Regulatory Alerts2023-01-01
Private Pension Schemes (Licensing and Authorisation) (Amendment) Rules 2023
The Financial Services Commission issued these amendment rules to update licensing requirements for employer-sponsored private pension schemes by mandating specific provisions in their constitutive documents regarding accrued benefits. The amendments define transfer values as the higher of actuarial cash equivalents or accumulated contributions net of expenses, while establishing strict one-month timelines for transfer requests and responses. These updated provisions automatically apply to all schemes licensed before 31 March 2023 and take full effect on 10 April 2023.
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