Employer Contribution Records

Paying pension contributions

We encourage employers to utilise online payments as a fast and easy method of completing your monthly contribution record.

 

There are a few methods of paying online:

Through Butterfield Online


Employers with a Butterfield account can easily make monthly contributions through the online banking service, Butterfield Online. To set up payments, simply sign on, select Payments using the left panel or view your dashboard for easy access and follow the following steps:

  1. Select Pay Bills from the dropdown list or click the dashboard icon
  2. Select Add Biller at the top of your payment template
  3. Select the Insurance & Pension Companies category from the dropdown list
  4. Select Chamber Pension as the payee name
  5. Enter the Chamber Pension account number in the currency associated with your account — USD Account: 01210070310 or KYD Account: 02201070310
Once you have registered the Chamber Pension as a payee, you have the option of making payments using the registered payee template for bill payments. BANKING DETAILS:
  • Account name: Chamber of Commerce Pension Plan
  • Bank: Butterfield Bank
  • Bank transit: 00000
  • Bank address: Butterfield Place Bank Centre, 12 Albert Panton Street, George Town, Grand Cayman, Cayman Islands
  • USD Account: 01210070310
  • Account type: USD CALL ACCOUNT
  • KYD Account: 02201070310
  • Account type: KYD SAVINGS
​If you do not have access to online banking, please contact a Butterfield Bank representative.




Through Domestic Transfer (Automated Clearing House ("ACH"))


Employers banking with any of the ACH participating banks are encouraged to contact their respective banks to utilise the domestic transfer option. ACH participating banks are as follows:

  • Butterfield Bank (Cayman) Limited
  • Cayman National Bank Ltd
  • CIBC FirstCaribbean International Bank (Cayman) Limited
  • Fidelity Bank (Cayman) Limited
  • RBC Royal Bank (Cayman) Limited
  • Scotiabank & Trust (Cayman) Ltd.
The ACH is used to facilitate Electronic Funds Transfers (EFT) and the exchange and settlement of cheques between participating banks. Generally, domestic transactions initiated on or before 2 PM are completed within the same day. Immediately after the payment has been processed, please forward the supporting contribution record to admin@pensions.ky.




Through Bank Deposit


If you are unable to make a payment online, then a cheque for the total amount calculated on the contribution record as well as a completed Butterfield Bank deposit slip can be delivered either in person, or by mail. Paying in person Any retail branch of Butterfield Bank or; 2nd Floor, Strathvale House, 90 North Church Street, Grand Cayman Paying by mail PO Box 609, Grand Cayman, KY1-1107, Cayman Islands





Calculate and record the contributions

The Employer Contribution Record is used to calculate and record the contributions being made by and on behalf of each employee. Employers must complete this monthly, and send a cheque for the total contributions payable to the Cayman Islands Chamber of Commerce Pension Plan, along with two copies of the Contribution Record to the Administrator.

Payments can either be made in CI or USD, and Butterfield’s Deposit Slip for the Chamber Pension Plan has been designed to facilitate contributions in both CI and US dollars (available at the Administrator’s office – 90 North Church Street or the bank branch). The deposit slip allows US dollars to be converted at a rate of 0.83333 CI dollars for each US dollar.

The most efficient way to make payments is through Butterfield online – if you have a Butterfield account, payment of your monthly contribution can easily be made with Butterfield’s online banking service. To set up payments, simply sign-on, select Register Utility / Common, Chamber Pension Plan for the list of registered companies, add references and save (register payee). Once you have registered the Chamber Pension Plan as a payee, you have the option of making payments either as a Third Party payment or a Utility/Common payment, then forward the supporting Contribution Record by email to admin@pensions.ky.

Alternatively, you can complete the contribution record, print two copies and bring your contribution cheque, along with a completed Butterfield Deposit Slip for the Chamber Pension Plan, to any Butterfield branch.

You can also mail your contribution record and cheque, along with a completed Butterfield Deposit Slip for the Chamber Pension Plan, directly to the Administrator.

Note: While US dollar contributions are accepted, all correspondence (client statements, etc.) related to the Chamber Pension Plan and all withdrawals from the plan will be in CI dollars.


Please ensure that the form correctly allocates the contribution between employee and employer; as well as any voluntary contributions made by on behalf of the employee.