Regulatory Alerts2025-11-06
Circular No. 4 of 2025 – Minimum Standards for Retirement Fund Board Members
The Regulatory Authority issued Circular No. 4 of 2025 to mandate minimum educational and professional qualifications alongside five years of relevant work experience for trustees on the boards of Large Retirement Funds. The directive requires funds with at least P500 million in assets to appoint up to 30 percent of their board members from employer and membership nominees while maintaining a balanced mix of skills and independent oversight. These standards operate concurrently with existing PFR10 and Fit and Proper Person Rules, with full compliance mandated by February 1, 2026.
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