all of the assets of the pension fund by one or more independent\nvaluers, or the Director or the Board may obtain the appraisal at the expense of\nthe administrator.\n(5) The administrator shall deliver the appraisal to the Board within the period of\ntime in the requirement or within such other period of time as the Director or\nthe Board may specify.\n(6) An administrator who fails to deliver an appraisal contrary to subsection (5)\ncommits an offence and is liable on summary conviction to a fine of twenty\nthousand dollars or to imprisonment for a term of two years, or to both.\n83.\nLiability of members and employees of Board and Director\n83. Neither the Director nor a member of the Board or of the staff of the Board shall be\npersonally liable for anything done in good faith in the execution or intended\nexecution of a duty or authority under this Act or regulations or for alleged neglect or\ndefault in execution in good faith of such a duty or authority.\n84.\nAudit\n84. The Auditor General shall examine annually the accounts and financial transactions\nof the Director and the Board.\n\nSection 85\nNational Pensions Act (2024 Revision)\n\nPage 80\nRevised as at 31st December, 2023\nc\n\n85.\nAnnual report\n85. (1) The Director and the Board shall report annually to the Minister on the business\nof the Director and the Board.\n(2) The Minister shall submit the annual report to the Cabinet and shall then lay the\nreport before the Cayman Islands Parliament at the meeting of the Cayman\nIslands Parliament immediately following the submission of the report.\nPART 15 - General\n86.\nExtension of time\n86. The Director or the Board may extend any time limit under this Act or regulations,\nnot including the time limit specified under section 92(4), if the Director or the Board\nis satisfied that there are reasonable grounds for applying for the extension, and may\ngive such directions required as a result of such extension.\n87.\nEntry onto workplaces by the Director\n87. (1) The purposes mentioned under this section are \u2014\n(a)\nthe administration of this Act and regulations;\n(b) the enforcement of any section of this Act or regulations;\n(c)\nthe exercise of a power or the carrying out of a duty under this Act or\nregulations; and\n(d) the carrying out of an order made under this Act.\n(2) For any of the purposes mentioned in subsection (1), the Director or a person\ndesignated by the Director (\u201cthe designated person\u201d) in writing may, during\nnormal business hours \u2014\n(a)\nenter and have access to, through and over any workplaces, where the\nDirector or the designated person has reasonable grounds to believe papers\nor other documents are kept that relate to a pension plan or pension fund;\n(b) make examinations, investigations and inquiries, and may require the\nproduction of any book, paper or other document related to a pension plan\nor pension fund; and\n(c)\nmake, take, remove or require the making, taking and removal of copies\nor extracts related to an examination, investigation or inquiry.\n(3) The Director or the designated person may not, pursuant to subsection (2), enter\na private residence without the consent of the occupier.\n(4) The Director or the designated person may, for any purpose specified under this\nsection, remove, upon giving a receipt, any books, papers or other documents\nrespecting a pension plan or pension fund and may copy such books, papers or\n\nNational Pensions Act (2024 Revision)\nSection 87\n\nc\nRevised as at 31st December, 2023\nPage 81\n\nother documents within a reasonable period of time and return them as soon as\nreasonably practicable after the copying is completed.\n(5) A copy of any book, paper or other document respecting a pension plan or\npension fund and made under this section by the Director or the designated\nperson in the course of any investigation, examination or inquiry, and certified\nby the Director, is admissible in evidence in any action for all purposes for\nwhich the original would have been admissible.\n(6) Where an owner or occupier of premises \u2014\n(a)\ndenies entry or access to, through or over premises to the Director or the\ndesignated person;\n(b) instructs the Director or the designated person to leave the premises;\n(c)\nobstructs such person; or\n(d) refuses to comply with a request for the production of any book, paper or\nother document the production of which is requested for the purpose of\nexamination and investigation or inquiry or for a purpose mentioned in\nsubsection (1),\nthe Director may apply to a Justice of the Peace for an inspection order under\nsection 89.\n(7) A person exercising a power under this section shall provide identification at\nthe time of entry.\n(8) For the purposes of this Act \u2014\n\u201cdocument\u201d includes any document held or kept by means of a computer.\n(9) Where any documents are held in or kept by means of a computer the powers of\nthe Director or the designated person to require the supply of information and\nproduction of documents shall include powers \u2014\n(a)\nto require any person having charge of, or otherwise concerned with the\noperation of a computer or associated apparatus which is or has been in\nuse in connection with such information or documents, to afford to the\nDirector or the designated person such assistance as they may reasonably\nrequire; and\n(b) to require the documents to be produced or copied in any form which the\nDirector or the designated person may reasonably request.\n(10)  For the purposes of this section \u201cworkplaces\u201d means any premises in which any\nemployee is employed to work and, without prejudice to the generality of the\nforegoing, includes any shop, office, licensed premises or factory; but does not\ninclude, in respect of a household domestic employed there, a private home.\n\nSection 88\nNational Pensions Act (2024 Revision)\n\nPage 82\nRevised as at 31st December, 2023\nc\n\n88.\nObstruction\n88. (1) No person shall hinder or obstruct any person lawfully carrying out a duty under\nthis Act.\n(1A)  A person shall not knowingly or wilfully provide false or misleading\ninformation in connection with any information the person is required to provide\nunder this Act.\n(2) A person who contravenes subsection (1) or (1A) commits an offence and is\nliable on summary conviction to a fine of ten thousand dollars or to\nimprisonment for a term of one year, or to both.\n(3) A refusal of consent to enter a private residence is not and shall not be deemed\nto be hindering or obstructing within the meaning of subsection (1) unless an\ninspection order under section 89 has been issued relating to such private\nresidence.\n89.\nOrder by Justice of the Peace\n89. (1) Where a Justice of the Peace is satisfied on evidence upon oath or affirmation\nby the Director or the designated person \u2014\n(a)\nthat there are reasonable and probable grounds for believing that it is\nnecessary \u2014\n(i)\nto enter and have access to, through and over any premises;\n(ii) to make examinations, investigations or inquiries;\n(iii) to make, take and remove photographs, samples, copies or extracts\nrelated to an examination, investigation or inquiry;\n(iv) or to do any such things, for a purpose mentioned in\nsection 87(2); and\n(b) that the Director or the designated person \u2014\n(i)\nhas been denied entry to the premises;\n(ii) has reasonable grounds to believe that entry to the premises will be\ndenied;\n(iii) has been instructed to leave the premises;\n(iv) has been obstructed; or\n(v) has been refused production of any book, paper or other document\nrelated to an examination, investigation or inquiry, by the occupier\nof the premises,\nthe Justice of the Peace may issue an inspection order authorising the Director\nor the designated person to enter the premises and to do anything specified under\nsection 87 together with such police officers as the Director may deem\nnecessary.\n\nNational Pensions Act (2024 Revision)\nSection 90\n\nc\nRevised as at 31st December, 2023\nPage 83\n\n(2) An inspection order issued under this section \u2014\n(a)\nshall be executed between the hours of 6 a.m. and 9 p.m. unless the Justice\nof the Peace otherwise authorises in the order; and\n(b) shall state the date on which it expires, which shall be a date not later than\nfifteen days after the issue of the inspection order.\n(3) A Justice of the Peace may receive and consider an application for an inspection\norder under this section without notice to and in the absence of the owner or\noccupier of the premises.\n90.\nOffences\n90. (1) Except where specifically provided otherwise, a person who contravenes this\nAct or any order made under this Act commits an offence and is liable on\nsummary conviction to a fine of ten thousand dollars or to imprisonment for a\nterm of one year, or to both.\n(2) Where a person is convicted of an offence related to the failure to submit or\nmake payment to a pension fund or to an approved provider, the court may, in\naddition to imposing any fine, assess the amount not submitted or not paid and\norder the person to pay the amount to the pension fund or to the approved\nprovider.\n(3) No summary proceedings under this Act shall be commenced after five years\nafter the date when the subject matter of the proceeding was reported to the\nDirector.\n(4)  After obtaining the written consent of the Director of Public Prosecutions, the\nDirector or Deputy Director may institute criminal proceedings for any offence\nunder this Act, and may appear before the Court to conduct the prosecution in\nrespect of the offence.\n90A. Liability of directors, etc. where offence is committed by a body corporate\n90A. (1) Where a body corporate commits an offence under this Act, every director or\nother officer concerned in the management of the body corporate commits that\noffence unless the director or other officer proves that the offence was\ncommitted without the director\u2019s or other officer\u2019s consent or connivance or that\nthe director or other officer exercised reasonable diligence to prevent the\ncommission of the offence.\n(2)  In subsection (1), \u201cdirector\u201d in relation to a body corporate whose affairs are\nmanaged by its members, means a member of the body corporate.\n\nSection 91\nNational Pensions Act (2024 Revision)\n\nPage 84\nRevised as at 31st December, 2023\nc\n\n91.\nPower to restrain\n91. Where a provision of this Act or regulations or an order or approval of the Board or\nthe Director under this Act is contravened, in addition to any other remedy and to any\npenalty imposed by law, the contravention may be restrained by action at the instance\nof the Board, of the Director or of the administrator of the pension plan affected by\nthe contravention.\n92.\nService of documents\n92. (1) Any notice, order or other document which is required to be served under this\nAct or regulations may be served \u2014\n(a)\nby delivering it to the person on whom it is to be served;\n(b) by leaving it at the usual or last known place of abode of that person;\n(c)\nby sending it by prepaid post addressed to that person at that person\u2019s usual\nor last known postal address; or\n(d) in the case of a body corporate, by delivering or sending it by prepaid post\nto the secretary of that body at its registered office or other place of\nbusiness.\n(2) Where the Director is of the opinion that \u2014\n(a)\nthe persons who are to be given any notice or document under this Act or\nregulations are so numerous; or\n(b) for any other reason, it is not reasonable to serve the notice or document\non all or any of the persons individually,\nthe Director may authorise the serving of the notice or document or reasonable\nnotice of the contents of the notice or document to the persons by public\nadvertisement in a newspaper or otherwise as the Director may direct.\n(3) The date on which the notice or document or the reasonable notice of the\ncontents is first published or otherwise given as directed shall be deemed to be\nthe date on which the notice or document is delivered.\n(4) Service effected by post shall be deemed to have been effected three days after\nthe notice or other document is posted.\n93.\nTime for actions by administrator\n93. An administrator of a pension plan who is required to take action under this Act or\nregulations shall take the action within the prescribed period of time.\n94.\nConflict\n94. (1) Subject to subsection (2), where there is any conflict or inconsistency between\nthis Act and any other law, this Act shall prevail unless the other law expressly\nprovides otherwise.\n\nNational Pensions Act (2024 Revision)\nSection 94A\n\nc\nRevised as at 31st December, 2023\nPage 85\n\n(2) Subsection (1) does not apply to the Confidential Information Disclosure Act,\n2016 [Law 23 of 2016] which shall prevail over this Act.\n(3)  Notwithstanding subsection (2), the Director may share information with\nGovernment departments and statutory authorities regarding the compliance of\npension plans with this Act and the failure of employers to provide pension\nbenefits or make timely contributions in accordance with this Act.\n(4)  Information shared by the Director under subsection (3) shall not include any\npersonal information of any employee and is limited to \u2014\n(a)  the particulars of the employer;\n(b)  the type of contravention under this Act by the employer; and\n(c)  the resulting effect of the contravention of this Act by the employer.\n94A. Victimisation\n94A. (1) Where an employee reasonably believes that an employer has failed to comply\nwith this Act, the employee may in writing make a disclosure of information to\nthe Director or an authorised officer.\n(2)  An employer shall not subject or threaten to subject an employee to any\nvictimisation on account of a disclosure made under subsection (1).\n(3)  An employee shall not be considered to be subject to victimisation where the\nemployer has the right under any law in force in the Islands to take the action\ncomplained of or the action is demonstrably unrelated to the disclosure made.\n(4)  An employee who reasonably believes that the employee has been victimised as\na result of the employee\u2019s disclosure under subsection (1) may make a complaint\nto a Labour Tribunal in accordance with the Labour Act (2021 Revision).\n(5)  In this section \u201cvictimisation\u201d includes the following \u2014\n(a)  dismissal;\n(b)  suspension;\n(c)  denial of promotion;\n(d)  demotion;\n(e)  redundancy;\n(f)  intimidation;\n(g)  reduction of employee earnings;\n(h)  reduction of employee benefits;\n(i)  subjection to any discrimination by an employer or an employee ; or\n(j)  the threat of any action referred to in paragraphs (a) to (h).\n\nSection 95\nNational Pensions Act (2024 Revision)\n\nPage 86\nRevised as at 31st December, 2023\nc\n\n95.\nRegulations\n95. (1) The Cabinet may make regulations prescribing any matter referred to in this Act\nas to be prescribed by regulations and for carrying this Act into effect.\n(2) Notwithstanding the generality of subsection (1), the Cabinet may make\nregulations in particular \u2014\n(a)\nprescribing the times or the last dates for filing, giving, serving, submitting\nor transmitting of documents that are required to be filed, given, served,\nsubmitted or transmitting under this Act or regulations;\n(b) prescribing reports that shall be submitted to the Director, the contents and\nthe method of preparation of the reports and the persons and their\nqualifications by whom the reports must be prepared;\n(c)\nprescribing and regulating pension benefits and required contributions;\n(d) prescribing procedures that shall govern the appointment of members of\npension committees;\n(e)\nprescribing procedures that shall govern the establishment of Advisory\nCommittees and the appointments of members of the Advisory\nCommittees;\n(f)\nprescribing procedures, including the times for notice, method of counting\nvotes and such other matters as may be required for the holding of\nmeetings of members, former members and claimants of pension plans;\n(g) prescribing fees;\n(h) prescribing the method for the establishment of a pension fund and the\nmethods of calculating the values of assets and liabilities of pension funds;\n(i)\nregulating the disposal of surplus funds;\n(j)\nprescribing the rate or the method of determining the rate at which an\nemployer shall pay money due from the employer under this Act on the\nwinding up of a pension plan, and related matters;\n(k) regulating or prohibiting the investment of money from pension funds and\nprescribing investments or classes of investments in which such money\nmay be invested;\n(l)\nprescribing requirements for pension entitlement savings contracts\nbetween members of pension plans and trustees from whom administrators\nmay make payment when required in accordance with this Act;\n(m) requiring the payment of interest on any amount required to be paid under\nthis Act or regulations made thereunder from the date the payment is due\nand prescribing the rate of interest and the method of calculating interest\nif such rate or method is not otherwise specified;\n(n) prescribing forms and records required to be prescribed under this Act and\ntime limits for retention of such records;\n\nNational Pensions Act (2024 Revision)\nSection 95\n\nc\nRevised as at 31st December, 2023\nPage 87\n\n(o) providing for the audit of pension plans and pension funds and prescribing\nthe persons or classes of persons who may perform the audits and the\nmanner of performing the audits and for connected matters;\n(p) prescribing the manner of determining the portion of a pension benefit,\npension, deferred pension or ancillary benefit that is attributable before the\n1st June, 1998 or that is attributable to employment on or after the 1st June,\n1998;\n(q) prescribing the manner of division and transfer of pension benefits by court\norders under section 43;\n(r)\nprohibiting or regulating the reduction or the variation of pension benefits\nby reference to benefits payable under any approved plan;\n(s)\ngoverning the winding up or partial winding up of pension plans or classes\nof pension plans and prescribing priorities or the method of determining\npriorities on winding up, including priorities in the allocation of assets and\nrelated matters;\n(t)\nexempting pension plans, pension funds, employees, administrators or\nother persons from the application of this Act or regulations or any section\nthereof;\n(u) governing the receiving, holding and disbursing of benefits by any agency\nestablished or designated under this Act;\n(v) prescribing terms and conditions governing the conversion of a defined\nbenefit to a defined contribution benefit;\n(w) prescribing the manner of calculating the commuted value of a deferred\npension or a pension benefit; and\n(x)  prescribing the manner in which an administrative penalty system may be\nimplemented and for all matters that are necessary or convenient to be\nprescribed for giving effect to the administrative penalty system, which\nshall empower the Director where a specified offence is committed under\nthis Act to stay or compound any proceeding for that offence; subject to\nthe conditions the Director may think fit, which may include, but are not\nlimited to, the payment of a levy, being not less than twice and not more\nthan five times the amount of any fees that would have been payable had\nthe provisions of this Act been observed and in the event that no fees are\npayable under this Act, the Director may impose a fine of up to such\namount as may be prescribed.\n(3) A regulation may be general or particular in its application and may be limited\nas to the time or place or both.\n(4) A regulation may adopt by reference and may require compliance with, in whole\nor in part, such changes as the Cabinet considers necessary, any code, formula,\n\nSection 95A\nNational Pensions Act (2024 Revision)\n\nPage 88\nRevised as at 31st December, 2023\nc\n\nstandard or procedure as appears to the Cabinet to be expedient for the purposes\nof this Act or regulations.\n(5) The Cabinet may, after consultation with the employees of the Government,\nmake an order providing that this Act shall apply to \u2014\n(a)\nthe Government\n(b) a statutory authority,\n(c)\na corporation wholly owned by the Government; or\n(d) a corporation, the majority of the shares of which are owned by the\nGovernment.\n(6) Regulations under this Act are subject to affirmative resolution.\n95A. Verification of compliance\n95A. (1) An employer may, for any purpose, by application, request from the Director or\nadministrator, as authorised by the Director verification that the employer has\ncomplied with the provisions of this Act and the Director or administrator, as\nauthorised by the Director if satisfied that the employer is in compliance with\nthis Act, shall issue that verification in the form that the Director or\nadministrator as authorised by the Director considers to be appropriate.\n(2)  Verification provided by the Director or administrator as authorised by the\nDirector under subsection (1) shall be provided to the employer upon payment,\nby the employer, of the prescribed fee.\n(3)  Verification given by the Director or administrator as authorised by the Director\nunder this section is evidence that the employer is in compliance with this Act\non the date that the verification is issued by the Director or administrator as\nauthorised by the Director.\n(4)  An employer is deemed to be in compliance with this Act if all contributions,\ninterest and fees, under this Act have been paid and the Director or administrator\nas authorised by the Director has no knowledge that the employer has\ncontravened any of the provisions of this Act.\n96.\nTransitional\n96. (1) Where, prior to the 9th December 2023, the commencement date of the National\nPensions (Amendment) Act, 2023 [Act 23 of 2023], a person makes an\napplication for a withdrawal under section 52B or 52C and the application has\nnot been determined at the the 9th December 2023, that application shall be dealt\nwith as if the National Pensions (Amendment) Act, 2023 [Act 23 of 2023] had\nnot come into force.\n(2)  Where a person wishes to vary the amount on an application referred to under\nsubsection (1), the person shall resubmit the application in accordance with the\n\nNational Pensions Act (2024 Revision)\nSection 96\n\nc\nRevised as at 31st December, 2023\nPage 89\n\nrequirements under the National Pensions (Amendment) Act, 2023 [Act 23 of\n2023].\n(3)  Subject to subsections (4) and (5), the terms and conditions in respect of a\nwithdrawal which was granted under section 52B or 52C prior to the 9th\nDecember 2023, the date of commencement date of the National Pensions\n(Amendment) Act, 2023 [Act 23 of 2023], shall continue to apply to the\nwithdrawal as if the National Pensions (Amendment) Act, 2023 [Act 23 of\n2023]had not come into force.\n(4)  Where a person has received a withdrawal under section 52B or 52C prior to the\n9th December 2023, the commencement date of the National Pensions\n(Amendment) Act, 2023 [Act 23 of 2023], (\u201cthe original withdrawal\u201d) and\napplies for and is granted another withdrawal under section 52B, 52BA or 52C\nafter the 9th December 2023, the terms and conditions of the original withdrawal\nshall become subject to the provisions of the National Pensions (Amendment)\nAct, 2023 [Act 23 of 2023].\n(5)  Where a person \u2014\n(a)  has received a withdrawal for a deposit under section 52B prior to the the\n9th December 2023, the commencement date of the National Pensions\n(Amendment) Act, 2023 [Act 23 of 2023]; and\n(b)  wishes to apply for another withdrawal under that section after the 9th\nDecember 2023, the commencement date of the National Pensions\n(Amendment) Act, 2023 [Act 23 of 2023], the person shall return the\noriginal amount of the deposit to the person\u2019s pension plan account and\nsubmit a new application for a withdrawal for a deposit in accordance with\nthe National Pensions (Amendment) Act, 2023 [Act 23 of 2023].\n\nNational Pensions Act (2024 Revision)\n\nSCHEDULE\n\nc\nRevised as at 31st December, 2023\nPage 91\n\n SCHEDULE\nFORM\n(sections 52B, 52BA and 52C)\n\nNATIONAL PENSIONS ACT (2024 REVISION)\n\nAPPLICATION FOR WITHDRAWAL OF DEPOSIT UNDER SECTION 52B\nOR REDUCTION PAYMENT ON A MORTGAGE AND, IF APPLICABLE,\nARREARS IN STRATA FEES RELATED TO THE MORTGAGED\nPROPERTY OR RESIDENTIAL LAND LOAN UNDER SECTION 52BA OR\nTO PAY OFF AN EXISTING MORTGAGE AND, IF APPLICABLE,\nARREARS IN STRATA FEES RELATED TO THE MORTGAGED\nPROPERTY UNDER SECTION 52C OF THE ACT\n\nPART A - GENERAL INFORMATION\n\nA1. Full Name of Applicant:\n_____________________________________________________________________\nDate of Birth: (DD\/MON\/YY) ______  Applicant\u2019s Phone Number:_______________\nEmail Address: _________________  Mailing Address: ________________________\n\nA2. Name of Applicant\u2019s Current Employer 1:\n_____________________________________________________________________\n\nEmployer\u2019s Email Address: _________Employer\u2019s Phone Number: _______________\n\nMailing Address \u2013 Employer 1:\n\nName of Applicant\u2019s Current Employer 2:\n_____________________________________________________________________\n\nEmployer\u2019s Email Address: _____ Employer\u2019s Phone Number: __________________\n\nMailing Address \u2013 Employer 2:\n\nSCHEDULE\nNational Pensions Act (2024 Revision)\n\nPage 92\nRevised as at 31st December, 2023\nc\n\nA3: Current Contributions\n\nName of Pension\nPlan to which the\nApplicant\nis\ncurrently\ncontributing\nName of Administrator\nof the Pension Plan to\nwhich the Applicant is\ncurrently contributing\nPension\nPlan\nAccount\nNumber\nAmount\nof\ncontributions\ncurrently\nbeing\nmade (CI$)\n\nA4: Withdrawal Requests\n\nName of Pension\nPlan to which the\nApplicant\nis\nrequesting\na\nwithdrawal\nName of Administrator\nof the Pension Plan\nfrom\nwhich\nthe\nApplicant is requesting\na withdrawal\nPension\nPlan\nAccount\nNumber\nAmount\nof\nwithdrawal being\nrequested (CI$) \u2013\nMust not be more\nthan $50,000 for a\ndeposit\nor\nreduction\npayment\nor\n$100,000 to pay\noff mortgage and,\nif\napplicable,\narrears in strata\nfees related to the\nmortgaged\nproperty\n\nNational Pensions Act (2024 Revision)\n\nSCHEDULE\n\nc\nRevised as at 31st December, 2023\nPage 93\n\nA5: Type of Withdrawal\n\n      Deposit to purchase an existing dwelling unit\nDeposit to construct a new dwelling unit\n     Deposit to purchase residential land\n       Reduction payment on an existing\n                                                                                     mortgage and, if applicable, arrears in\n                                                                                     strata fees related to the mortgaged\n                                                                                     property\n     Reduction payment on a residential land loan\nPay off an existing mortgage and, if\n                                                                                      applicable, arrears in strata fees\n                                                                                      related to the mortgaged property\n\nA6: Total amount of withdrawal required:\n_________________________________________________________\n(Must not be more than $50,000 for a deposit or reduction payment or $100,000 for\npaying off an existing mortgage and, if applicable, arrears in strata fees related to the\nmortgaged property )\n\nA7: Block and Parcel Number of the relevant property:\n_______________________________________________\n\nA8: Will the Applicant be the sole owner of the property?  Yes\n\nNo\nIf no:\nName of the Additional Owner 1:  _________________________________\n\nIs the Additional Owner 1 also withdrawing from their pension plan?\n\nYes\n\nNo\nName of the Additional Owner 2:__________________________________________\n\nIs the Additional Owner 2 also withdrawing from their pension plan?\n\nYes\n\nNo\n\nA9: This application is accompanied by the following documents:\n(Select as appropriate)\n\nEvidence that the Applicant is Caymanian\n\nEvidence that the Applicant has legal title to the dwelling unit\n(In the case of withdrawal for reduction payment or to pay off an existing\nmortgage on a dwelling unit and, if applicable, arrears in strata fees related\nto the mortgaged property, land register is required)\n\n Letter from financial institution addressed to the Applicant\n\n Letter from corporation addressed to the Applicant\n\n In the case of a previous withdrawal by the Applicant, evidence of compliance\nwith section 52B(10), 52BA(12), 52C(9) and 52D(1), if applicable\n\nSCHEDULE\nNational Pensions Act (2024 Revision)\n\nPage 94\nRevised as at 31st December, 2023\nc\n\nPART B - DECLARATION BY NON-CURRENT HOME OWNER -\nREQUIRED FOR ALL APPLICATIONS FOR DEPOSITS ONLY\n\n(To be completed only by an Applicant who is a non-current home owner for a deposit\nto purchase an existing dwelling unit, construct a new dwelling unit or purchase\nresidential land.If paying off existing mortgage disregard this Part and go to Part C.)\n\nA10.\nI, [__________________________________________] hereby declare that I\n\n (print full name)\ndo not currently own a dwelling unit in the Cayman Islands.\n\nSignature of Applicant: ______________________________        Date: ___________\n\nPART C - DECLARATION IN RELATION TO PRIMARY RESIDENCE -\nREQUIRED FOR ALL APPLICATIONS\n\n(To be completed only by an Applicant to purchase, construct, receive a reduction\npayment or pay off (and, if applicable, make a reduction payment towards or pay off\narrears in strata fees in respect of) a new dwelling unit or an existing dwelling unit.)\n\nA11.\nI, [__________________________________________] hereby declare that\n\n (print full name)\nthe dwelling unit listed in this application serves as my primary residence in the Cayman\nIslands.\n\nSignature of Applicant: ____________________________   Date: ________________\n\nNational Pensions Act (2024 Revision)\n\nSCHEDULE\n\nc\nRevised as at 31st December, 2023\nPage 95\n\nPART D - GENERAL DECLARATION \u2013 REQUIRED FOR ALL\nAPPLICATIONS\n\nA12.\nI [________________________________________] hereby declare that this\n\n (print full name)\napplication is accordingly made for the withdrawal of [*deposit \/ reduction payment\/\namount to pay off an existing mortgage and, if applicable, make a reduction payment\ntowards or pay off arrears in strata fees related to the mortgaged property] as specified\nabove and it is certified that all particulars contained in this application and in the\ndocuments accompanying it or otherwise furnished in support of the application are true\nand correct.\n\nI hereby confirm that any changes in the details of this application occurring before a\ndecision is made regarding the granting or refusal of the withdrawal will be notified to\nthe Administrator(s).\n\nSignature of Applicant: ______________________      Date:_____________________\n\nPART E \u2013WITNESS\n\nA13.\nI [_________________________________________] hereby declare that the\n\n (print full name)\ndeclaration[s] was\/were signed in my presence and I am not an immediate family\nmember of the Applicant.\n\nPrint Full Name:\n_____________________________________________________________________\nMailing Address:\n_____________________________________________________________________\nEmail Address:\n_____________________________________________________________________\nPhone Number:\n_____________________________________________________________________\nWITNESS: ___________________________________Date:___________________\u201d.\n\nSignature of witness to declaration[s]\n\nSCHEDULE\nNational Pensions Act (2024 Revision)\n\nPage 96\nRevised as at 31st December, 2023\nc\n\nPublication in consolidated and revised form authorised by the Cabinet this 30th\nday of January, 2024.\nKim Bullings\nClerk of Cabinet\n\nNational Pensions Act (2024 Revision)\n\nENDNOTES\n\nc\nRevised as at 31st December, 2023\nPage 97\n\nENDNOTES\nTable of Legislation history:\nSL #\nLaw\/Act #\nLegislation\nCommencement\nGazette\n33\/2023\n\nNational Pensions (Amendment) Act, 2023\n(Commencement) Order, 2023\n8-Dec-2012\nLG40\/2023\/s2\n\n23\/2023\nNational Pensions (Amendment) Act, 2023\n9-Dec-2023\nLG40\/2023\/s1\n55\/2022\n\nNational Pensions (Amendment) Act, 2016\n(Commencement) Order, 2022\n14-Dec-2022\nLG49\/2022\/s3\n24\/2022\n\nNational Pensions (Amendment) Act, 2020 (Extension\nof Pension Holiday) (No. 2) Order, 2022  (extended  ss.\n1, 2, 4, 5A & 6 to 30-Sep-2022)\n30-Jun-2022\nLG23\/2022\/s3\n8\/2022\n\nNational Pensions (Amendment) Act, 2020 (Extension\nof Pension Holiday) Order, 2022 (extended  ss. 1, 2, 4,\n5A & 6 to 30-Jun-2022) (Repealed by SL 24\/2022)\n1-Apr-2022\nLG11\/2022\/s1\n78\/2021\n\nNational Pensions (Amendment) Act, 2020 (Extension\nof Pension Holiday) (No. 2) Order, 2021 (extended  ss. 1,\n2, 4, 5A & 6 to 31-Mar-2022)\n1-Jan-2022\nLG64\/2021\/s1\n46\/2021\n\nNational Pensions (Amendment) Act, 2020 (Extension\nof Pension Holiday) Order, 2021 (extended  ss. 1, 2, 4,\n5A & 6 to 31-Dec-2021)\n1-Jul-2021\nLG36\/2021\/s1\n167\/2020\n\nNational Pensions (Amendment) Act, 2020 (Extension\nof Pension Holiday) (No.2) Order, 2020 (extended  ss. 1,\n2, 4, 5A & 6  to 30-Jun-2021)\n1-Jan-2021\nLG95\/2020\/s1\n\n56\/2020\nCitation of Acts of Parliament Act, 2020\n3-Dec-2020\nLG89\/2020\/s1\n\n41\/2020\nNational Pensions (Amendment) (No. 2) Law, 2020 -\n4-Sep-2020\nLG64\/2020\/s7\n\n35\/2020\nCivil Partnership Law, 2020\n4-Sep-2020\nLG64\/2020\/s1\n126\/2020\n\nNational Pensions (Amendment) Law, 2020 (Extension\nof Pension Holiday) Order, 2020 (extended  ss. 1, 2, 4,\n5A & 6 to 31-Dec-2020)\n29-Sep-2020\nLG72\/2020\/s2\n\n12\/2020\nNational Pensions (Amendment) Law, 2020 (expired 31Oct-2020 \u2013 ss. 1, 2, 4, 5A & 6 extended to 30-Sep-2022)\n01-May-2020\nLG30\/2020\/s3\n65\/2016\n\nNational Pensions (Amendment) Law, 2016\n(Commencement) Order, 2016\n2-Dec-2016\nGE96\/2016\/s1\n\n17\/2016\nNational Pensions (Amendment) Law, 2016 (part)*\n1-Oct-2023\nGE45\/2016\/s5\n\nNational Pensions Law (2012 Revision)\n22-Oct-2012\nG22\/2012\/s3\n\n25\/2011\nNational Pensions (Amendment) Law, 2011\n8-Nov-2011\nGE94\/2011\/s1\n\nNational Pensions Law (2010 Revision)\n8-Nov-2010\nG23\/2010\/s16\nE1\/2010\n\nErratum: National Pensions (Amendment) Law, 2010\n10-May-2010 G10\/2010\/p733\n\nENDNOTES\nNational Pensions Act (2024 Revision)\n\nPage 98\nRevised as at 31st December, 2023\nc\n\nSL #\nLaw\/Act #\nLegislation\nCommencement\nGazette\n\n8\/2010\nNational Pensions (Amendment) Law, 2010\n26-Apr-2010\nG9\/2010\/s12\n\nNational Pensions Law (2000 Revision)\n13-Mar-2000\nG6\/2000\/s3\n\n8\/1999\nNational Pensions (Amendment) (Self Employed\nPersons and Prescribed Maximum) Law, 1999\n6-Jul-1999\nG14\/1996\/s9\n\nNational Pensions Law (1998 Revision)\n14-Sep-1998\nG19\/1998\/s1\n\n8\/1998\nNational Pensions (Amendment) Law, 1998\n25-May-1998\nG11\/1998\/s3\n\n28\/1997\nNational Pensions (Suspension) Law, 1997\n16-Mar-1998\nG6\/1998\/s20\n\n10\/1996\nNational Pensions Law, 1996\n25-Nov-1996\nG24\/1996\/s11\n\n*Section 18(2)(i) of the National Pensions (Amendment) Act, 2016 [Law of 2016] which amended the period from \u2018nine\u2019 to \u2018six\u2019\nmonths has not yet commenced and is not incorporated in this Revision.\n\nNational Pensions Act (2024 Revision)\n\nENDNOTES\n\nc\nRevised as at 31st December, 2023\nPage 99\n\nENDNOTES\nNational Pensions Act (2024 Revision)\n\nPage 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