June-Marks--services
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Employee Benefits and Pension Fund Matters

Trustee and Principal Officer’s Obligations

Most large corporations have Pension Funds for their employees, but Pension Fund Administration is not a cut and drie, easy business.

Pension Fund Legislation is a complicated set of legislation and regulations governed by the Financial Services Board.

Penalties

Trustees and Principal Officers elected by employees often have insufficient training to understand the provisions and the FSB has the authority to impose hefty penalties for failure to comply with the legislation.

We assist and have been involved:

  • In advising on pension fund legislation and regulations
  • Day to day running of pension funds
  • Surplus apportionment exercises
  • Conversions between various pension fund forms, such as from a defined benefit to defined contribution funds
  • Preparation of pension fund rules and amendments
  • Inspections by the financial services board (“FSB”)
  • Compliance with pension fund legislation
  • Investments by pension funds
  • Curators
  • Civil litigations involving pension funds
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