Your pension should be just that – yours
Volunteering as a trustee
Have you considered becoming a trustee of the Chamber Pension Plan?
The Board of Trustees at the Chamber Pension Plan are ultimately responsible for the management and administration of the Plan. They take an active, hands-on role in guiding the plan, ensuring that the plan always services the best interests of all its members.
Here are some of our most frequently asked questions about being a Chamber Pension trustee.
Q. What is a trustee?
A. An individual person or member of aboard given control or powers of administration of property in trust with a legal obligation to administer it solely for the purposes specified. For full specifications, please see the Trust Deed.
Q. How are trustees appointed or elected?
A. In accordance with our Trust Deed each membership group elects one or two trustee(s)to serve on behalf of the membership group.The Chamber of Commerce appoints two Trustees to serve.
For additional clarity, each membership group is as follows (followed by the number of trustee(s) appointed or elected):
- Hospitality and Tourism (2)
- Financial and Professional (2)
- Industry and Commerce (2)
- Chamber of Commerce (2)
- Self-Employed and Voluntary (1)
Q. How much time do I have to commit as a Trustee?
A. Time commitment varies depending on role within the Board. It is estimated that monthly board meeting commitments and preparation can range between 2 to 3 hours monthly. Commitments outside of Board meetings can range from 1 to 4 hours monthly depending on committee, project, AGM/EGM meeting and any other Trustee events.
Q. How many years shall trustees serve?
A. A trustee term is three years.Trustees may serve an additional term of three years, so long as they are re-elected in accordance with the Trust Deed.
Please also note if a Trustee has served for a period of 6 years in any 10 year period, they must wait 5 years to serve again as a Trustee.
Q. Are there any one-off events or annual occasions that trustees are expected, or will have the opportunity, to attend?
A. Yes, Trustee are expected to attend annual AGM/EGM and member meetings, as required.
Q. How many Trustees can serve on the board?
A. Nine trustees make up the Board of Trustees. The majority of which must hold Caymanian status or be permanent residents of the Islands. Trustees must be members of the Chamber Pension Plan.
Q. Will there be training opportunities?
A. Yes, each Trustee is provided with proper support, documents and training tools to successfully carry out his or her duties.
Q. Are trustees expected to serve on committees?
A. Yes, the Chamber Pension Plan currently has seven active committees. These committees include: investment, expense processing,
marketing, audit, governance and risk management, NAV review and recruitment committee.
Q. Why become a Chamber Pension Plan Trustee?
A. As a trustee, you play an integral role in the governance of your pension plan! Becoming a trustee is both a fulfilling and challenging experience, where you learn new skills, meet new people and directly make an impact through your time and effort.
Interested? Talk to us.
Becoming a trustee is a great way to play an integral role in the governance of your pension plan. If you'd like to learn more, email admin@pensions.ky or call 745-7630.
