Remitting Contributions

Contributions – basic and AVCs – must be remitted by the employer on a monthly basis. It is up to you to:

calculate employer and employee contributions;
deduct employee contributions from pay; and
complete the Contributions Input Form.

Contributions Input Form
The Contributions Input Form is used to report the details related to basic and additional voluntary contributions. Contribution details should be listed separately for each employee.

The employer must send the completed Contributions Input Form to the client services agent, along with a cheque covering contributions for the period covered by the form. Cheques should be made payable to: “Silver Thatch Pensions Plan”

Contributions can be paid in either Cayman Islands or US dollars. Contributions received in Cayman Islands dollars will be converted to US dollars at the rate of $0.8325. There are no foreign exchange fees or commissions charged for this service.

Contributions Deadline
Contributions must, by law, be submitted no later than the 15th of the month following the month in which the contribution period occurs. This includes both the contributions deducted from and/or made on behalf of the employee. If you are unable to make contributions, for any reason, by the contribution date, you must notify the client services agent as soon as possible. Failure to remit contributions on time will result in penalties under the National Pensions Law.

New Employees:

When remitting contributions for a new employee, be sure to list the new employee on the Contribution Input Form and attach the completed Member Enrollment Form. Unfortunately, contributions for new employees that are remitted without a completed Member Enrollment Form cannot be processed and will be returned to the employer.