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National Pensions Bill 2012
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National Pensions Bill 2012The National Pensions Bill 2012 was launched for consultation by the Ministry of Education, Training & Employment on Monday 28 May, 2012. This Bill is the first major revision to the National Pensions Law, which governs private sector pensions, since it was created in 1998. The main objectives of the new Bill are:
- To enhance the process whereby pension contributions are monitored and enforced.
- To improve the regulation of pension plans and pension plan administrators.
- To create a new culture of compliance around pensions.
- To better prepare our people for their retirement.
The National Pensions Bill 2012 proposes new arrangements for the regulation of pensions. The Cayman Islands Monetary Authority will take responsibility for the regulation of pension plans and pension plan providers. The remaining functions, which relate to employers and employees, will stay under the Ministry and the newly formed Department of Labour & Pensions.
Some other key changes as a result of the bill include: an increase in the age at which persons become entitled to access their pension (formerly known as the “normal retirement age”); new and enhanced mechanisms to improve compliance with the Law; new provisions for additional voluntary contributions, to supplement pensions and to save for key priorities; and more and better information on pension plan performance.
The public is encouraged to access the bill and online survey to provide feedback to the Ministry and Department on the changes proposed. All documents and the link for the online survey can be found on this page.