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All Pension Plans Must Be Registered

Director of the Financial Services Regulatory Commission, Ms. Fidela Clarke said a person or entity shall not operate a pension fund plan unless the plan is registered

Business entities and individuals in the Federation who are looking to operate a pension fund are advised to take the necessary steps before moving forward. .

Clarke said in a statement, “To register each plan the following documents should be submitted to the office of the Registrar of Insurance- application forms signed by the Trustees of the plan, a copy of the trust deed and the rules of the registered plan, a list of the names and addresses of the trustees of the plan, in the case of an insured plan; a copy of the policy of insurance related to benefits provided by the plan, and any other documents or further information that may be required by the Registrar.”

The Office of the Registrar went on to say “The Registration of a Pension Plan is not completed unless all listed documents are submitted and the plan is determined to be suitable for registration. The applicable registration fees must also be paid.”

The statement also recommended that persons with outstanding documents should hasten their actions, as all documents should reach the Financial Services Regulatory Commission, by 24th February, 2012.

Persons with outstanding documents are advised to submit these documents to the Financial Services Regulatory Commission by 24th February, 2012 as failure to comply is an offence under the Insurance Act, for which one may be subject to summary proceedings.

Application Forms and further information can  be collected from the Financial Services Regulatory Commission located on Liverpool Row, Basseterre, St. Kitts or by telephone- (869) 466- 5048, 465-1019 or 467 1591.

 

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