PENSION

CHAPTER 55:02
PENSION

ARRANGEMENT OF SECTIONS

    SECTION

PART I
PRELIMINARY

    1.    Short title

    2.    Interpretation

    3.    Application

    4.    Objectives

    5.    Application of the Financial Services Act

    6.    Inconsistencies with other laws

PART II
FUNCTIONS AND POWERS OF THE REGISTRAR

    7.    Functions and powers of the Registrar

PART III
NATIONAL PENSION SCHEME

    8.    National Pension Scheme

PART IV
THE NATIONAL PENSION FUND

    9.    National Pension Fund

PART V
MANDATORY OCCUPATIONAL PENSION SCHEME

    10.    Obligations of the employer

    11.    Minister’s power to exempt

    12.    Minimum contribution rates

    13.    Employer to remit contributions promptly

    14.    Life insurance policy

PART VI
VOLUNTARY PENSION SCHEMES

Division 1
Membership to Voluntary Pension Scheme

    15.    Membership to voluntary pension scheme

    16.    Contributions to Voluntary Pension Scheme

Division 2
Voluntary Personal Pension Funds

    17.    Crediting contributions to a voluntary personal pension fund

    18.    Access to benefits from a voluntary personal pension fund

Division 3
Provident Funds

    19.    Employer may set up a provident fund

    20.    Access to benefits from a provident fund

PART VII
LICENSING AND REGISTRATION OF PENSION ENTITIES AND EMPLOYERS

Division 1
Licensing and Registration Requirements

    21.    Pension entities to be licensed or registered

    22.    Registration criteria for a pension fund, a provident fund or a personal pension fund

    23.    Licensing criteria for trustees of pension entities

    24.    Licensing criteria for trustees of pension funds or provident funds

    25.    Registration of employers and issuance of certificates of compliance

Division 2
Licensing and Registration Procedures

    26.    Licensing and registration procedures

    27.    Issuance and publication of a licence or registration certificate

    28.    Refusal of a licence or registration

    29.    Licensing or registration of pension business

    30.    Pension business to be conducted in approved premises

    31.    Notice of registration to Commissioner General

    32.    Effects of registration of a pension fund

    33.    Trustee to establish member account

    34.    Restriction on transfer etc., of licence

    35.    Variation, suspension and revocation of licences or registration on request

    36.    Variation, suspension and revocation of licences or registrations

PART VIII
REQUIREMENTS FOR PENSION ENTITIES

Division 1
Corporate Governance

    37.    Board of directors or trustees

    38.    Appointment of executive officers and management

    39.    Removal of executive officers and managers

    40.    Internal audit function

    41.    Fit and proper requirements

Division 2
Principal officers, Trustees, Directors, Advisory Committees and Service Providers of Pension Funds and Provident Funds

    42.    A pension fund or provident fund to have a principal office

    43.    Appointment of a principal officer

    44.    Trustees, and directors to consent to appointment

    45.    Trustees of pension fund or provident fund

    46.    Equal representation rule

    47.    Advisory committees

    48.    Rules for appointment of member representatives

    49.    Appointment and removal of service providers

Division 3
Administrators, Pension Services Companies, Pension Brokers, Pension Advisors and Provider of Programmed Withdrawals

    50.    Requirements for other pension entities

PART IX
REQUIREMENTS FOR FUND RULES OF PENSION FUNDS AND PROVIDENT FUNDS

    51.    Pension fund and provident fund rules to be enforceable

    52.    Contributions to be paid to the pension fund or provident fund

    53.    Pension funds and provident funds to be trusts

    54.    Covenants for pension funds or provident funds

    55.    Consistency of covenants

    56.    Covenants bind directors of trustee

    57.    Damages for breach of covenants

    58.    Fund rules regarding indemnities, liability and advice

    59.    Directors of corporate trustee may be indemnified

    60.    Pension fund trustees not to be subject to direction

    61.    Pension benefits to be transferable

    62.    Portability of pension fund benefits

    63.    Trustee to accept payments in respect of a member

    64.    Transfer of benefits under provident fund and voluntary personal pension fund

    65.    Exercise of discretion in respect of pension funds

    66.    Restriction on requirement for approval of trustee’s decision by employer

    67.    Restrictions on amendments to fund rules

PART X
PRUDENTIAL AND OTHER REQUIREMENTS FOR THE OPERATION OF PENSION FUNDS AND PROVIDENT FUNDS

    68.    Directives

    69.    A pension fund or provident fund to maintain books of accounts

    70.    A pension fund or a provident fund to maintain a financially sound position

    71.    Significant adverse effects to be notified

    72.    Credit to member account

    73.    Debits to member accounts

    74.    Trustee to ensure that a defined benefit pension fund or hybrid pension fund is fully funded

    75.    Investment management agreements not to exclude liability for negligence

    76.    Provision of information in an investment management agreement

    77.    Fund assets to be invested at arm’s length

    78.    Restriction on employer assets

    79.…