Terminating or Transferring Members
When a member terminates employment, the former employer should outline the employee’s options as they relate to the Chamber Pension Plan. These options are as follows:
- If the employee begins future employment with an employer that is not in the Chamber Pension Plan, their account will be flagged as inactive and the only fluctuation in the value will be NAV driven as no direct fees are charged to the account. They may also choose to become a voluntary member of the Chamber Pension Plan. As a voluntary member, they can choose to continue contributing to the Chamber Pension Plan while they are contributing to a different plan through their future employer;
- If the employee begins future employment with an employer that is not in the Chamber Pension Plan and wishes to transfer their balance from the Chamber Pension Plan to their new employer’s plan, they can do so by completing an Individual Transfer Request Form. The completed form should be returned to the Administrator for processing;
- The member can choose to retire if they meet the necessary criteria; or
- If the member becomes a non-resident or is an expatriate leaving the Island, they can choose to apply for a refund (see Withdrawal Options).
- If the member is not seeking future employment and is leaving Cayman please direct them to the members section, withdrawal options tab on this site.
The employer should notify the Administrator of the termination by attaching a note to the employer's contribution forms when they are sent to the Administrator.