Regulatory Alerts2024-02-13
Added · Updated
Effective Dates for Amendment of Pension Plans
The Financial Services Commission of Jamaica issued this bulletin to clarify the regulatory requirements and effective dates for amending Trust Deeds and Plan Rules of approved pension funds and retirement schemes. Under the Pensions Act and Governance Regulations, proposed amendments generally become effective only on the date specified in the Commission’s formal approval notice, reflecting a strong legal presumption against retrospective changes. Retrospective effective dates may be granted on a case-by-case basis only when trustees provide acceptable justification demonstrating that the changes remain within the scope of their amendment powers and comply with principles of fairness and legality.
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