This Act will seek to protect the rights of the members and the retirees without inhibiting the possible array of schemes. The new legislation is to be enacted to provide for the proper regulation of all Pension/Superannuation Schemes and Approved Retirement Schemes, the Trustees, the Administrators and Investment Managers.

The result of the original recommendations on the reform of the pensions system, the enhanced proposals in the Green Paper and the suggestions of the public, form the basis of the proposed National Pensions Act. The legislation to be enacted will be sufficiently comprehensive so as to protect the members' interests, without stifling initiative.

The following areas are vital to the effective regulation of pension and superannuation schemes:

• Licensing and Registration Requirements
• Information Requirements
• Investment Criteria
• Ownership of Assets
• Trust Deed and Rules
• Retirement Age
• Beneficiary Designation
• Plan Winding-Up
• Offences and Penalities