Draft Guideline on Pension Plan Governance

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-CBTT (2288), 235-CBTT (2288); Fax: (868) 612-6396 E-Mail Address: info@central-bank.org.tt Website: www.central-bank.org.tt

March 08, 2019

CIRCULAR LETTER TO:
PENSION PLAN TRUSTEES,
MANAGEMENT COMMITTEES,
PLAN SPONSORS

REF: CB-OIFI-648/2019

DRAFT GUIDELINE ON PENSION PLAN GOVERNANCE

The Central Bank of Trinidad and Tobago (‘Central Bank’/‘Bank’) has prepared a Guideline on Pension Plan Governance to assist Trustees, Management Committees and Plan Sponsors in performing their functions and operating their pension plans in accordance with international best practices.

The Central Bank’s mandate includes ensuring that regulated entities are operated in a safe and sound manner. In this regard, the Bank has recognized that there is a need for Trustees, Management Committees and Plan Sponsors, to be informed of measures which can be implemented to more prudently perform their functions in the best interest of the pension plans’ membership.

As such, the Guideline is meant to be used primarily as a tool by which these key persons can assess their operations and make adjustments were necessary to reflect minimum prudential standards.

A soft copy of the Guideline is appended and can also be accessed as https://www.central-bank.org.tt/core-functions/supervision/pensions-sector/pension-sector-draft-and-consultation-papers for review and feedback. Comments should be submitted electronically to PensionPlanGovernance@central-bank.org.tt by April 05, 2019. 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