Regulatory Alerts2004-12-15
Added · Updated
PI-PF-02-2004 – Appointment of Employees of Pension Funds Administrators
The Registrar prohibits directors, employees, partners, representatives, agents, or associated persons of a Pension Fund Administrator from serving as Board of Trustees or Principal Officers of the funds they administer. The guidelines require Boards of Trustees to consist of at least four fit and proper trustees, with at least 50% elected by employees and 50% appointed by employers for three-year terms. Retirement funds are required to immediately review their management structures to ensure compliance with these composition and election rules.
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