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:
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 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 firstname.lastname@example.org.
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.