Regulatory Alerts2019-06-03
Guidance Notice 8 of 2018: Application of Default Regulations (Regulations 37, 38, 39 and 40)
The Financial Sector Conduct Authority issued this guidance to clarify the application of the Pension Funds Act Default Regulations to retirement funds, mandating full compliance for existing arrangements by 1 March 2019 without grandfathering. It outlines specific requirements for default investment portfolios, paid-up membership certificates, retirement benefits counselling, and the administration and investment fees applicable to paid-up members. The notice also details the procedures for funds to apply for exemptions from these regulations and establishes that non-compliant portfolios will lose their default status after the deadline.
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