WEDNESDAY, MAY 1, 1991
SCHEME
MEET
THEY WERF SEPARATION OF ASSETS OF THE RETIREMENT THOSE OF THE EMPLOYER, PROVISION OF SUFFICIENT FUNDING TO SCHEME'S LIABILITIES, INDEPENDENT ANNUAL, AUDIT OF THE ACCOUNTS OF SCHEME AND ADEQUATE DISCLOSURE OF INFORMATION TO SCHEME MEMBERS.
FROM
THE
THE
THE BILL TRUST ON
OR
"TO ACHIEVE THE PRINCIPLE OF SEPARATION OF ASSETS,
GROUNDED REQUIRES
SCHEMES SHOULD BE THAT RETIREMENT SUBJECT TO AN INSURANCE ARRANGEMENT.
THAT "IN RESPECT OF THOSE GROUNDED ON TRUST, THE BILL REQUIRES
ALL TIMES," HE THERE SHOULD NORMALLY BE AN INDEPENDENT TRUSTEE AT SAID,
CENT ISSUED BY
FURTHERMORE, THE BILL STIPULATED THAT NOT MORE THAN 10 PER OF THE ASSETS OF A SCHEME MIGHT BE INVESTED IN SECURITIES THE EMPLOYER OR HIS ASSOCIATES.
"INVESTMENT BY WAY OF LOANS TO THE EMPLOYER OR ASSOCIATES STRICTLY PROHIBITED, HE ADDED.
-
ARE
SCHEMES WERE IMMEDIATE
ON THE QUESTION OF FUNDING, MR MACLEOD SAID ALL
TO ASSETS
MEET THEIR SUFFICIENT TO REQUIRED
MAINTAIN LIABILITIES, THAT WAS, ALL SCHEMES MUST BE SOLVENT.
HE SAID FOR DEFINED CONTRIBUTION SCHEMES, CONTRIBUTIONS WERE TO BE MADE IN ACCORDANCE WITH THE RULES OF THE
SCHEME.
FOR DEFINED BENEFIT SCHEMES, CONTRIBUTIONS WERE TO BE MADE
WITH ACTUARIAL ADVICE.
ACCORDANCE
"THE
BILL
STIPULATES
THE MINIMUM
IN
REQUIREMENTS
FOR ONGOING
ACTUARIAL CERTIFICATION.
SCHEME THE SCHEME
"TRIENNIAL ACTUARIAL REVIEWS ARE REQUIRED AND, WHERE A IS INSOLVENT, ANNUAL REVIEWS ARE REQUIRED TO ENSURE THAT
HE ADDED. ACHIEVES SOLVENCY WITHIN THREE YEARS,
POR
++
INTO
CAME LEGISLATION WHICH EXISTED BEFORE THE SCHEMES
WERE TRANSITIONAL FORCE, THE ACTING FINANCIAL SECRETARY SAID THERE PROVISIONS TO ALLOW SHORTFALLS IN FUNDING TO BE MET WITHIN FIVE YEARS.
*
IN RESPECT OF AUDITS AND ACCOUNTS, HE POINTED OUT THAT THE BILL AND REQUIRED THE TRUSTEES OR SCHEME MANAGERS TO KEEP PROPER ACCOUNTS RECORDS OF ALL FINANCIAL TRANSACTIONS OF A RETIREMENT SCHEME.
BY
AN
ΤΟ
AN ANNUAL STATEMENT OF ACCOUNTS AND A REPORT PREPARED AUDITOR INDEPENDENT OF THE EMPLOYER WERE REQUIRED TO BE SUBMITTED THE REGISTRAR, HE ADDED.
THE
ATPOINTED
BILL FOR
AS REGARDS INFORMATION DISCLOSURE, MR MACLEOD SAID
MIGHT RE COMMITTEES THAT CONSULTATIVE PROVIDED CONTRIBUTORY RETIREMENT SCHEMES WITH MORE THAN 50 MEMBERS.
THE WHITE OF THE
"THIS PROVISION IS DIFFERENT FROM THAT PROPOSED IN BILL, WHICH STIPULATED THAT FOR ALL SCHEMES WHERE A MAJORITY MEMBERS SO WISHED, A CONSULTATIVE COMMITTEE SHOULD BE ESTABLISHED," HE SAID.
/HE NOTED