This is part of the formula to determine the Accrued Benefit for participants of the Defined Benefit Part of the Plan. It is 1/600 if you joined the Plan on or before 10 July 1980 or 1/720 if you joined the Plan after that date.
Your Accrued Benefit is a measure of how much pension you have earned from the Plan at any given point in time. This is measured differently in the Defined Benefit Part and the Defined Contribution Part of the Plan. In the Defined Benefit Part, it means a monthly pension based upon your time in the Plan and your Final Average Pensionable Earnings at the time of calculation. In the Defined Contribution Part, it means the sum of the balances in your Participant and Employer Contribution Accounts.
You are a participant in the Defined Benefit Part if you were a member of the Plan before 1 January 2000 and have not elected to transfer to the Defined Contribution Part of the Plan.
You are a participant in the Defined Contribution Part if you were not a member of the Plan before 1 January 2000 or if you elected to transfer to the Defined Contribution Part from the Defined Benefit Part of the Plan.
Â The early retirement age under the Plan is any age between ages 50 and 55 inclusive, provided that you have completed at least ten years of qualifying service.
For participants in the Defined Contribution Part, this is the notional account that contains the contributions paid into the Plan for you by your employer and the Credited Interest on those contributions.
Your final month's basic salary or wage, plus the average of your last thirty-six months' acting or duty allowances, plus, if you are employed as a police officer, your final month's housing allowance.
The Normal Retirement Age under the Plan is age 60. When you reach 60 you are deemed to be retired from the Plan and will start to receive a pension.
You are a participant if you are an employee of Government or a Statutory Authority that has opted and been given approval by the Board to join the Plan, an employee on an approved leave of absence or an employee who has retired or resigned from Service on pensionable terms.
This is the notional account that contains the contributions deducted from your salary or wages and the Credited Interest on those contributions.
The sum of your monthly basic salary or wage, plus any monthly acting or duty allowances you may receive.
The amount of time you have participated in the Plan adjusted for periods of part-time service and excluding periods of secondment to an employer not participating in the Plan. This is used to determine the Accrued Benefit under the Defined Part of the Plan.
The Cayman Islands Public Service Pensions Plan as set up by the Public Service Pensions Law and the regulations.
In some situations benefits are payable from the Plan that depend on the value of an alternative benefit. The Plan actuarial tables have been designed to provide fair and equitable benefits in such circumstances.
The amount of time you have participated in the Plan including periods of secondment to an employer not participating in the Plan. This is used to determine your eligibility for early retirement benefits.