How can I be entitled to a refund?
A member of a pension fund can be entitled to a refund if the following conditions are satisfied:
- A memberís employment is terminated.
- That member ceases to reside in the Islands.
- No contributions have been made to a pension plan by or on behalf of the member for a period of two years or more.
What will the refund include?
Under a defined contribution plan, a lump sum payment of an amount equal to not less than the amount of contributions made on or behalf of a member and the investment earnings on the contributions made under the pension plan. In the case of a defined benefit plan, the amount is a commuted value based calculation.
Last Updated: 2005-11-24