Regulatory Alerts2007-09-17
Added · Updated
Requirements of pension funds
Pension funds must comply with statutory prudential and material requirements established under the Pension Act, the Obligatory Occupational Pension Schemes Act, and related secondary legislation. Prudential requirements mandate sound and controlled operations, including outsourcing rules, minimum regulatory own funds, technical provisions, and the trustworthiness and expertise of policy determiners. Material requirements govern the composition of boards and councils, administration agreements, pension scheme rules, value transfers, and equal treatment. These obligations apply to company, industry-wide, and occupational pension funds to protect members and beneficiaries.
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