Contributions – Basic, AVCs and Additional 1% – 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.
The Contributions Input Form is used to report the details related to basic, additional voluntary and additional 1% 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.”
Contributions can be paid in either Cayman Islands or U.S. dollars. Contributions received in Cayman Islands dollars will be converted to U.S. dollars at the rate of $0 .835. There are no foreign exchange fees or commissions charged for this service.
Contributions should be remitted to Silver Thatch Pensions no later than the 15th of the month following the end of the pay period. 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.
When remitting contributions for a new employee, be sure to list the new employee on the Contributions Input Form. If you have not already submitted the Member Enrollment Form and received the new employee’s member number, please ensure that the enrollment form is sent with the Contributions Input 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.