Commuted Value
The Commuted Value of a pension benefit is the value of the pension on a fixed date, taking the investment yield and expenses into account.

Conjugal Period
Conjugal Period means a period beginning with the marriage of a man and a woman and ending on either the death of one of them or on the date set out in:

a) a decree of dissolution of the marriage;
b) a decree of nullity of the marriage;
c) a decree of presumption of death of a spouse; or
d) a decree of judicial separation.

Continuous Employment
Employment, membership or service can be considered continuous and will not be affected by:

a) periods of temporary suspension of
employment of less than six months; or
b) periods of lay-off from employment.

Dependent Child
A child is considered dependent until they reach the age of 23 or are no longer a full time student, whichever occurs first.

Expatriate
An "expatriate" is defined in the Pensions Law to be someone who does not have Caymanian status or is not a permanent resident [as described in the Immigration Law (1997 Revision)].

Joint and Survivor Pension
Joint and Survivor Pension means a pension payable during the joint lives of the person entitled to the pension and their spouse and thereafter during the life of the survivor of them.

Self-Employed Person
Self-Employed Person means a person over school leaving age whose earnings derive from their production of goods or services in the Islands, or their trade in goods or services from the Islands, and who possesses a current license under the Trade and Business Licensing Law.

Voluntary Member
A voluntary member is one who wishes to contribute to the pension plan, but whose employer has not agreed to participate in the plan. A voluntary member may also be a person without employment who wishes to save for their retirement. A voluntary member may also be a person whose employment was terminated and is no longer employed, in this case they may be a non-contributing member of the pension plan.