Administrator

(1) A pension plan is not eligible for registration unless it is administered by an administrator, which administrator shall be– (a) the employer participating in the pension plan; (b) a board of trustees composed of one or more representatives of the employer or employers participating in the pension plan and one or more representatives of the members or former members of the pension plan; (c) a board of trustees wholly consisting of members or former members of the pension plan; (d) an entity which by virtue of this Act or any other law, is vested with responsibility for the administration of a pension plan or pension fund; (e) a financial institution licensed in the prescribed manner as an administrator under this Act. (f) any other person approved by the Supervisor, 17 and shall be resident in Belize, being a person that the Supervisor is satisfied is fit and proper to administer the pension plan. (2) For the purposes of sub-section (1), “employer” includes an affiliated employer or parent company.