Regulatory Alerts2018-03-31
Information Circular 2 of 2015: Implementation of Principal or Deputy Principal Officer Appointments under the Pension Funds Act
The Financial Services Board clarifies regulatory requirements for pension funds following legislative amendments to Section 8 of the Pension Funds Act, 1956, specifically regarding principal and deputy principal officer appointments. Funds must replace an absent or incapacitated principal officer within a maximum of 90 days, though boards are expected to act reasonably sooner to prevent administrative prejudice, and may formally appoint a deputy principal officer if their governing rules explicitly permit it. While the principal officer retains ultimate accountability for any delegated functions and may revoke them at any time, funds must notify the regulator in writing whenever a deputy acts in that capacity for more than 30 days to ensure uninterrupted communication.