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Frequently Asked Questions - Pensions Holiday
- Is it necessary for each employee to submit the documentation in order to participate in the pension holiday period?
- Yes. The pension holiday period is specific to the employer and that particular employee therefore if multiple employees want to participate then, each employee with that employer would have to submit the required documentation including the application, proof of nationality and the written agreement.
- Can someone be forced to participate in the pension holiday period?
- No. Both the employer and the employee must voluntarily agree to participate in the holiday, which is documented in writing when each party signs the written agreement. If an employee feels that they were forced to sign the agreement, the employee should contact the National Pensions Office.
- Is there a set time frame to apply for the pension holiday?
- No. The employee and employer can apply for the pension holiday at anytime during the employee’s eligible period, which is 1 year (or until 25th April 2011) for Caymanians and 2 years (or until 25th April 2012) for non-Caymanians.
- Does the pension holiday period apply to new employees as well as current employees?
- Yes. A new employee must voluntarily decide if they want to participate in the pension holiday period. If so, then that employee and the employer will submit the necessary documentation to the pension plan administrator. If the new employee or the employer don’t want to participate, then mandatory pension contributions would be required, as per the National Pensions Law (2000 Revision).
- Where should an employer or employee direct any further questions?
- Further information can be obtained from your pension plan administrator or the National Pensions Office, which can be reached at 945-8960 or via email, email@example.com.
- As an employer, do I have to provide a pension plan for my employees?
- Yes, participation in a pension plan is mandatory. Employers must provide a pension plan for those eligible employees and can be subject to a fine if they do not. Read more about your responsibilities as an employer.
- Where can I find a pension plan for my employees?
- Employers may register their own plan with the NPO or participate in one of the certified Multi-Employer Pensions Plans.
- How much must employers and employees contribute to a pension plan?
- Read about employer contributions and employee contributions.
- What is the retirement age?
- The normal retirement age under a pension plan submitted for registration under the National Pensions Law shall be within 12 months of attaining sixty years of age.
- Can I receive a refund of my pension?
- Yes, a member of a pension fund can be entitled to a refund under certain conditions. Read more about pension refunds.