s.4Establishment of pension plans
4
Section 4Part 1 — Introductory

Establishment of pension plans

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Subject to section 25(2), every employer in the Islands shall provide a pension plan or make contribution to a pension plan for every person employed by that employer in the Islands which shall, at the employer's discretion, be either a defined benefit pension plan or a defined contribution pension plan and the specific pension plan shall be selected in the prescribed manner.
A person shall be deemed to be employed in the Islands —
where the office of that person's employer to which that person is required to report to work is situated in the Islands; or
if that person is normally resident in the Islands and where the office from which the person's salary, wage or other remuneration is paid is situated in the Islands.
The Director shall cause to be published, in the Gazette or via any other media as the Director determines, notice of each pension plan registered under this Act together with the details of any persons who will carry on the functions of administrator, investment manager, investment adviser, or custodian of the pension plan.
An employer who fails without reasonable cause to comply with the requirements of subsection (1) commits an offence and is liable —
in the case of a first offence, on summary conviction to a fine of twenty thousand dollars or to imprisonment for a term of two years, or to both;
in the case of a second offence, on summary conviction to a fine of fifty thousand dollars or to imprisonment for a term of three years, or to both;
in the case of a third or subsequent offence, on conviction on indictment to a fine of one hundred thousand dollars or to imprisonment for a term of five years, or to both.

Cross References