Information Requirements

So as to ensure full disclosure and accountability, provisions will be made for the submission to the regulatory authority and to the respective members of the schemes, of the following reports by each Pension Fund:

Information to the FSC

• Annual audited accounts and reports on the membership within nine (9) months after the end of the financial year. These should include full details of the assets.
• Actuarial valuations and Reports on solvency at least once in each three year period, within one-year after the due date.
• Custody of the assets should be satisfactory.
• Any other information as may be reasonably required from time to time by the regulatory authority.

Information to Members of Pension Schemes

A. When an employee retires he will rely on his pension scheme to provide financial support for the rest of his life. In view of the importance of pension benefits, it is essential that members of pension schemes are kept informed of the benefit entitlement on a regular basis. The appreciation for, and knowledge of, the promised level of benefits would be increased with more disclosure. Trustees of pension schemes should ensure that each active member receive as a minimum, within 9 months of the end of the scheme year, the following information:

(i) Information to be provided to a member of a Defined Benefit scheme:

1. Name
2. Date joined scheme
3. Date pensionable service commenced
4. Normal retirement date
5. Pensionable earnings for scheme year
6. Member's basic contributions for scheme year
7. Member's additional voluntary contributions for scheme year
8. Member's total basic contributions accumulated with interest to the end of the scheme year
9. Member's total voluntary contributions accumulated with interest to the end of the scheme year
10. Transfer values brought into the scheme and accretions thereto
11. Accrued pension (based on pensionable salary and service as defined in the scheme rules) at the end of the scheme year.

(ii) Information to be provided to a member of a defined contribution scheme:

1. Name
2. Date joined scheme
3. Normal retirement date
4. Basic contributions paid by member during scheme year
5. Member's additional voluntary contributions for scheme year
6. Member's total basic contributions accumulated with interest to the end of the scheme year
7. Member's total voluntary contributions accumulated with interest to the end of the scheme year
8. Transfer values brought into the scheme and accretions thereto
9. Employer's total contribution made on member's behalf accumulated with interest
10. Total bonus (if any) credited to member accumulated with interest to end of scheme year

The following information should also be made available for inspection on request:

1. A copy of the annual audited accounts of the scheme;
2. A schedule of the investments of the scheme giving a breakdown by market value into broad categories such as ordinary shares, property and fixed interest investments;
3. A copy of the latest triennial actuarial valuation report of the scheme;
4. A copy of the Trust Deed and plan rules; and
5. Any changes to the Trust Deed and Plan Rules must be communicated to the members.

Recourse to the FSC:

Members of a pension plan shall have recourse to the FSC in the event that they consider that their best interests are not being served or are being jeopardized in any way. Details of this right shall be included in the legislation.

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May 2001

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