THURSDAY, SEPTEMBER 20, 1990
UNDER
THE BILL EVERY RETIREMENT SCHEME APPLYING FOR REGISTRATION SHOULD APPOINT A DESIGNATED PERSON WHO WAS REQUIRED TO FURNISH INFORMATION ABOUT THE SCHEME TO THE CONSULTATIVE COMMITTEE OR TO THE SCHEME MEMBERS UPON REQUEST.
THE DESIGNATED PERSONS WOULD PLAY AN IMPORTANT ROLE IN THE ADMINISTRATION OF THE RETIREMENT SCHEME AND ACT AS THE CONTACT POINT FROM WHICH THE REGISTRAR OF THE OCCUPATIONAL PENSION SCHEMES AND MEMBERS OF THE SCHEME WOULD OBTAIN INFORMATION ON THE OPERATION OF THE SCHEME, MR IP SAID.
TO
"THE BILL ALSO REQUIRES THAT THE TRUSTEES OR, WHERE APPROPRIATE, THE DESIGNATED PERSON OF A SCHEME TO PROVIDE
EVERY MEMBER OF THE SCHEME AN ANNUAL STATEMENT REGARDING THEIR ACCRUED RIGHTS," HE SAID.
THE BILL ALSO IMPOSED RESTRICTIONS ON THE EMPLOYER OR HIS ASSOCIATE FROM ACTING AS THE SOLE TRUSTEE OF A SCHEME AND NO MORE THAN 10 PER CENT OF THE ASSETS OF THE RETIREMENT SCHEME SHOULD BE INVESTED IN THE EMPLOYER'S BUSINESS. LOANS TO THE EMPLOYER OR HIS ASSOCIATES. WERE ALSO PROHIBITED.
"THE MAIN OBJECTIVE OF THE BILL IS TO ENSURE THAT RETIREMENT BENEFITS WILL BE PAID WHEN THEY FALL DUE," HE STRESSED.
"IT IS NOT TO COMPEL EMPLOYERS TO SET UP RETIREMENT SCHEME OR TO SPECIFY A MINIMUM LEVEL OF BENEFITS, MR IP SAID.
"I
THE PROVISIONS OF THE BILL WERE MAINLY EVOLVED FROM FOUR GUIDING PRINCIPLES, NAMELY: SEPARATION OF ASSETS; PROVISION OF ADEQUATE FUNDING; INDEPENDENT AUDIT AND DISCLOSURE OF INFORMATION, ADDED,
HE
TURNING TO THE POWERS OF INTERVENTION, MR IP SAID THAT THE REGISTRAR MIGHT REQUEST FOR INFORMATION ON THE OPERATION OF A RETIREMENT SCHEME, INCLUDING A SPECIAL AUDITOR'S REPORT OR AN ACTUARIAL CERTIFICATE AT ANY TIME.
HE MIGHT ALSO APPOINT A PERSON TO CONDUCT AN INQUIRY INTO SCHEME, HE SAID.
A
"ALL THESE WILL ENABLE THE REGISTRAR TO OBTAIN AN INDEPENDENT ASSESSMENT OF THE OPERATION OF A RETIREMENT SCHEME, MR IP SAID.
THE ULTIMATE SANCTION AGAINST NON-COMPLIANCE OF LEGISLATION IS DE-REGISTRATION, HE POINTED OUT.
THE
ΤΟ
"SCHEMES MAY BE DE-REGISTERED WHERE THERE IS A FAILURE COMPLY WITH THE REPORTING, DISCLOSURE OF INFORMATION OR FUNDING REQUIREMENTS OF THE BILL.
"UPON DE-REGISTRATION, THE REGISTRAR OR MEMBERS OF THE SCHEME AFFECTED MAY APPLY TO THE HIGH COURT FOR CERTAIN DIRECTIONS.
/"FOR EXAMPLE