Regulatory Alerts2019-03-12
Information Circular No 1 of 2019: Cancellation and Reinstatement of Pension Fund Registrations
The Pension Funds Authority mandates that administrators verify and submit auditor-confirmed proof that terminating funds hold no remaining assets, liabilities, or members before processing cancellation applications. For funds deregistered in error before 1 April 2018, administrators must immediately report the mistake, disclose full particulars, and petition a competent court to set aside the cancellation. Cancellations occurring after 1 April 2018 require immediate disclosure to the Authority, which may invoke Financial Sector Regulation Act powers or direct parties to seek court relief, with non-compliance subject to regulatory enforcement and inspections.
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