Employees will be eligible to join the Silver Thatch Pensions Plan on the first day of their employment with you, provided they:
- are at least age 18,
- are under age 60, and
- have Caymanian or permanent residency status.
Employees who meet the age requirements but who do not have Caymanian or permanent residency status – principally expatriates – will be eligible to join the Silver Thatch Pensions Plan once they’ve worked in the Cayman Islands continuously for at least nine months.
By law once an employee meets the eligibility requirements, they must join the Silver Thatch Pensions Plan.
Providing new employees with pension information
As soon as an employee meets the eligibility requirements, you must provide him/her with the Silver Thatch Pensions:
- Member handbook, Investing for Life;
- Smart Investor Guide;
- Member Enrollment Form; and
- Additional Voluntary Contribution Form.
The law requires that you give an employee a copy of the member handbook within 30 days of him/her meeting the eligibility requirements. (The employer must complete the bottom section of the Member Enrollment Form confirming that the employee has received a copy of the handbook.)
Enrolling an employee
To enroll the Employee they must complete the Member Enrollment Form and return it to you. Please be sure:
- the employee completes, signs and returns the form;
- that you sign the “Employer confirmation” section at the bottom of the form; and
- that the form is accompanied by a photocopy of a valid photo ID for the employee.
Please forward all Member Enrollment Forms to the client services agents (Saxon Pension Services) as soon as possible. The client services agent will, in turn, assign the employee with a “member number”. Upon an Employee’s enrollment you will receive an Employee Confirmation Statement and an Employer Enrollment Confirmation Report to confirm your employee’s enrollment into the Silver Thatch Pensions Plan. The “member account number” on these reports should be used and written on all future contributions and correspondence in regards to your employee with the client service agent.
If the employee wishes to make Additional Voluntary Contributions (AVCs) via your payroll, he or she must also complete the Additional Voluntary Contribution Form. This form is used to indicate:
- how much the employee wants to contribute in AVCs, and
- how the money should be invested.
The employee should return the completed form to you. You, in turn, should make a copy for your files and send the original to the client services agent (Saxon Pension Services). You should also begin deducting the specified contributions from the employee’s pay, starting from the date they begin work.
Enrolling employees who transfer from another Silver Thatch Pensions employer
If an employee transfers to your employment from another employer that participates in Silver Thatch Pensions, membership in the Silver Thatch Pensions Plan will continue uninterrupted and he/she will retain the same Silver Thatch Pensions account number.
Even though the employee is already a member of the Silver Thatch Pensions Plan, you must still get them to fill out a Member Enrollment Form. There is a field on the form asking if the employee is already enrolled in a Silver Thatch Pensions Plan. The employee should indicate “yes,” and, if possible, his/her Silver Thatch Pensions Plan account number.
The employee will also need to fill out a new Additional Voluntary Contribution Form if he/she wishes to start or continue making Additional Voluntary Contributions (AVCs) through payroll.