Department of Labour and Pensions Introduces Pensions Certificate of Compliance
The Department of Labour and Pensions (DLP), in conjunction with the Department of Commerce and Investment (DCI), has introduced a Certificate of Compliance, to replace the current practice of Letters of Good Standing that are required for business owners to obtain Trade and Business Licences.
For pensions, the use of the Certificate of Compliance Pension Enrollment Form took effect on 1st December 2015.
For DCI, as of 1 December 2015, certificates must be submitted when business owners apply under the Government incentives programme for trade and business licences.
Employers and their respective Pension Plan Administrator or Administrators will need to complete the Certificate of Compliance. Provided that all of the necessary information has been received and is in order, the Pension Plan Administrators will complete their section of the form within 3 – 5 business days and the Certificate of Compliance is valid for 6 months.
These documents will provide stronger evidence that the respective employer is in compliance with the National Pensions Law, which is required by DCI in order to issue a Trade and Business Licence.
The Certificate of Compliance Form, along with guidance notes, are available at the Department of Labour and Pensions and will also be made available on the websites of the DLP (www.npo.gov.ky) and the DCI (www.dci.gov.ky).
Business owners also may need to have a Certificate of Compliance for other reasons, such as applying for a Government tender.
As always, the DLP will continue to enforce pension compliance through employee complaints, statutory delinquency reporting, inspections, and inter-agency cooperation.
For more details or assistance regarding pensions, please contact the DLP at 945- 8960, email [email protected] or visit their website www.npo.gov.ky
Business owners in Grand Cayman who need further assistance in relation to trade and business licensing may contact DCI on 945-0943 or [email protected]
In the Sister Islands, please call 948-2400 or email [email protected]
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