| Stated Role |
The Office of the Registrar of Pensions and Provident Funds implements and administers Government policy on pension and provident funds as enshrined in the Act and the Pensions and Provident Funds Regulations 1988. The office is responsible for the registration and superintendence of the conduct of pension and provident funds, the formulation and enforcement of standards in the conduct of their business, and making recommendations to the Minister to make regulations for the carrying out of Government policies relating to funds. Associated responsibilities includes. <P>Advising Government on all matters relating to pension and provident funds. <P>Liaison with the Commissioner of Taxes on tax concessions and on matters relating to member withdrawals from pension and provident fund schemes. <P>Registration of new pension and provident funds. <P>Approving the rules, and amendments thereof, of pension and provident funds in line with the Act and its Regulations. <P>Scrutinising the financial soundness of pension and provident funds through an analysis of their annual accounts, actuarial valuations and reports. <P>Supervision of pension and provident fund managers, administrators and other associated service providers through on-site inspections. <P>Identifying breaches of the Act and Regulations and enforcing penalties where such provisions have been breached. <P>Investigating complaints pertaining to disputes and dissatisfaction by members of pension funds. <P>Vetting new products in the pensions industry <P> |