Draft Guideline on Amending a Pension Plan’s Trust Deed and Rules and Correcting the Register of Pension Plans

CENTRAL BANK OF TRINIDAD & TOBAGO
Eric Williams Plaza, Independence Square, Port-of-Spain, Trinidad, Trinidad and Tobago Postal Address: P.O. Box 1250 Telephone: (868) 621-2288, 235-2288; Fax: (868) 612-6396 E-Mail Address: info@central-bank.org.tt Website: www.central-bank.org.tt

December 12, 2022

CIRCULAR LETTER TO:
PENSION PLAN TRUSTEES
PLAN SPONSORS
MANAGEMENT COMMITTEES

REF: CB-OIFI-3242 /2022

DRAFT GUIDELINE ON AMENDING A PENSION PLAN’S TRUST DEED AND RULES AND CORRECTING THE REGISTER OF PENSION PLANS

The Central Bank of Trinidad and Tobago (‘Central Bank’/‘Bank’) registers and regulates privately administered pension plans in accordance with the requirements of the Insurance Act, 2018 (‘Act’). As part of this function, the Bank is required to ensure that the Trust Deed and Rules of a pension plan, the amendments thereto, and the applications for correcting the register of pension plans conform to the requirements of the Act.

The purpose of this Guideline is to assist pension plan Trustees and Plan Sponsors in determining whether documents prepared for the amendment of Trust Deeds and Rules or for correcting the register of pension plans meet the requirements of the Act prior to these documents being submitted to the Bank. Therefore, Trustees and Plan Sponsors should not only familiarize themselves with the Guideline but also share it with the preparers of amendments to ensure that they adhere to the requirements.

A soft copy of the Guideline is appended and can also be accessed at https://www.central-bank.org.tt/core-functions/supervision/pensions-sector under the “Pensions Sector Circular Letters” tab for review and feedback. Comments should be submitted electronically to PensionPlanGovernance@central-bank.org.tt by February 28, 2023. Queries on the Guideline should also be directed to the Central Bank via this e-mail address.

The Bank looks forward to your timely feedback.

Yours sincerely

[Signature]

Patrick Solomon
INSPECTOR OF FINANCIAL INSTITUTIONS