THURSDAY, MAY 4, 1989
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3
THE
SCHEME FOR
AS A RESULT, THE EMPLOYER, IN SUBMITTING REGISTRATION, WILL BE REQUIRED TO CERTIFY THAT THE TRUST DEED COMPLIES WITH THE STATUTORY REQUIREMENTS WHILE THE TRUSTEES, IN THE ANNUAL RETURN, WILL BE REQUIRED TO CERTIFY THAT THE CONTINUING REQUIREMENTS HAVE BEEN MET.
TO ENSURE COMPLIANCE, THE AUDITOR OF THE SCHEME WILL ALSO BE REQUIRED TO CERTIFY THAT THE INFORMATION PROVIDED BY THE TRUSTEES IS CONSISTENT WITH THE AUDITED ACCOUNTS.
IN ESSENCE, THE BURDEN OF CHECKING COMPLIANCE WILL LIE WITH THE EMPLOYER'S PROFESSIONAL ADVISORS. THIS WILL RELIEVE THE AUTHORITY OF THE ONEROUS AND TIME-CONSUMING TASK OF EXAMINING IN DETAIL TRUST DOCUMENTS AND ANNUAL RETURNS. THIS APPROACH HAS BEEN ADOPTED SUCCESSFULLY IN AUSTRALIA.
TRANSITIONAL ARRANGEMENTS
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INSTEAD OF REQUIRING EMPLOYERS OPERATING RETIREMENT SCHEMES ΤΟ APPLY FOR REGISTRATION WITHIN 24 MONTHS OF THE COMMENCEMENT OF THE NEW LEGISLATION AND TO FUND VESTED LIABILITIES WITHIN A FURTHER THREE YEARS FROM THAT DATE, THE REVISED FRAMEWORK WILL ALLOW EMPLOYERS FIVÉ YEARS FROM THE DATE OF COMMENCEMENT OF THE NEW LEGISLATION TO COMPLY WITH THE FUNDING REQUIREMENTS.
THE APPLICATION PERIOD FOR REGISTRATION WILL REMAIN SAME. THIS IS INTENDED TO ENCOURAGE EMPLOYERS TO APPLY EARLY REGISTRATION AS EMPLOYERS WILL STILL HAVE A FULL YEARS IN WHICH TO MEET THE FUNDING REQUIREMENTS.
THE
FOR
FIVE
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PRIVATE SPONSORSHIP TO SUPPORT ANTI-NARCOTICS PUBLICITY DRIVES
PRIVATE SPONSORSHIP WILL BE SOUGHT TO AUGMENT LOCAL ANTI-NARCOTICS PUBLICITY EFFORTS FROM NEXT YEAR, THE CHAIRMAN OF THE ACTION COMMITTEE AGAINST NARCOTICS (ACAN), DR GERALD CHOA, SAID THIS WHEN HE MET THE MEDIA TODAY (THURSDAY).
HE SAID SPONSORSHIP WOULD BE INVITED ON A PROJECT-BY-PROJECT BASIS WITHOUT AFFECTING THE BUDGET OF THE GOVERNMENT-FUNDED ACAN COMMUNITY INVOLVEMENT PROJECTS VOTE, WHICH HAD BEEN ALLOCATED $1.3 MILLION FOR 1989-90,
"THIS WILL NOT ONLY PROVIDE AN ADDITIONAL MEANS OF FUNDING ΤΟ PROMOTE ANTI-DRUG CAMPAIGNS BUT ALSO PROVIDE MORE PRIVATE SECTOR INVOLVEMENT IN THE FIGHT AGAINST THE DRUG PROBLEM."
DR CHOA ***