Information Reporting Requirements

(1) The administrator of a pension plan shall, (a) within six months after the end of a fiscal year of a pension plan, submit to the Supervisor, an annual information report on the pension plan in the form prescribed by regulations; (b) within six months after the end of a fiscal year of a pension fund, submit to the Supervisor, the financial statements of the pension fund as prescribed by regulations; and (c) in relation to26 (i) a pension plan which provides defined benefits, within six months after the expiration of every three fiscal years of the pension plan, submit to the Supervisor a report prepared by an actuary; (ii) a pension plan which provides defined within six months after the expiration of every three fiscal years of the pension fund, submit to the Supervisor a report prepared by an accountant, an actuary, or a person who is authorized by a financial institution and who is independent of the administrator; and (iii) a pension plan that has $1,000,000 or more in assets at the end of the fiscal year calculated at the market value, submit to the Supervisor an auditor’s respecting the financial statements within six months of the fiscal year; (d) give annually or at such shorter periods as may be specified in a pension plan to each member and former member a written statement containing– (i) the prescribed information in respect of the pension plan; (ii) in the case of a defined benefit pension plan, the member’s expected pension benefits as at his normal retirement date or, in the case of a defined contribution pension plan, the account balance; and 27 (iii) any ancillary benefits for which the member is eligible. (2) For the purposes of this section, “auditor” means– (a) a person entitled to practice as a public accountant in Belize; or (b) a person who has qualified as an accountant by examination of one of the Institutes of Chartered Accountants of England and Wales, Ireland or Scotland, the Canadian Institute of Chartered Accountants, the American Institute of Certified Public Accountants or any other professional body recognized by the