Outline of the Provisions to be included in the proposed National Pensions Act

Introduction

As the public will recall, the Green Paper on Pensions Reform was distributed in January 1999 and interested persons were invited to comment on the proposals outlined in the document. The deadline date to submit these comments was May 14, 1999.

At that time, the Ministry of Finance received written responses from over 35 individuals/groups and staged 10 seminars for which the comments were noted.

These comments were analyzed by the team of actuaries and officials of the Ministry of Finance. Based on this technical evaluation a policy paper was forwarded to Cabinet for approval.

The proposed provisions for this legislation is now being published for your information. To facilitate due process, the public will be given the opportunity to air their comments when the bill is laid in Parliament.   

Table of Contents

• Creation of an Independent Body
• Licensing and Registration Requirements
• Information Requirements
• Investment Limits
• Ownership of Assets
• Trust Deed and Rules
• Retirement Age
• Beneficiary Designation
• Plan Winding-Up
• Offences and Penalties
• Conditions for Registration of Approved Retirement Schemes
• Development of Provisions for Parental Pensions
• Preservation of Deferred Entitlement/Portability of Pension Rights
• Indexation of Pensions
• Initial Time for Compliance

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