January 24, 2022

National Pensions Office meet with Employer Pension Plan Administrators

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NPO meet with MEPPAThe National Pensions Office (NPO), a division of the Department of Labour & Pensions (DLP) recently held a meeting with representatives of the six Multi-Employer Pension Plan Administrators (MEPPA’s) to reinstitute a protocol of regular meetings and contacts between the regulator and the registered pension administrators.

There are sixteen registered employer pension plan administrators in the Cayman Islands, ten of which are known as Single-Employer Pension Plan Administrators (SEPPA’s) and six MEPPAs which include: Chamber of Commerce Pension Plan, Silver Thatch Pension Plan, Britcay/Colonial, Fidelity Pension Plan, Cayman National Trust Pension Plan, and BAF Cayman Pension Plan (an offshoot of the former BAICO pension plan).

In addition to the MEPPA representatives, the Acting Superintendent of Pensions, Mr. Mario E. Ebanks and the entire team from the NPO, comprising of all Senior Pensions Officers/Inspectors and other temporary special projects staff were in attendance. Items on the agenda included:

  • Operational issues in relation to reporting, and administering of programmes such as the Housing Withdrawal Programme and Retirement Savings Arrangements;
  • Delinquency reporting, and joint efforts that are needed to deal with employers who are in arrears with pensions Contributions. Approaches discussed included: inter-agency cooperation and data sharing amongst counterpart regulators, the leveraging of technology, working with employers to arrange and monitor payment plans, and enforcement through the Courts;
  • Policy matters which required clarification and project plans to implement;
  • Pensions supervision issues surrounding annual audits and other governance imperatives, to ensure the pension funds are protected and enhanced;
  • Public awareness, education, and training of employers, employees, and the general public, particularly on the importance of retirement planning so as to maximize the amount of income replacement for retirees.

An important outcome of the meeting was the agreement between the NPO and the MEPPA’s to revive the Administrator’s Advisory Committee, for the primary purpose of public education and awareness, as well as being a united voice to bring issues and solutions to the attention of Regulators. A similar arrangement will also be sought with the SEPPA’s, where possible and appropriate.

It is planned that meetings of the NPO and the MEPPA’s will take place quarterly. Further details on the National Pensions Office or Law, or the Administrators can be obtained from the NPO website, www.npo.gov.ky

Photo Caption: NPO meets with pension plan administrators

Photo Credit:             GIS

 

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