Regulatory Alerts2018-03-31
PF Circular 98: Guidelines on Pension Fund Board Objects and Duties
The Financial Services Board issued Circular PF 98 to amend prior directives and establish comprehensive governance standards for the boards of self-administered pension funds. The circular mandates that boards exercise strict fiduciary duties by protecting member interests, maintaining rigorous internal controls and accurate records, ensuring timely contribution payments, and providing clear benefit information to all stakeholders. It further requires boards to act with due care, diligence, and impartiality while seeking expert advice and ensuring strict compliance with the Pension Funds Act and related legislation.
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