AI-assisted research summary: These regulations set Government contribution rates for parliamentary pensions and require monthly payment and timely sending of contributions to the Administrator.
CAYMAN ISLANDS Parliamentary Pensions Act (2016 Revision) PARLIAMENTARY PENSIONS (CONTRIBUTION RATES) REGULATIONS, 2021 (SL 61 of 2021) Supplement No. 2 published with Legislation Gazette No. 47 dated 8th September, 2021. PUBLISHING DETAILS Page 2 SL 61 of 2021 c Parliamentary Pensions (Contribution Rates) Regulations, 2021 Arrangement of Regulations CAYMAN ISLANDS Parliamentary Pensions Act (2016 Revision) PARLIAMENTARY PENSIONS (CONTRIBUTION RATES) REGULATIONS, 2021 (SL 61 of 2021) Arrangement of Regulations Regulation Page 1. Citation and commencement .....................................................................................................5 2. Changes to contribution rates under the defined benefits part of the Plan ..................................5 3. Changes to contribution rates under the defined contributions part of the Plan ..........................6 4. Contribution to Fund ..................................................................................................................6 c SL 61 of 2021 Page 3 Parliamentary Pensions (Contribution Rates) Regulations, 2021 Regulation 1 CAYMAN ISLANDS Parliamentary Pensions Act (2016 Revision) PARLIAMENTARY PENSIONS (CONTRIBUTION RATES) REGULATIONS, 2021 (SL 61 of 2021) In exercise of the powers conferred by sections 10(4)(a) and 42 of the Parliamentary Pensions Act (2016 Revision), the Cabinet makes the following Regulations — 1. Citation and commencement 1. (1) These Regulations may be cited as the Parliamentary Pensions (Contribution Rates) Regulations, 2021. (2) These Regulations are deemed to have come into force on the 1st day of January, 2020. 2. Changes to contribution rates under the defined benefits part of the Plan 2. (1) Approval is given for changes recommended by the Board in respect of the rate of contribution payable to the Fund by the Government, under the defined benefits part of the Plan. (2) Pursuant to paragraph (1), the rates of contribution by the Government, under the defined benefits part of the Plan, are as specified in paragraph (3) and shall remain in force until superseded by the next funding actuarial valuation. (3) The rates of contribution by the Government, under the defined benefits part of the Plan, are as follows — c SL 61 of 2021 Page 5 Regulation 3 Parliamentary Pensions (Contribution Rates) Regulations, 2021 (a) the Government contribution rate of 6% of the pensionable earnings of the relevant participant; (b) an additional normal cost contribution rate of 49.7% of the pensionable earnings of the relevant participant; and (c) a $1.049 million annual contribution paid in twelve equal monthly instalments to amortize the defined benefit funding deficiency (past service liability). 3. Changes to contribution rates under the defined contributions part of the Plan 3. (1) Approval is given for changes recommended by the Board in respect of the rate of contribution payable to the Fund by the Government, under the defined contributions part of the Plan. (2) Pursuant to paragraph (1), the rate of contribution by the Government, under the defined contributions part of the Plan, is as follows — (a) the Government contribution rate of 6%; and (b) an additional normal cost contribution rate of 0.4%, of the pensionable earnings of the relevant participant. (3) The rate of contribution under paragraph (2) shall remain in force until superseded by the next funding actuarial valuation. (4) The Administrator, out of the amount contributed by the Government to the Fund on behalf of an active defined contribution participant pursuant to paragraph (2), shall allocate to the relevant participant contribution account a Government contribution equal in amount to 6% of pensionable earnings for the period for which the Government contribution relates. 4. Contribution to Fund 4. Contributions set out in regulations 2 and 3 shall be — (a) paid by the Government to the Administrator on a monthly basis for payment into the Fund; and (b) sent by the Government to the Administrator no later than the 15th day of the month immediately following the date when contributions are due. Made in Cabinet the 7th day of September, 2021. Davina Wilson Acting Clerk of the Cabinet Page 6 SL 61 of 2021 c