News Silver Thatch is committed to ongoing communication, and accordingly, Silver Thatch provides members with statements of their account balance on a quarterly and annual basis. Additionally, quarterly investment information and news bulletins are also available and updated frequently.
In our efforts to improve the quality of our communication we encourage our members to email us and utilize the new live support application.
If you would like to meet with one of the Pension Administrators please contact our office via phone at 345-943-7770 or email support@silverthatch.org.ky to book an appointment.
News/Announcements
2008 Silver Thatch Press Release
The National Pensions Law states that all monthly contributions must be submitted to the Plan Administrator within 15 days of month-end. In the event that the funds are not received by the administrator within the proscribed period, then the law specifies that the employer shall be liable to pay interest on all money that is due to be paid at the prime rate in the Islands plus five percent, calculated on a daily basis.
While this law has been in place for many years, the interest penalty provision has not been strictly enforced. Silver Thatch Pensions has received a memo from the National Pensions Board via the Superintendent of Pensions, which instructs multi-employer pension plan administrators will be required to strictly enforce the payment dates and interest penalty provisions of the law. The effect of this is as follows:
- Effective 1st May 2008 under the requirements of the law, contributions for the month of April 2008 are to be received by the office or bank of Silver Thatch Pensions no later than 15th May 2008.
- If the contribution for the month arrives after the deadline, then interest will be charged on that contribution on a daily basis from 16th May 2008 until the contribution is received at the office or bank of Silver Thatch Pensions.
- Silver Thatch shall calculate all interest payable and issue an invoice that must be paid along with the following months’ contributions. The contribution sheet should clearly show the interest payments separate from the normal monthly contributions.
Annual General Meeting (AGM)
Each year, you will be invited to attend an Annual General Meeting (AGM) of the Silver Thatch Pensions Plan. Notice of the time, location and business to be considered will be provided at least 21 days prior to the meeting.
Every member is entitled to attend the meeting and vote on the business presented. Alternatively, you can grant a proxy to another person to attend on your behalf. Each member is entitled to one vote per business item.
Other meetings
Other meetings can be called at the discretion of the Trustees or at the request of a minimum of 10% of members. A request by members must be presented to the Trustees who are then required to convene a meeting.
Member Handbook
Within 30 days of starting work with your employer, you should receive a copy of the Member Handbook. (View handbook online). The handbook outlines the key provisions of the Plan, as well as your rights and obligations under the Plan.
Annual statements
Each year, you will receive an annual statement that:
- confirms your personal information (i.e., name, spouse, normal retirement date);
- states the amount of basic contributions made by you and your employer;
- states the amount of additional voluntary contributions (AVCs) that have been made;
- notes where (i.e., in which portfolios) your basic contributions and AVCs are invested; and
- indicates the number of portfolio units registered in your name.
To view your annual statements online; use the username and password that you were provided upon registration (Click here if you forgot your credentials) to access your personal and confidential pension information. |
