Regulations

The Minister may, after consultation with the Supervisor, make regulations– (a) for the administration of pension plans, pension funds and benefits; (b) prescribing the method of calculating the actuarial equivalent of a pension or benefit in a pension plan; (c) prescribing the methods of calculating the values of assets and liabilities of pension funds; and the carrying out of periodic actuarial valuations of pension plans; (d) prescribing criteria to be complied with in connection with the paying of surplus out of (e) regulating the investment of money from pension funds and prescribing the investments or categories of investment in which such money may be invested and the provision of investment options to members; (f) prescribing the required content of a statement (g) prescribing the requirements for life annuity contracts purchased from benefits paid or payable under this Act; (h) prescribing rates of interest and the method of calculating interest payable or referenced under this Act or the regulations; 60 (i) requiring the audit of pension plans and pension funds and prescribing the persons who may perform, and the manner of performing, such audits; (j) governing the winding-up of pension plans and prescribing priorities or the method of determining priorities on winding up, including priorities in the allocation of assets and related matters; (k) prescribing reports to be submitted to the Supervisor, the contents and method of preparation of such reports, the persons by whom such reports are to be prepared and the qualification, if any, required in respect of such persons; (l) prescribing forms and records required to be prescribed under the Act and time limits for retention of such records; (m) prescribing any fees payable to the Supervisor under any provision of this Act or the (n) prescribing for financial institution pension plans and draw down (o) prescribing the information that shall be provided by an administrator of a pension plan to members and the period of time for which such information shall be provided; (p) prescribing rules in respect of the payment of plan administration and investment expenses and the disclosure of such expenses to members; 61 (q) exempting pension plans, pension funds, employees, administrators or other persons from the application of this Act or the regulations or from any section of this Act or the regulations; and (r) generally prescribing all other matters which are necessary or convenient to be prescribed for carrying out or giving effect to this Act.