s.3Interpretation
3
Section 3Part 1 — Introductory

Interpretation

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In this Act —
in relation to a pension plan, means a member of the plan who —
has not terminated that member's employment under the plan;
has not exercised that member's entitlement under section 29; and
has not been deemed under section 63(1) to have terminated that member's employment under the plan;
in relation to a pension or benefit, means the value of the pension or benefit calculated in the prescribed manner and as of a fixed date;
means a person who —
has qualified as an actuary by examination of the Institute of Actuaries in England, the Faculty of Actuaries in Scotland or the Societies of Actuaries in the United States or Canada and who is a current member in good standing of one of those professional associations; or
holds some other actuarial qualification and who is, in the opinion of the Cabinet, suitable for recognition as an actuary for the purposes of this Act;
means a contribution and the earnings thereon to a pension fund by or on behalf of a member in excess of the amount the member is required by a pension plan or this Act to contribute;
means a person who manages a pension plan;
means any of the benefits described in section 32;
means an insurance company or other company licensed to undertake pension plans in the Islands;
in relation to an employer, means assets that in the ordinary course of business would be entered in the employer's books of accounts;
means a pension benefit or an ancillary benefit;
means the National Pensions Board established under section 78;
means a copy certified by an attorney-at-law to be a true copy;
in relation to a pension plan, means a person other than a member or former member who, as a result of another person's membership at any time in a plan, is or may be entitled to a right or benefit under such plan;
has the meaning assigned by the Civil Partnership Act, 2020 [Law 35 of 2020];
has the meaning assigned by the Civil Partnership Act, 2020 [Law 35 of 2020];
for the purpose of determining the lump sum amount that is equivalent to a pension or benefit, means the value of the pension or benefit calculated in the prescribed manner and as of a fixed date;
means a period beginning with the marriage of a man and a woman and ending on either the death of one of them or on the date set out in —
a decree of dissolution of the marriage;
a decree of nullity of the marriage;
a decree of presumption of death of a spouse or civil partner; or
a decree of judicial separation.
in relation to employment, membership or service, means continuous notwithstanding regard to periods of temporary suspension of employment, membership or service of less than six months, and notwithstanding periods of lay-off from employment;
means a pension benefit or part of a pension benefit in respect of which a member is required to make contributions under the terms of the pension plan;
means the person entrusted with the safekeeping of the assets of the pension fund;
in relation to a member of a pension plan, means a benefit other than an immediate benefit;
means a deferred benefit that is in payment;
means a benefit determined in advance with reference to various factors including level of earnings and length of employment and a "defined benefit pension plan" means a plan providing such a benefit;
means a benefit that is determined solely with reference to and is provided by, contributions made by or for the credit of a member together with the investment yield of such accumulated contributions and that is determined on an individual account basis;
means a pension plan providing a defined contribution benefit;
means the Director of the Department of Labour and Pensions established under section 79;
in relation to a member, means unable because of a physical or mental condition to perform most or all of the tasks related to that member's employment;
means —
in the case of an employee, any wages, salary, leave pay, fee, commission, bonus (to the extent that the bonus is equivalent to more than twenty per cent of the employee's basic salary or wage for the period in question) or gratuity, expressed in monetary terms, paid or payable by an employer (directly or indirectly) to that employee in consideration of employment, but does not include severance payments, normal pension entitlement or long service recognition payments or health insurance premiums; and
in the case of a self-employed person, income of that person prescribed and calculated in accordance with the regulations;
has the meaning assigned to it by section 2 of the Labour Act (2021 Revision) but does not include a Caymanian as defined in the Immigration (Transition) Act (2022 Revision) who is under twenty-three years of age and pursuing full time education;
has the meaning assigned to it by section 2 of the Labour Act (2021 Revision);
means file with the Director;
means a person who was a member of a pension plan and who has terminated employment or membership in a pension plan, and is —
entitled to a deferred benefit payable from the pension fund;
in receipt of a pension payable from the pension fund;
entitled to commence receiving payment of a pension benefit from the pension fund after termination of employment or membership; or
entitled to receive any other payment from the pension fund;
in relation to a pension plan, means to have at a given time, sufficient assets in a pension plan to provide for all pensions and other benefits as they become payable;
has the meaning assigned to those words in the Labour Act (2021 Revision);
means a benefit under the pension plan where payment of the pension in respect of the benefit is to commence not later than the first day of the month following the termination of the employment or membership of the member;
in relation to a pension plan, means a member of the plan other than an active member;
means a person that manages the investment of a pension plan;
means a pension payable during the joint lives of the person entitled to the pension and that person's spouse or civil partner and thereafter during the life of the survivor of them;
in relation to a pension plan, means a person who is or may be entitled to a benefit or refund of the person's contributions under the pension plan as a result of the person's employment or self-employment;
means the Minister having responsibility for pensions;
has the same meaning assigned to the word "charge" under the Registered Land Act (2018 Revision);
means a pension plan established and maintained for self-employed persons or employees of two or more employers who contribute or on whose behalf contributions are made to a pension fund, but does not include a pension plan where all the employers are affiliated;
means sixty-five years of age except that a person who attains sixty years of age, within the time prescribed by Order made by Cabinet, may opt for a normal age of pension entitlement of sixty years of age;
means retirement;
means an order in writing;
means the termination of part of a pension plan and the distribution of the assets of the pension fund related to that part of that pension plan;
means a benefit which is being paid at regular intervals;
in relation to a member or former member of a pension plan, means the entitlement of the member or former member or of another person upon the death of the member or former member to the periodic amounts provided under the pension plan for the lifetime of the member or former member, but does not include an ancillary benefit;
means a committee that is the administrator of a pension plan;
means a fund maintained to provide benefits payable under a pension plan;
includes a defined benefit pension plan or a defined contribution pension plan constituted and administered to provide pension benefits for employees but does not include —
an employee's profit sharing plan or a deferred profit sharing plan;
a plan to provide cash withdrawals from the fund or lump sum payments;
a plan under which all pension benefits are provided by contributions made by members who are not self-employed;
a fund or plan supplementary to a registered pension plan; or
any other prescribed type of plan;
means the average annual rate of earnings received by a member in that consecutive sixty month period during which that member's earnings were the highest, or if membership is less than sixty months, the average annual rate of earnings over the period of that member's membership subject, in either case, to a prescribed maximum;
means a period beginning with the entering into a civil partnership and ending on either the death of one of the civil partners or on the date set out in —
a decree of dissolution or nullity of the civil partnership;
a decree of presumption of death of a civil partner; or
a decree of judicial separation;
means prescribed by regulations made under this Act;
means an agreement respecting two or more pension plans that provides for the transfer of money, credits for employment or such other matter in respect of individual members who are transferring to and from registered pension plans whether in or outside the Islands;
means registration under this Act;
means all regulations made by the Cabinet under the powers contained in this Act;
means a person over school leaving age whose earnings (otherwise than in the capacity of an employee) derive from that person's production (in all or part) of goods or services in the Islands, or that person's trade in goods or services in or from the Islands;
means a man or a woman who —
in the case of a man, is married to a woman; or
in the case of a woman, is married to a man;
means the excess of the value of the assets of a pension fund related to a defined benefit pension plan over the value of the liabilities under the pension fund, both calculated in the prescribed manner;
—
in relation to employment, includes normal pension entitlement and death; and
in relation to a winding up in whole or in part of a pension plan, means the cessation of the accrual of benefits under the plan by members of the plan;
in relation to a pension plan, means the distribution of the assets of the pension plan after the plan is terminated; and
means earnings totalling in any year eighty-seven thousand dollars or such other amount as may be prescribed by Order, made by Cabinet, containing the amount and the period for which that amount applies.

Defined Terms

active memberactuarial present valueactuaryadditional voluntary contributionadministratorancillary benefitapproved providerassetsbenefitBoardcertified copyclaimantcivil partnercivil partnershipcommuted valueconjugal periodcontinuouscontributory benefitcustodiandeferred benefitdeferred pensiondefined benefitdefined benefit pension plandefined contribution benefitdefined contribution pension planDirectordisabledearningsemployeeemployerfileformer memberfully fundedhousehold domesticimmediate benefitinactive memberinvestment managerjoint and survivor pensionmemberMinistermortgagemulti-employer pension plannormal age of pension entitlementnormal pension entitlementorderpartial winding uppensionpension benefitpension committeepension fundpension planpensionable earningsperiod pertaining to civil partnershipprescribedreciprocal transfer agreementregistrationregulationsself-employed personspousesurplusterminationwinding upyear's maximum pensionable earnings

Cross References