MembershipRequirements

EMPLOYED

A tourism worker who at the date of commencement of this Act is over 18 years but has not attained 60 years and is not a member of an approved pension plan.

A person who is over 18 years but under 60 years and becomes a tourism worker after the commencement date of this Act.

A tourism worker who satisfies the eligibility requirements shall become a member of the scheme upon the first deduction of a contribution from the earnings of the tourism worker by the tourism operator for payment into the Scheme.

For the first three years after the commencement of the Scheme, the contribution level will be 3% of earnings by the worker, matched by 3% by the employer. Thereafter, the contribution level will be 5% of earnings by the worker, matched by 5% by the employer. It is important to note that contributions must be remitted by the employer within seven (7) days after the end of the month in which the deductions are made from members’ salaries to the Investment Manager.

The contributions made in respect of each tourism worker by a tourism operator shall accrue daily and shall be paid monthly in arrears by the tourism operator to the Investment Manager.

In addition to the mandatory contributions (3% up to January 31, 2023 and 5% thereafter), a member may elect to make voluntary contributions to the Scheme by submitting a written notice to the Board in the prescribed form. These will be included in your Retirement Savings Account and increase your retirement pension.

Notwithstanding, the aggregate contributions to the Scheme in respect of each member in any year including where applicable, contributions made on behalf of a member by a tourism operator, shall not exceed the limit imposed under the Income Tax Act in respect of ordinary annual contribution to approved pension plan (currently is 20%).

SELF-EMPLOYED

A self-employed tourism worker upon the approval by the Board of an application for membership.

A self-employed tourism worker who wishes to become a member of the Scheme shall make an application to the Board. Where the Board receives an application, the Board may direct, in writing that the applicant furnishes the Board with particulars regarding the employment of the applicant and the applicant shall comply with the direction.

After considering the application and any particulars provided, the Board shall, if satisfied that the applicant is a self-employed tourism worker, approve the application for membership and notify the self-employed tourism worker of the decision.

A self-employed tourism worker who has been admitted to the Scheme shall remit to the Investment Manager at least once annually, the mandatory contributions payable under the Scheme, being an amount equal to 3% of the earnings of the self-employed tourism worker in the first three years following the commencement of the Act and 5% thereafter.

In addition to the mandatory contributions (3% up to January 31, 2023 and 5% thereafter), a member may elect to make voluntary contributions to the Scheme by submitting a written notice to the Board in the prescribed form. These will be included in your Retirement Savings Account and increase your retirement pension.

Notwithstanding, the aggregate contributions to the Scheme in respect of each member in any year shall not exceed the limit imposed under the Income Tax Act in respect of ordinary annual contribution to an approved pension plan (currently 20%).