Regulatory Alerts2018-03-31
Clarification on Fund Registration Cancellation and Umbrella Fund Employer Participation Termination
The Financial Services Board clarifies the procedural requirements for cancelling a pension fund’s registration under Section 27(1) of the Pension Funds Act and terminating an employer’s participation in an umbrella fund. Cancellation or termination is only permitted once the fund or employer section has zero assets, liabilities, members, and pending litigation, requiring applicants to submit comprehensive supporting documentation through the Retirement Funds On-line System. Prior to any fund cancellation, the Registrar must publish a 30-day public notice to allow aggrieved parties to submit objections before a final decision is made.
Share