The pension holiday ended on September 30, 2022. In this regard, the Cayman Islands Government has decided that there will not be an extension to this timeframe. Employees and companies should plan for the resumption of these payments starting with October earnings.
Additionally, the year’s maximum pensionable earnings for the remaining three months of the year (October to December) have also been addressed by the release of the NATIONAL PENSIONS (MAXIMUM PENSIONABLE EARNINGS) ORDER, 2022. The annual contribution cap for 2022 has been prorated to KYD 21,750.
Each participating employer must remit monthly contributions—mandatory contributions, AVCs, and the housing repayment of an additional 1%—to our Administrator’s Agent (Saxon Administration, Ltd.) starting with October earnings. It is up to the employer to:
Calculate employer and member contributions.
Deduct member contributions from the payment.
Complete the Contributions Input Form: https://www.chamberpension.ky/employer-forms and submit it via email to firstname.lastname@example.org
Keep detailed records, as required by law.
Contributions can be made via cheque, direct deposit, or wire transfer. https://www.chamberpension.ky/employer-contribution-records
Contribution Deadline and Currency
Contributions should be made monthly and sent to the Chamber Pension Plan within 15 days of the month's end, e.g. October contributions are due by November 15th.
If an employer is unable to make payment by the deadline date, they must notify the plan at email@example.com
Contributions can be paid in either Cayman Islands (KYD) or US dollars. Contributions received in US dollars will be converted to KYD at a fixed rate of $0.83333.
Did you know that you can download all member numbers on our employer portal? Also, you can access the following:
Electronic Enrollment Forms
Electronic Termination forms
List of Member Numbers (updated immediately upon enrollment!)
Populated Contribution Sheet
Secure access to upload confidential documents.
To gain access to the employer portal, please contact firstname.lastname@example.org