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Zambia Regulation

Zambia legislation

Pension Scheme Regulation Act, 1996

This section gives the Act its short title and lets the Minister set the commencement date by statutory instrument. This Act applies to institutions or companies that establish or manage a pension scheme, except the…

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Jurisdiction
Zambia
Structure
47 provisions
Citation
Act 28 of 1996
Dates
As at 31 Dec 1996
More statute details
Dates
As at 31 Dec 1996

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01

Purpose and legislative effect

“This section gives the Act its short title and lets the Minister set the commencement date by statutory instrument.”

This section gives the Act its short title and lets the Minister set the commencement date by statutory instrument. This Act applies to institutions or companies that establish or manage a pension scheme, except the National Pension Scheme established under the National Pension Scheme Act. This section defines key terms used in the Act, including Deputy Registrar, fund, member, manager, Multi-employer trust, pension scheme, pension plan rules, Register, Registrar, and trust. The Minister must appoint a Registrar after consulting the Minister responsible for labour and social security, and a person is not qualified for that appointment unless the Minister is satisfied about the person’s relevant qualifications and experience. The Minister must appoint a Deputy Registrar, who is a public officer and is under the Registrar’s control and directions.

02

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Duration of certificate

A registration certificate lasts three years and can be renewed when it expires if the required fees are paid to the Registrar.

Section 14

Investment guidelines

A manager must prepare quarterly returns on pension fund investments and send them to the Registrar within 14 days after preparing them.

Section 26

Appeals

The Registrar may prescribe and publish general guidelines or other regulatory statements for administering and executing the Act.

Section 38

Tax exemption

The Minister may make regulations, after consulting the labour and social security మంత్రి and the Registrar, to carry out this Act.

Section 46

04

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Source record from zambialii.org · As at 31 Dec 1996

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Showing 47 of 47 provisions

Provision 34Offence 9Short title 2Commencement 2

Part

PART I

§ 1This Act may be cited as the Pension Scheme RegulationShort title

This section gives the Act its short title and lets the Minister set the commencement date by statutory instrument.

1. This Act may be cited as the Pension Scheme Regulation Act, 19�6. and shall come into operation on such date as the Minister may, by statutory instrument, appoint.
Section 1Verify source
§ 2ApplicationProvision

This Act applies to institutions or companies that establish or manage a pension scheme, except the National Pension Scheme established under the National Pension Scheme Act.

2. This Act shall apply to ariy institution or company that establishes or manages a pension scheme except the National Pension Scheme established under the National Pension Scheme Act.
Section 2Verify source
§ 3InterpretationShort title

This section defines key terms used in the Act, including Deputy Registrar, fund, member, manager, Multi-employer trust, pension scheme, pension plan rules, Register, Registrar, and trust.

3. In this Act, unless the context otherwise requires- Short title and commence­ ment Application ActNo.40 ofl996 Interpreta­ tion (_ " Deputy Registrar " means the Deputy Registrar appointed under section six; " fund " means the total assets of a pension scheme; " member " means any person who has joined a pension scheme after the eligibility re qui rem en ts have been met and has not ceased membership to a scheme or any person drawing a pension under the plan; " manager " means a person who is licensed as a company or institution and is registered under this Act to establish or manage a pension scheme; "Multi-employer trust" means the legal entity established by a group of employers into which all contributions, investment earnings, surpluses and other moneys are accumulated on behalf of 111embers of a pension scheme; - \ 730 No. 28 of 1996] Pension Scheme Regulation " pension scheme " means any private, occupational or personal defined benefit or defined contribution pension scheme or savings plan; I . Appointment Regisirar <>f Qualification of Ri.!gistrar Deputy Rcgistrnr Functions of Registrar " pension plan rules " means the regulations which shall be issued by each pension fund and which shall be distributed to each member; "Register" m�ans the Register of Pensions established under this Act; four; " Registrar" means the Registrar of Pensions and Insurance appointed under section and "trust" means the legal entity, separate from the employer, in which the pension scheme funds arc accumulated. PART II PENSIONS AND INSURANCE REGISTRAR or
Section 3Verify source

Part

PART II

§ 4Appointment of RegistrarProvision

The Minister must appoint a Registrar after consulting the Minister responsible for labour and social security, and a person is not qualified for that appointment unless the Minister is satisfied about the person’s relevant qualifications and experience.

4. The Minister, in consultation with the Minister responsible for labour and social security shall appoint a Registrar who shall be a public officer and who shall be head of the Registry Office for pension funds and the Supervisory Authority for pension funds. S. A person shall not be qualified for appointment as Registrar unless ihe Minister is satisfied that the person has qualifications and experience in actuarial analysis, business management or accounting.
Section 4Verify source
§ 6Deputy RegistrarProvision

The Minister must appoint a Deputy Registrar, who is a public officer and is under the Registrar’s control and directions.

6. (I) The Minister shall appoint a Deputy Registrar who shaff be a public officer and who shall be subject to the control and directions of the Registrar. (2) The Deputy Registrar shall be competent to exercise and· perform any of the powers and functions of the Registrar.
Section 6Verify source
§ 7Functions of RegistrarProvision

The Registrar must register and deregister pension schemes and carry out several oversight functions for pension funds and schemes.

7. (I) The functions of the Registrar shall be to- (a) register and deregister pension schemes in accordance with this Act; (b) ensure that a pension fund is established in the fmm of a multi-employer trust separate from the employer's busi­ ness or alternatively, affiliated to such a trust by a"f � corresponding affiliation agreement; (c) ensure tl1at the pension scheme is laid down in pension plan rules covering the contribution formula, all the benefits, ty'pe of plan, options provided and deadlines for choos­ ing, calculation of portability rights and member's rights for participation in the management of the pension fund. Pension SchP.me Regulation [No. 28 of 1996 731 (d) examine the certificate of incorporation of the trust; (e) ensure that an auditor and an actuary arc appointed in accordance with this Act; (f) examine the annual accounts, the report of the manager of the pension fund and the auditor's report; (g) examine the actuarial valuation and ensure it is done periodically according to this Act; (h) ensure that re-insurance arrangements arc entered into in accordance with the actuary's recommendation; (i) ensure L11at, in Llle case of a " multi-employer trnst ", a written affiliation agreement cxiSL'>, which adequately protects the pension fund's, the member's rights and the portability of accrued rights; (})enforce any conditions imposed under this Acton a pension fund. trust or the manager of such a fund or trust; and (k) exercise and perfonn such other powers and functions as may be conferred on him by or under this Act. (2) The Registrar, jointly with the appointed auditor and actu­ ary, or a pension scheme shall at all times- (aJ protect the rights, benefits and other interests of the members in accordance with their corresponding pen­ sion scheme; and (b) monitor the viability of a pension scheme and ensure that a pension scheme is operating on sound financial and actuarial principles. PART 1Il REGISTRATION OF PENSION SCIIEMES
Section 7Verify source

Part

PART 1Il

§ 8Registration of Pension SchemesOffence

A person must not establish or manage a pension scheme unless it is done under this Act and backed by a certificate of registration issued under the Act.

8. (1) A person shall not establish or manage a pension scheme except in accordance with this Act and under the authority of a certificate of registration of a pension scheme issued under this Act. Registration of Pension schemes (2) A person who establishes or manages a pension scheme in contravention of this section shall be guilty of an offence and shall be liable, upon conviction, to a fine not exceeding five hundred thousand penalty units, or to imprisonment for a tenn not exceeding three years, or to both.
Section 8Verify source
§ 9Application for registrationProvision

A person may apply to the Registrar for a certificate to establish or manage a pension scheme, but the application must be in the prescribed form, include listed details and documents, and be accompanied by the prescribed fee.

9. (1) A person may apply to the Registrar for a certificate to establish or manage a pension scheme. Application for registra­ tion • • 732 No. 28 of 1996] Pension Scheme Regulation (2) An application under subsection (l) shall be in such fonn as may be prescribed by the Minister, by statutory instrument, and shall specify- ( a) the name and address of the applicant; (b) the physical address of the place where the pension scheme is to be established or managed; ( c) a certified up to date extract from the register of companies; ( d) a description of the applicant's qualifications enabling him to manage a pension scheme; (e) the name and address of the appointed actuary and auditor; (f) the latest annual account established in compliance with generally accepted accounting principles and report of the auditor; and (g) the latest actuarial valuation containing the confinnation that the pension fund's assets sufficiently cover the accrued benefit obligations: Provided that paragraphs (f) and (g) shall not apply to newly established pension funds or pension fund managers. (3) An application under subsection (I) shall be accompanied by the prescribed application fee. Grant of ccrlilicale of rcgistraLion
Section 9Verify source
§ 10Grant of certificate of registrationProvision

The Registrar must issue a certificate of registration to the applicant if satisfied of specified conditions.

10. The Registrar shall issue the applicant with a certificate of registration authmising the applicant to establish or manage a pension scheme, if the Registrar is satisfied that- ( a) the applicant shall carry out the scheme in accordance with this Act and in accordance with generally accepted actuarial principles; (b) the applicant shall protect the interests of the members; ( c) the applicant is likely to be at all times capable of meeting it� obligations to members in accordance with the pension plan rules; (d) the applicant has the capacity and the necessary facilities to conduct and manage a pension fund professionally; and ( e) the applicant is capable of keeping the individual accounts of the members, and collecting the contributions and paying out the benefits. Pension Scheme Regulation [No. 28 or 1996 733
Section 10Verify source
§ 11Creation of fundProvision

Registered pension schemes must have a fund in a separate multi-employer trust, or be affiliated to such a trust.

11. Each pension scheme registered under this Act shall have a.fund established in a separate multi-employertrustorallernatively be affiliated to such a trust into which shall be paid all contributions, investment earnings, surpluses from insurance and other moneys, as may be required under the relevant pension plan rules or under this Act.
Section 11Verify source
§ 12Application of fundProvision

The fund may be used to pay pension benefits, fund management expenses, and other payments authorised by this Act or another law.

12. There shall be charged on, and discharged from a pension Creation of fund Application of fund fund- ( a) (b) (c) the payment of benefits in accordance with pertaining pension plan rules and this Act; I . the expenses incurred in the management of the fund including the auditing and actuarial fees; and Conditions of certificate of registra­ tion n any other payments authorised lo be made out of the fund under this Act or any other law.
Section 12Verify source
§ 13Conditions of certificate of registrationProvision

A registration certificate is subject to statutory and additional Registrar-imposed conditions, and the manager must follow them.

13. (I) A certificate of registration shall be subject to the conditions laid down in this Act and such other condition� as the Registrar may consider necessary so as to ensure that the rights of the members under the pension plan are protected in accordance with this Act. (2) The Registrar may attach such other conditions to a certifi­ cate when it is granted as the Registrar may d�termine. \ (3) The conditions of a certificate of registration shall include conditions- (a) requiring the manager to comply with this Act, the pension plan rules and the directions given by the Registrarunder this Act; (b) requiring the manager to furnish the Registrar, annually within three months after the end of the financial year, with the annual accounts established in compliance with the generally accepted accounting principles, the report of the auditor and the confirmation that the individual accounts of the members are duly kept; requiring the.manager to furnish the actuarial reports in accordance, with this Act; (c) (d) requiring the manager to !ile the pension plan rules and any revisions to those rules; ( e) requiring the manager to maintain assets of such value as the actuary and the auditor may determine so as to ensure 734 No. 28 of 1996] Pension Scheme Regulation Duration of Certificate Register of Pension Schemes that the manager shall meet his obligation towards the members; and (f) which the Registrar may determine in consullation with the actuary and the auditor.
Section 13Verify source
§ 14Duration of certificateProvision

A registration certificate lasts three years and can be renewed when it expires if the required fees are paid to the Registrar.

14. Subject to the other provisions of this Act, a certificate of registration under this section shall remain in force for a period of three years, and may be renewed on its expiry on payment to the Registrar of such fees as the Minister may, by statutory instrument, prescribe.
Section 14Verify source
§ 15RegisterProvision

The Registrar must establish and maintain the Register of Pension Schemes and enter particulars of all registered pension schemes in it.

15. (1) The Registrar shall establish and maintain a register to be known as the Register of Pension Schemes, in which shall be entered particulars of all registered pension schemes in accordance with this Act. (2) The particulars under subsection (1) shall include- ( a) the name of the pension scheme and the date of registration; (b) a specification whether it is a single or multi-employer trust; (c) a summary of the pension plan rules stating the type of pension scheme; (d) a statemP.nt of assets and liabilities of the pension fund; ( e) the investment pcrtfolio including a summary of the investments and the net return on investment realised during the last financial year; (j) the total administration cost in percent of the total contri­ butions made to the fund; (g) the financial year of the pension scheme; and (h) such other particulars as the Minister may prescribe. ,/ Use of Register in evidence
Section 15Verify source
§ 16Use of Register in evidenceProvision

Entries in the Register are prima facie evidence of the facts they record, and a Registrar-certified copy or extract is admissible in court as prima facie evidence of the Register’s contents.

16. (1) For the purposes ofascertaining the facts concerning the registration of a pension scheme, entries made in the Register shall be primafacie evidence as to the facts specified in the Register. Inspection of Register (2) A document certified by the Registrar as a true copy or extract from the Register shall be admissible in any court as prima Jae/� evidence of the contents of the Register.
Section 16Verify source
§ 17Inspection of RegisterProvision

The Register or a copy of it must be available for public inspection at the Registrar’s office during business hours, on payment of any prescribed fee.

17. The Register or a copy of the Register shall be available for inspection by the public at the office of the Registrar during business hours and upon payment of such fee as may be prescribed by regulation. Pension Scheme Regulatio5 \ [No. 28 of 1996 735 PART IV PRUDENTIAL REGULATION AND SUPERVISION OF PENSION SCHEMES Conditions of compli­ -,nce of pension schemes
Section 17Verify source

Part

PART IV

§ 18Conditions of compliance of pension schemesProvision

A pension scheme must preserve members’ pension rights, give members written rules and annual benefit statements, and carry out periodic actuarial valuations.

18. (I) A pension scheme shall- ( a) m ake adequate arrangements for the p reseivation of pension rights so as to p rotect the interestofitsmembers; (b) lay down the rights and obligations of the members in writing in the pension plan rules, a copy of which shall be given to e ach member; (c) e ach year give to every member a benefit statement showing the member 's actual benefits and the member 's accrued portable benefits; (d) du ring the f irst five yea rs a fter registration, carry out an actua rial valuation every two years, the reafter at least every five ye ars so as to review and determine the sound funding of the pension scheme; ( e) in manag ing i ts assets, aim to maintain at an y time the re al value of its members' accrued po rtable benefits ; and (/) g rant to members leaving the scheme before a benefit h as become pa yable full portability of the accrued retire­ ment bene fits at the time the mem her le aves the scheme. (2) For the pu rposes of this section and the defined contribution schemes " portable bene fits " means the total of the retirement contributions p aid by the employee and the employer on the le aving member 's account, plus inte res c during his p articipation under the pl an. (3 ) Where a member leaves a scheme under paragraph (f) of subsection (I), in the c ase o f- (a) a defined contribution·scheme, the portable bene fits shall be the tot al of the retirement contributions p aid by the member and the member 's employer on the leaving membe rs ' account, plus interest during his particiRation under the plan; and ( b) a deli ned bene fi l scheme, the portable bene fit shall amount to the present value of the accrued retirement pension. • I 9 . The m anager in consu !talion with the board of trustees shall Appointment of Actuary ' appoint an actuary to the fund , who shall not be bound to t ake di rections f rom the manager, the trustees or the employer , and shall be fin anci all y independent from any such person or body. 736 No. 28 of 1996] Qualification of Actuary Actuary's rights and duties Pension Scheme Regulation
Section 18Verify source
§ 20Qualification of ActuaryProvision

A manager must not appoint an actuary to its pension scheme unless the actuary has the required actuarial qualification and enough experience.

20. A mana ger shall not appoint an actuary to its pension scheme for the purposes of this Act u nless t he actuary so appointed has an actuarial quali fication equivalent to t he one of an associate or fellow of the Institute of Actuaries of England and has the experience to per fonn the tasks assigned to him under this Act.
Section 20Verify source
§ 21Actuary rights and dutiesOffence

An actuary must value the pension scheme, report on the fund, make recommendations, and send the report to the manager, trustees, Registrar, and Minister. The Registrar must ensure the recommendations are carried out, and a manager who breaches the section commits an offence.

21. (1) An actuary appointed under sectior shall pre­ pare an actuarial valuation of a pension so�eme at the intervals stated in paragraph of subsection (I) of section nineteen (d) (2) The actuary shall. upon any valuation of a pension scheme, prepare a report Of! the state of the fund with re gard to lhe fund 's ability to meet the obligations i l has entered into in the pension plan rules and the a ffiliation agreement and shall make recommenda­ tions and state any action required to be taken by, the mana ger of such a pension scheme. eighteen. (3) The actuary shall submit the repo rt under subsection (2) to t he manager, the trustees and the Registrar and a copy to the Minister. (4) T)le Registrar shall e nsure that t he recommendations made by the actuary are carried out by the manager and trustees , within the deadlines fixed by the Registrar in consultation with the actuary, the manager and the t rustees. (5) A manager who contr avenes this section shall be guilty o f an o f fence and shall be liable upon conviction to a fine not exceeding fifty thousand penalty units or to imprisonment for a tcnn not exceeding three years, or to both. - . . Annual repon
Section 21Verify source
§ 22Accounts and AuditsProvision

A manager must have audited accounts and related compliance information prepared after each financial year.

22. A manager shall a fter the end of each financia l year cause lo be prepared- ( a) an audited balance sheet; (b) an audited statement of income and expenditure; (c) and audited statement of the administration cost ; (d) an audited statement that the individual account f or the members arc duly established in accordance with the pension rules under this Act; (e) such other infonnation as the Registrar may require in order to ensure compliance with the pension rules and this Act;
Section 22Verify source
§ 23Appointment of auditorProvision

The manager of a pension scheme must appoint an auditor each financial year, and the auditor must audit the fund and report to the trustees and manager.

23. (1) The manager of a pension scheme shall appoint an auditor f or each financial year. Appointment of auditor Act No. 28 of 1982 (2) A per.mn shall not be quali fied for appointment as an auditor u nless he is a member in good st anding of a pro fessional association of accountants in Zambia under the Accountant 's Act. Pe'!8ionicheme Regulation [No. 28 of 1996 737 (3) The. auditor appointed under subsection (2) shall not be bound to take directions from the manager, the trustees and the employer and shall be financially independent from any such person. (4) An auditor appointed under subsection (2) shall audit the accounts of the pension fund for the financial year for which he was appointed. and audit annually the pension fund so as to ensure compliance with this Act. (5) The auditor shall submit a report to the board of trustees and the manager of the pension scheme so audited. (I) (6) The manager shall lodge a copy ofits accounts in accordance and the auditor's report to the Registrar within with subsection three months after the end of its financial year.
Section 23Verify source
§ 24Investment of fundsProvision

Pension schemes must have an investment policy, and the manager must provide a statement of existing and proposed investments to the Registrar when required.

24. (1) Each pension scheme shall have an investment policy so as to- ( a) (b) achieve secure and profitable investments; and maintain at any time the real value ofitsmembef accrued portable benefits. • (2) The manager of a pension scheme shall, at such mes as the Registrar may require, prepare and furnish to the egistrar, a statement of existing and proposed investments for e pension scheme. f
Section 24Verify source
§ 25Limitation oflnvestmentProvision

A manager may invest only in investments approved by the Registrar. The Minister regulates the minimum interest rate for portable benefits and may issue investment guidelines on upper limits. A pension fund must not make unsecured loans to an affiliated employer or invest assets abroad.

25. (I) A managermay invest in such type ofinvestinent as may be approved by the Registrar. (2) The Minister shall, regulate the minimum interest rate to be applied for calculating the portable benefits. (3) The Minister may issue investment guidelines relatingto the upper limits for investment categories. Investment policy Investment of funds (4) A pension fund shall not make unsecured loans to an affiliated employer or invest its assets abroad. t-'
Section 25Verify source
§ 26Investment guidelinesProvision

A manager must prepare quarterly returns on pension fund investments and send them to the Registrar within 14 days after preparing them.

26. (I) Returns A manager shall prepare quarterly returns in the prescribed form relating to the investment of pension funds, and shall furnish the returns to the Registrar within fourteen days after their preparation. (I) (2) The quarterly returns under subsection shall be recorded in the register, and made available for inspection by the public; and inspection shall be free of charge to the members. 738 No. 28 of 1996] Pension Scheme Regulation Instituting of legal proceedings
Section 26Verify source
§ 27Rctuj'nsProvision

A contributor may bring legal proceedings against a manager who is breaching the Act, pension plan rules, or regulations to protect pension contributions. Secured loans to an employer must not exceed 5% of the pension fund’s total assets.

27. A contributor may institute legal proceedings against a manager contravening this Act, pension p lan rules or regulations so as to protect his contributions under a pension scheme: Unsafe and unsound practices Provided that any secured loan to an employer shall not exceed five percentum of the total a�sets of the pension fund.
Section 27Verify source
§ 28Constitution of legal proceedingsOffence

The Registrar may order a pension scheme manager to stop a course of action the Registrar considers unsafe or unsound, and the manager must comply.

28. (I) Whe re in the opinion of the Registrar, the auditor, the actuary and the manager are pursuing any act or course of conduct that the Registrar considers as unsafe or of unsound business practice , the Registrar shall direct the manager of such a pension scheme to refrain from adopting or pursuing a parti cular course of action. (2) A manager shall comply with the di rections given by the Registrar under subsection (I). (3 ) Directions given under this sectionshall be given by notice in writing to the manager of a pension scheme and may in li ke manner be varied or revoked. (4) A direction given under this section shall be effective imme ­ diately and shall remain in effect in accordan ce with its te rms. (5) A manager acting in - contravention of this se ction �hall be guilly of an of fence and shall be liable, on conviction, to a fine not exceeding fifty thousand penalty units, or to imprisonment for a term not exceeding three years, or to both. • Examination of fund by Registrar
Section 28Verify source
§ 29Unsafe and unsound practicesProvision

The Registrar may inspect a pension scheme’s accounts, must publish findings within 30 days after the examination, and may give directions to the manager to protect members’ interests.

29. (I) The Registrar may cause an on si te examination to be made of a pension scheme 's books of accounts so as to determine the viability of the fund and to dete rmine w hether the pension fund is operating pruden tly in accordance with section twenry{our. (2) An examination under subsection (1 ) shall be made by the Registrar i f- ( a) he has reasonable cause to believe that the manager is contravening the Act; (b) the manager has continued to contravene any requiremen t under this Act after notice has been given to him by the Registrar; (c) the manager has f ai led to carry out the recommendations made by an actuary under this Act; or ( d) he has received a comp laint from a member under a p ension scheme. (3) The Registrar shall publish his findings in the Gazette within thir ty days af ter he has concluded the examination under subse ction (I) and shall furnish a copy to the manager. Pension Scheme Regulation [No. 28 of 1996, 739 (1), (4) Subject to subsection the Registrar may give such directions as he sees fitto the manager so as to protectthe members' interest.
Section 29Verify source
§ 30Examination of fund by RegistrarProvision

A manager must keep the pension scheme compliant, act in members’ best interests, and report certain matters to the Registrar immediately.

30. A manager shall- ( a) ensure that the pension scheme is at all times managed in compliance with this Act, pertaining regulations, the pension plan rules and directions of the Registrar; take reasonable care to ensure that the administration of pension funds is carried out in the best interest of members of pension scheme and that members are informed periodically in accordance with the pension rules and this Act; (b) ( c) report to the Registrar immediately any oecurencies which in his view could affect the rights of the members under the pension plan or under this Act; ( d) report to the Registrar immediately if the contributions of an employer or a member are more than one month in arrears; ( e) p
Section 30Verify source
§ 31General obligation of managerProvision

A notice must be given to the Registrar about mass dismissals, and pension contributions are protected from execution, attachment, and bankruptcy treatment except under the pension scheme terms.

31. inform the Registrar of any mass-dismissals in process or impending with a contributing employer. Notwithstanding anything contained in any other law, where any judgement or order has been obtained against a member, no execution or attachment or process of any nature shall be issued against the contributions of a member, or an employer, except in ac�ordance wW1 the terms of the pension scheme and such contri­ butions shall not form part of the assets of the member or an employer in the event of bankruptcy.
Section 31Verify source
§ 32/Protection against attachmentProvision

A manager must buy liability insurance for a pension scheme and lodge a copy of the policy with the Registrar.

32. A manager in consultation with the auditor and the actuary shall take out liability insurance with a recognised insurance com­ pany a�ainst the negligence or dishonesty of the directors, officers or employees of a pension scheme in order to safeguard its mem­ bers' contributions and a copy of the insurance policy shall be lodged with the Registrar. PART Y DE-REGISTRATION AND APPEALS
Section 32Verify source

Part

PART Y

§ 33Liability insuranceOffence

The Registrar can deregister a pension scheme and appoint a curator if the manager has failed to comply with the Act, regulations, or pension plan rules.

33. (I) The Registrar, in consultation with the actuary and the auditor, may de-register a pension scheme if it appears to him that them anagcr has contravened or failed to comp! y with any provision of, or requirement under, this Act or regulations made underthis Act or the pension plan rules. General obligation of manager Protection against attachment Liability insurance Deregistration 740 No. 28 of 1996] Pe,zsion Scheme Regulation (2) The Registrar shall, before taking any action under this section, satisfy himself so far as he reasonably can, that the action would not unfairly operate to the detriment of a contributor of a ·- pension scheme. (3) The Registrar may appoint a curator who intheopinionof the actuary and of the auditor has had training and experience in pension fund management, to advise the manager on the implemen­ tation of such measures as may be specified by the Registrar after consultation with the actuary and the auditor to restore the pension scheme to a sound financial and operating condition. ( 4) When a curator is appointed under this section, the manager and any of his employees shall act in accordance with every instruction given by the curator concerning the pension scheme or any part.of the pension.scheme's administration and operations that is regulat�d by or under this Act: (5) If a manager fails to comply with any instruction ofa curator appointed under this section, it shall be guilty of an offence and liable, upon conviction, to a fine not exceeding one hu11dred thousand penalty units or to imprisonment for a term not exceeding five years, or to both. (6) The curator shall comply with any written instruction of the Registrar, and in all othcrmattersshall act honestly i!lld in good faith so as to restore. the pension scheme to a' sound financial and operating condition. (7) Any act or omission of the manager in accordance with a directioJ of the curator shall be binding upon the manager, but no person shall have any right or claim· against the curator or the Registrar as result of any direction given by tile curator in good faith in accordance with this Act. (8) The curator shall advise the Registrar within six months following the curator's appointment whether ·in his opinion the pension scheme cari be restored to a sound financial and operating condition within a reasonable time, or should be de-registered. (9) The Registrar shall not be bound to accept the advice of a Notification curator under subsection (!!).
Section 33Verify source
§ 34DeregistrationProvision

The Registrar must notify specified people in writing within 14 days after deciding to deregister a pension scheme.

34. (I) The R�gistrar shall within fourteen 41ys · after his decision to de-register a pension scheme notify, in writing- (a) (b) the manager, the actuary and the auditor; the members of such a pension scheme; ' Pension Scheme Regulation [No. 28 of 1996 741 ( c) the employerof a member and any other person otherwise entitled to any funds held by the pension fund; of the decision to de-register the pension scheme. (2)A notice for the puiposes of subsection (I), shall set forth such informationas the Registrar may require by notice to the manager, contributor an.d contributor's employer.
Section 34Verify source
§ 35NotificationProvision

A Registrar’s de-registration decision must not reduce a contributor’s or other creditor’s right to full payment of a claim against the pension scheme.

35. (I) The decision of the Registrar under this Part f�r de­ registration of a pension scheme shall not prejudice the rights of a contributoror othercreditorto payment in full of a claim against the scheme. Rights of contributors
Section 35Verify source
§ 36Rights of contributorsProvision

If a de-registered pension scheme’s assets may be insufficient, the Registrar may take over asset distribution and fund supervision, and distribution may happen only after a distribution plan is established.

36. If the Registrar finds that the assets of a pension scheme that is de-registered shall not be sufficient for the full discharge of its obligations to its members, the Registrar may take over the distribution of the assets and the supervision of the pension fund so as to protect contributors' interest under the pension scheme so de-registered and such distribution shall take place on)y after a corresponding distribution plan has been established by the Registrar. Powers of Registrar if assets insufficient
Section 36Verify source
§ 37Powers of Registrar if assets insufficientProvision

People affected by certain Registrar decisions on pension schemes may appeal to the Minister, then to the High Court, within 30 days.

37. (I) Any person aggrived by the Registrar's refusal to Appeals register a pension scheme, renew a certificate of registration on its expiry, or decision to de-register a pension scheme, may appeal to the Minister within thirty days after the decision of tJ.te Registrar in tne manner prescribed by Minister, by statutory instrument. (2) A person not satisfied with the decision of the Ministerunder subsection (I) may appeal to the High Court within thirty days. (3) The Registrar shall give effect to the decision of the Minister under subsection (I) pending a decision of the High Court. (4) Where an appeal is disallowed by the Minister or the High Court, thcRegistrarshall take adequate steps to ensure the member's interest under the pension�s_cheme are protected. , --PART VI MISCELLANEOUS
Section 37Verify source
§ 38AppealsProvision

The Registrar may prescribe and publish general guidelines or other regulatory statements for administering and executing the Act.

38. The Registrar shall have power to prescribe and publish General guidelines or other regulatory statements as he, in consultation with guidelines the actuaries and the auditors, may consider necessary or desirable for the administration and execution of this Act.
Section 38Verify source
§ 39General guidelinesProvision

The Minister may appoint suitably qualified public officers as inspectors, and inspectors must show their certificate of appointment when exercising powers under the Act.

39. ( I ) In order to ensure compliance with thc•provisions of this Appointment of inspectors Act the Minister may appoint su;tably qualified public officers as inspectors for the purposes of this Act. 742 No. 28 of 1996] Pension Scheme Regulation Powers of Inspectors 9bstruction bf Inspectors General pcnuhy (2) Every inspector shall be provided with a certificate of appointment, and in the exercise of any powers of the inspector under this Act, the. inspector shall produce the certificate for inspection by any person reasonably requiring its production.
Section 39Verify source
§ 40Appointment of InspectorsProvision

An inspector may enter, at any reasonable time, the premises of a pension scheme and inspect related accounts, documents, or records to assess the scheme’s viability.

40. · For the purposes of this Act, an inspector may at any reasonable time, enter the premises where a pension scheme is operating and inspect any accounts, documents or records relating to a pension scheme so as to det<;j:mine the viability of such a pension scheme.
Section 40Verify source
§ 41Powers of InspectorsOffence

A person must not obstruct an inspector, refuse reasonable assistance, or give false or misleading information to an inspector.

41. A person who--- delays or obstructs an inspector in the exercise or perfor­ mance of the inspector's powers and func.tions; (a) (b) refuses to give an inspector such reasonable assistance as the inspector may require for the purpose of the exercise of the inspector's power under this Act; or (c) gives an inspector false or misleading information in answer to any inquiry made by the inspector; shall be guilty of an offence and shall be liable, upon conviction to a fine not exceeding one hundred thousand penalty units or to imprisonment for a term not}xceeding five years, or to both.
Section 41Verify source
§ 42Obstruction oflnspectorsOffence

This section makes it an offence to breach certain Act provisions or ignore a direction from the Registrar, and sets penalties on conviction.

42. (I) ( a) (b) Any person who- contravenes any provision of this Act that is expressly stated to be an offence but for which no other penalty is provided; or fails to comply with any direction given by the Registrar under this Act; shall be guilty of an offence and be liable on conviction to a fine not exceeding fifty thousand penalty units orto imprisonment fora term not exceeding three years, or to both. (2) In the case of any offence ·under this Act committed by a body of persons- (a) (b) in the case of a body corporate, every director or similar of�r of the body shall be guilty of the offence; and in the case of a partnership, every partner shall be guilty of an offence. . ... (3) A person shall not be guilty of an offence under subsection (1), if he proves to the satisfaction of ·CO!lrt that the act constituting the offence was_ done without his knowledge, consent the N.A.B. 28, 1996 Pension Scheme Regulation [No. 28 of 1996 743 or connivance or that he attempted to prevent the commission of the_ offence having regard to all the circums1anecs of the case.
Section 42Verify source
§ 43General penaltyOffence

The Banking and Financial Services Act does not apply to registered pension schemes for matters relating to regulation and supervision.

43. The Banking and Financial Services Act shall not apply to any pension scheme registered under this Act in so far as it relates to the regulation and supervision of a pension scheme.
Section 43Verify source
§ 44Exemption from Banking and Financial Services ActCommencement

Pre-existing pension schemes covered by this Act must apply to the Registrar for registration within 90 days after commencement.

44. Any, pension scheme to which this Act applies that was operating immediately before the commencement of this Act shall apply 10 the Registrar for registration within ninety days aftertfie commencement of this Act. Exemption from Banking and Financial Services Act Act No. 21 of l994 Transitional provisions I ' ' I '---
Section 44Verify source
§ 45TransitionalOffence

A qualifying pension scheme is entitled to tax exemptions under the Income Tax Act, and the Minister may make regulations to carry out the Act.

45. Any pension scheme 10 which this Act applies shall be entitled 10 tax exemptions as may be provided for under the Income Tax Act. Tax exemptions Cap. 668 46:- ( I ) The Minister, in consullation with th_e Minister rcspon- siblc for labour and social security, and the Registrar, may, by statutory insirument, make regulations to give effect to the provi- sions of this Act, and lo prescribe anything which by the provisions of this Act i�- required to be prescribed. (2) Without limiting the generality of subsection (I), regula­ tions may provide for the following matters: Regulations ,- ( a) the fo,m and manner of making applications for registra­ tion of a pension s�heme and fees payable for such application; (b) prescribe investment guidelines; and (c) the form and manner of appeals. " , 744 [No. 28 of 1996 · .743 '•_.. Pension Scheme Regulation or connivance or that he attempted to prevent the commission of the_ offence having regard to all the circumscances of the case.
Section 45Verify source
§ 43General penaltyOffence

The Banking and Financial Services Act does not apply to registered pension schemes for matters involving their regulation and supervision.

43. The"Banking and Financial Services Act shall not apply to any pension scheme registered under this Act in so far as it relates to the regulation and supervision of a pension scheme.
Section 43Verify source
§ 44Exemption from Banking and Financial Services ActCommencement

Certain pension schemes must apply to the Registrar for registration within 90 days after the Act starts.

44. Any pension scheme to which this Act applies that was operating immediately before the commencement of this Act shall apply to the Registrar for registration within ninety days after1lie commencemcnt of this Act.
Section 44Verify source
§ 45TransitionalProvision

A pension scheme covered by this Act is entitled to tax exemptions under the Income Tax Act, if provided there.

45. Any pension scheme to which this Act applies shall be entitled to tax exemptions as may be provided for under the Income Tax Act.
Section 45Verify source
§ 46Tax exemptionProvision

The Minister may make regulations, after consulting the labour and social security మంత్రి and the Registrar, to carry out this Act.

46.' (I) The Minister, in consultation with the Minister respon- siblc for l abour and social security, and the Registrar, may, by statutory instrument, make regulations to give effect to the provi- sions of this Act, and to prescribe anything which by the provisions of this Act is required to be prescribed. • (2) Without limiting U1c generality of subsection (I), regula- tions may provide for the following matters: ( a) the fmm and manner of making applications for registra­ tion of .a pen'sion sd1emc and fees payable for such application; (b) prescribe investment guidelines; and (c) the form and manner of appeals. Exemption from Banking and Financ,ial Services Act Act No. 21 of 1994 Transitional provisions· Tax exemptions Cap. 668 Rcg,tlutions < 744 •
Section 46Verify source

Legislative relationships

5 referenced instruments

Names are derived from the stored provision headings and citation-enrichment layer. Treat this as a research index and verify each relationship against the source text.

A–F

1 instrument

  • Actuary Act

    Section 18

G–M

1 instrument

  • Institute of Act

    Section 20

N–S

3 instruments

  • Pension Schemes A person must not establish or manage a pension scheme unless it is done under this Act

    Section 8

  • Pensions established under this Act

    Section 3

  • Registrar shall be to- (a) register and deregister pension schemes in accordance with this Act

    Section 7

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  • 31 Dec 1996 · currentEnglish

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Statute information is organised from identified legislative sources for professional research. Corrections can be reported to hello@esheria.ai.