Board of Trustees
The Board of Trustees of the Chamber Pension Plan, are ultimately responsible for the administration of the fund. They appoint a suitably qualified Administrator, person, firm or corporation, to fulfill this function. The Trustees may then delegate whatever powers, duties and responsibilities to the Administrator they deem to be appropriate and in the best interests of the Fund. The Trustees will receive the Administrator’s reports of its operations of the Fund and will in response decide what actions are to be taken and what policy followed. The Trustees have the power to revoke the appointment of the Administrator in favour of a successor.

The Trustees may employ anybody whose services or assistance is considered necessary or advisable to the operation and administration of the fund. This could include legal or investment counsel, administrative, consulting, accounting or clerical assistance, salaries and related costs for which, may be paid from the fund. The Trustees can delegate their powers to these committees or individuals as they deem fit.

The Trustees are responsible for determining all questions of eligibility, membership status or related matters concerning the fund. They will also decide any questions or controversies in connection with the operation of the fund, concerning for example, claims for benefits or interpretation of rules and regulations.

It is the responsibility of the Trustees to keep appropriate accounts and records of the Fund at the Principal Office of the Administrator. The Trustees select an auditor to audit these accounts at least annually, whenever required by law, and when they consider it advisable to do so. The Auditor will report to the Trustees.

Click here for the trustees bios


Administrator
In general the administrator of a pension plan is contracted by the Trustees of the pension plan to act on their behalf to ensure the pension plan is run in accordance with the National Pensions Law and carry out day-to-day functions such as processing contributions, preparing member statements, and processing transfers in and out of the plan.

Specifically, the administrator:
a) ensures the pension plan and pension fund are administered in accordance with the Law;
b) produces annually (or more frequently if specified in the pension plan) for each person entitled to payment from the pension fund a statement containing information about the pension fund and the member's contributions to the pension plan;
c) provides information about the provisions of the pension plan and a person's rights and obligations to each member of the plan (either 90 days after the start of the plan, or 30 days after the administrator has been notified that a new member is eligible to join the plan);
d) makes available documents related to the pension plan to any member, former member, spouse or former spouse, claimant, any person entitled to pension benefits under the pension plan, and employer who is or was required to make contributions, etc.
e) files an annual information return;
f) files audited accounts of the pension fund within 6 months of the end of the financial year; and
g) gives notice and invites comments from each member, former member, or any person entitled to payment from the pension fund before an amendment to the pension plan that would adversely affect members or employers is registered.

The administrator for the Chamber Pension Plan is Butterfield Bank.

Chamber of Commerce
The Chamber of Commerce is responsible for appointing two Trustees to the board, and providing secretarial services.

Superintendent of Pensions
The Superintendent of Pensions is appointed to administer the National Pensions Law by performing the required regulatory and supervisory functions, including the registration and regulation of existing and new approved pension plans, which are established for the benefit of workers in the Cayman Islands.