Section 8Part 2 — Registration and Administration
Administrator
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8. (1) For the purposes of this Act, only the following persons may administer a pension plan —
an employer;
a pension committee at least fifty per cent of which shall be representatives of members of the pension plan and a majority of which shall hold Caymanian status or be permanent residents of the Islands;
an approved provider where that provider provides all of the benefits under the pension plan, or a representative or agent of that provider;
a board of trustees appointed pursuant to the pension plan, at least fifty per cent of which shall be representative of members of the pension plan and a majority of which shall hold Caymanian status or be permanent residents of the Islands;
a board, agency or other person made responsible by this Act or any other law for the administration of the pension; or
a trust company licensed in accordance with the Banks and Trust Companies Act (2021 Revision).
For the purposes of subsection (1) — “employer” includes an affiliate or parent company.
An administrator shall ensure that the administration, custodianship and investment of the pension plan and fund are undertaken by qualified and experienced persons or bodies. National Pensions Act (2024 Revision) Section 9 c Revised as at 31st December, 2023 Page 19
No person who is a receiver or trustee in bankruptcy of an administrator of the pension plan shall administer a pension plan.
An administrator, subject to any approval of the Director to different arrangements given under section 6(3), shall be based or represented in the Islands.
In the event of the bankruptcy of an employer within the meaning of the Bankruptcy Act (1997 Revision), the Director may act as or appoint an administrator of the plan.
A person who contravenes subsection (1) or (4) commits an offence and is liable on summary conviction to a fine of one hundred thousand dollars or to imprisonment for a term of five years, or to both.