Regulatory Alerts2015-09-23
Added · Updated
PI-PF-DIR-06-2015 – Fiduciary Duties of Trustees
The Board of Trustees of all registered pension fund organizations must take all reasonable steps to ensure contributions are paid timeously and outstanding amounts are fully recovered. Trustees are also directed to inform relevant members of any late or non-payment of contributions within one month from the last date the contribution was required to be paid under section 13A of the PF Act. Trustees may be held personally liable for damages suffered by the fund or its members if a breach of fiduciary duties causes such damages.
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