Public Service Pensions (Contribution Rates) Regulations, 2021

PUBLIC SERVICE PENSIONS (CONTRIBUTION RATES) REGULATIONS,

PUBLISHING DETAILS

Arrangement of Regulations

PUBLIC SERVICE PENSIONS (CONTRIBUTION Arrangement of Regulations Regulation

Regulation 1

PUBLIC SERVICE PENSIONS (CONTRIBUTION In exercise of the powers conferred by sections 4 and 12(3A)(a) of the Public Service Pensions Act (2021 Revision), the Cabinet makes the following Regulations — Citation and commencement (1) These Regulations may be cited as the Public Service Pensions (Contribution (2) These Regulations are deemed to have come into force on the 1st day of January, Changes to contribution rates under the defined benefits part of the Plan (1) Approval is given for changes recommended by the Board in respect of the rate of contribution payable to the Fund by an employer, under the defined benefits part of the Plan. (2) Pursuant to paragraph (1), the rates of contribution, by an employer, under the defined benefits part of the Plan, are as specified in paragraphs (3) and (4) and shall remain in force until superseded by the next funding actuarial valuation.

Regulation 2

(3) The rates of contribution by the Government, under the defined benefits part of the Plan, are as follows — (a) an employer contribution rate of 6% of the pensionable earnings of the relevant member; (b) an additional normal cost contribution rate of 9.3% of the pensionable earnings of the relevant member; and a $17.138 million annual contribution paid in twelve equal monthly instalments to amortize the defined benefit funding deficiency (past service liability). (4) The rates of contribution by the following employers, under the defined benefits part of the Plan, are the following respective rates of the pensionable earnings of the relevant member — Employer Contribution Rate Additional Normal Cost Contribution Rate Amortization Cost as a Fixed Annual Amount (Past Service Liability) Cayman Islands Airports Authority 5.5% $345,000 Cayman Islands Monetary Authority 5.5% nil Cayman Islands National Insurance Company (CINICO) 5.5% nil Cayman Turtle Conservation and Education Centre Ltd. 7.2% $4,000 Civil Aviation Authority 0.4% nil Health Services Authority 5.8% $106,000 Maritime Authority of the 6.1% nil National Roads Authority 4.8% nil Public Service Pensions Board 8.1% nil University College of the n/a $103,000 Utility Regulation and Competition Office 1.1% nil Water Authority 6.1% $101,000

Regulation 3

Changes to contribution rates under the defined contributions part of the Plan (1) Approval is given for changes recommended by the Board in respect of the rates of contribution payable to the Fund by an employer, under the defined contributions part of the Plan. (2) Pursuant to paragraph (1), the rates of contribution by an employer, under the defined contributions part of the Plan, are as specified in paragraph (3) and shall remain in force until superseded by the next funding actuarial valuation. (3) The rates of contribution by an employer, under the defined contributions part of the Plan, are as follows — (a) an employer contribution rate of 6%; and (b) an additional normal cost contribution rate of 0.4%, of the pensionable earnings of the relevant member. (4) The Administrator, out of the amount contributed by an employer to the Fund on behalf of an active defined contribution member pursuant to paragraph (3), shall allocate to the member’s employer contribution account an employer contribution equal in amount to 6% of pensionable earnings for the period for which the employer contribution relates. Contribution to Fund Contributions set out in regulations 2 and 3 shall be — (a) paid by an employer to the Administrator on a monthly basis for payment into the Fund; and (b) sent by an employer to the Administrator no later than the 15th day of the month immediately following the date when contributions are due. Repeal of the Public Service Pensions (Contribution Rates) Regulations, The Public Service Pensions (Contribution Rates) Regulations, 2019 are repealed with effect from the date upon which these Regulations are deemed to have come into force.

Made in Cabinet the 7th day of September, 2021. Davina Wilson Acting Clerk of Cabinet