You are here: Homepage > The Pension Plan
The Pension Plan
Overall Plan Summary
The Plan covers all eligible employees of the Government and the 14 Statutory Authorities that have opted to join the Plan. The Statutory Authorities that currently participate in the Plan are:
|Cayman Islands Airports Authority||Health Services Authority|
|Cayman Islands Development Bank||Information, Communication and Technology Authority|
|Cayman Islands Monetary Authority||Maritime Authority of the Cayman Islands|
|Cayman Turtle Farm||National Housing Trust|
|CAYS Foundation||National Roads Authority|
|Civil Aviation Authority||Public Service Pensions Board|
|Electricity Regulatory Authority||Water Authority Cayman|
The Plan consists of two parts: the Defined Benefit Part and the Defined Contribution Part.
All existing participants of the Plan automatically became participants of the Defined Benefit Part on 14 April 1999 when the Legislative Assembly passed the Public Service Pensions Law, 1999. However, all participants of the Defined Benefit Part have the option to transfer to the Defined Contribution Part at any time, but once you elect to join the Defined Contribution Part you may not elect to return to the Defined Benefit Part.
If you were employed on or after 1 January 2000 or if you were not a participant of the Plan prior to 1 January 2000 then you will automatically join the Defined Contribution Part and may not elect to transfer to the Defined Benefit Part. If you are employed on or after 1 January 2000 then as long as you are over the age of 18 you become an active participant in the Plan on the first day you are employed by one of the participating employers. If you are not yet 18 when you are first employed you will join the Plan on the first day of the month next following your 18th birthday.
Full details of the pension plan are set out in the Public Service Pensions Law (2004 Revision) and the regulations thereunder. In the event of any discrepancies between the website and the Law, the Law shall prevail. For further information, or to see a copy of the current law and regulations, please contact the Managing Director, Public Service Pensions at the Public Service Pensions Board's office, George Town, Grand Cayman. Please also note that the sample calculations of benefits shown in the website are solely for the purpose of illustration. Estimates of the benefits payable in your specific circumstances can also be obtained by contacting the Managing Director, Public Service Pensions.
Last Updated: 2008-04-03