Regulatory Alerts2000-01-01
Retirement Benefits Schemes Act 2000
The Treasury enacted the Retirement Benefits Schemes Act 2000 to establish a comprehensive regulatory framework for the registration, authorization, and supervision of retirement benefits schemes. The legislation mandates that scheme promoters and trustees obtain authorization from the Authority before soliciting members or managing funds, while imposing strict technical funding, valuation, and governance requirements on authorized schemes. It further empowers the Authority to investigate non-compliance, revoke authorizations, and impose civil or criminal penalties to protect scheme members and ensure financial stability.
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