All self employed persons must contribute a sum equivalent to 10% of their earnings up to CI$87,000 at a minimum.
There are a number of special considerations that relate to self employed members of the Chamber Pension Plan.
To join the Chamber Pension Plan Plan, contact the Administrator to request the necessary forms. The main form is the New Employer Application Form. This is the same form that is completed by employers joining the pension plan. The Employer Application is supplemented by the Deed of Adherence which, when signed by the self employed person, binds the person to the terms and conditions laid out in the Declaration of Trust for the pension plan.
After completing the forms, return them to the Administrator. The Administrator will liaise with the Department of Labour and Pensions to then complete the application process.
Contributions can be made in three ways:
a. By setting up a standing order with your bank to transfer a fixed amount of money from your account to the Chamber Pension Plan account automatically each month. The amount transferred must comply with the minimum contribution rates outlined in the Law. When setting up the standing order, the name of the account at Butterfield Bank (Cayman) Limited is “The Cayman Islands Chamber Of Commerce Pension Plan” and the account number for KYD is “02-201-070310?; and for USD is “01-201-070310”.
b. By completing a Butterfield Bank (Cayman) Limited Chamber Pension Plan Deposit Slip (available at the Administrator’s office – 90 North Church St. 2nd Floor or the bank branch) and mailing it, along with your contribution cheque, to the Administrator. When completing the Deposit Slip, use reference number "1111" in place of Company number, as well as your membership number. Your name should also be entered in place of Company Name;
c. By completing a Butterfield Bank (Cayman) Limited Chamber Pension Plan Deposit Slip (available at the Administrator’s office – 90 North Church St. 2nd Floor or the bank branch) and making your contribution in person by cheque or at the bank.
To become a member of Chamber Pension Plan, please fill out and return the New Employer Application Form.