Regulatory Alerts2022-01-01
Guideline Conversion
The Financial Services Commission of Jamaica issued this guideline to regulate the conversion of pension plans from defined benefit to defined contribution structures. It mandates that such conversions constitute material changes requiring specific amendments, trustee resolutions, and member approval under the Pensions Regulations. The document details required submission documents and establishes principles for transparency, including the preservation of accrued benefits and accurate valuation of ancillary rights.
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