Public Service Pensions Act (2023 Revision)

CAYMAN ISLANDS Public Service Pensions Act (2023 Revision) PUBLIC SERVICE PENSIONS (CONTRIBUTION RATES) REGULATIONS, 2024 (SL 43 of 2024) Supplement No. 1 published with Legislation Gazette No. 42 dated 19th November, 2024. PUBLISHING DETAILS Page 2 SL 43 of 2024 c Public Service Pensions (Contribution Rates) Regulations, 2024 Arrangement of Regulations CAYMAN ISLANDS Public Service Pensions Act (2023 Revision) PUBLIC SERVICE PENSIONS (CONTRIBUTION RATES) REGULATIONS, 2024 (SL 43 of 2024) 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 ..........................7 4. Contribution to Fund ..................................................................................................................7 5. Repeal of the Public Service Pensions (Contribution Rates) Regulations, 2021 .........................8 c SL 43 of 2024 Page 3 Public Service Pensions (Contribution Rates) Regulations, 2024 Regulation 1 CAYMAN ISLANDS Public Service Pensions Act (2023 Revision) PUBLIC SERVICE PENSIONS (CONTRIBUTION RATES) REGULATIONS, 2024 (SL 43 of 2024) In exercise of the powers conferred by sections 4 and 12(3A)(a) of the Public Service Pensions Act (2023 Revision), the Cabinet makes the following Regulations — 1. Citation and commencement 1. (1) These Regulations may be cited as the Public Service Pensions (Contribution Rates) Regulations, 2024. (2) These Regulations are deemed to have come into force on the 1st day of January, 2022. 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 an employer, under the defined benefits part of the Plan. (2) Pursuant to paragraph (1), the rates of contribution, by an employer, under the defined benefits part of the Plan, are as specified in paragraphs (3) and (4) and shall remain in force until superseded by the next funding actuarial valuation.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 43 of 2024 Page 5 Regulation 2 Public Service Pensions (Contribution Rates) Regulations, 2024 (a) an employer contribution rate of 6% of the pensionable earnings of the relevant plan member; (b) an additional normal cost contribution rate of 11.5% of the pensionable earnings of the relevant plan member; and (c) a $16.659 million annual contribution paid in twelve equal monthly instalments to amortize the defined benefit funding deficiency (past service liability). (4) The rates of contribution by the following employers, under the defined benefits part of the Plan, are the following respective rates of the pensionable earnings of the relevant plan member — Employer Employer Additional Amortization Contribution Normal Cost Cost as a Fixed Rate Contribution Annual Amount Rate (Past Service Liability) * Cayman Islands 6% 6.3% $229,000 Airports Authority Cayman Islands 6% 8.1% nil Monetary Authority Cayman Turtle 6% 9.20% nil Conservation and Education Centre Ltd. Civil Aviation 6% 6.10% nil Authority Health Services 6% 7.60% nil Authority Maritime 6% 8.50% nil Authority of the Cayman Islands National Roads 6% 6.80% nil Authority Page 6 SL 43 of 2024 c Public Service Pensions (Contribution Rates) Regulations, 2024 Regulation 3 Public Service 6% 10.20% nil Pensions Board University n/a n/a $148,000 College of the Cayman Islands Utility 6% 4.30% nil Regulation and Competition Office Water Authority 6% 8.40% $80,000. *to be paid in twelve equal monthly instalments or one lump sum payment 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 rates of contribution payable to the Fund by an employer, under the defined contributions part of the Plan. (2) Pursuant to paragraph (1), the rates of contribution by an employer, under the defined contributions part of the Plan, are as specified in paragraph (3)(b) and shall remain in force until superseded by the next funding actuarial valuation. (3) The rates of contribution by an employer, under the defined contributions part of the Plan, are as follows — (a) an employer contribution rate of 6%; and (b) an additional normal cost contribution rate of 0.4%, of the pensionable earnings of the relevant plan member. (4) The Administrator, out of the amount contributed by an employer to the Fund on behalf of an active defined contribution member pursuant to paragraph (3), shall allocate to the member’s employer contribution account an employer contribution equal in amount to 6% of pensionable earnings for the period for which the employer contribution relates. 4. Contribution to Fund 4. Contributions set out in regulations 2 and 3 shall be — (a) paid by an employer to the Administrator on a monthly basis for payment into the Fund; and (b) sent by an employer to the Administrator no later than the 15th day of the month immediately following the date when contributions are due. c SL 43 of 2024 Page 7 Regulation 5 Public Service Pensions (Contribution Rates) Regulations, 2024 5. Repeal of the Public Service Pensions (Contribution Rates) Regulations, 2021 5. The Public Service Pensions (Contribution Rates) Regulations, 2021 are repealed with effect from the date upon which these Regulations are deemed to have come into force. Made in Cabinet the 18th day of November, 2024. Kim Bullings Clerk of the Cabinet Page 8 SL 43 of 2024 c