Private Pension Schemes (Administration) Rules

28 Jul 2014

The underlying policies of the Rules are to ensure that:

  • a pension scheme administrator appointed by a private pension scheme is licenced by the Financial Services Commission (the "Commission") and is able to perform
  • administration functions as per the requirements of the law;
  • a governing body or long-term insurer, meets parallel requirements as in the case of a pension scheme administrator through payments of prescribed fees and an authorisation
  • granted by the Commission, to administer a private pension scheme;
  • an administrator's powers, duties and functions are clearly specified;
  • there is adequate reporting by the administrator of a private pension scheme to the FSC; and
  • procedures are provided in relation to the termination of appointment and replacement of an administrator.