The Pensions (Superannuation Funds and Retirement Schemes) Act (“the Act”) and its related Regulations provides a managed framework for the administration of approved superannuation funds (“funds”) and approved retirement schemes (“schemes”) and the responsibilities of trustees and other service providers. The Act and Regulations is administered by the Financial Services Commission (“FSC”) which has powers for enforcing those Regulations and imposing penalties for breaches.
Trustees have primary responsibility for managing the affairs of funds and schemes as well as safeguarding the assets and interest of plan members. As such a high standard of dedication is demanded from trustees, many of whom are not professional pension experts.
Although trustees should have a basic understanding and working knowledge of matters pertaining to their responsibilities, they are not expected to have a detailed knowledge of all the relevant legislation. They should employ the services of professionals from whom they take advice and on whom they may rely.
The information contained herein is not comprehensive; neither is it intended to be an interpretation of the law but provides a broad outline of trustees’ responsibilities and their rights.