Retirement statement

(1) A member who has reached the normal or latest retirement age under the pension plan, or a member who has reached the early retirement age and requested a retirement statement shall be entitled to a retirement statement, which must include the information set out in subregulation (2). (2) Each plan shall provide the following information to a vested former member upon retirement– (a) name of the pension plan; (b) administrator’s contact information; (c) member’s name; (d) member’s date of birth; (e) name of beneficiary on record; (f) member’s normal, early and latest retirement date; (g) a description of the options available to the former member, including a description of choices available with respect to a spouse’s (h) deadline for choosing an option; and 32 Private Pensions (i) explanation of consequences of failing to make a choice. (3) Each defined benefit plan shall provide the following information to a vested former member upon retirement– (a) total amount of pensionable service for the (b) salary used to determine the estimated annual (c) description of the estimated annual benefit that will be payable at the normal retirement age based on the current age and service of the member; and (d) description of the method of reduction of benefits for early retirement, if applicable. (4) Each defined contribution plan shall provide the following information to a vested former member upon (a) account balance in the pension fund; (b) a statement that the final amount of the benefit will depend on investment fluctuations between the effective date of the statement and the date of the election; (c) a description of the options available for converting the account balance into a retirement income in the future, including annuity purchase from any insurance company registered in Belize and the draw down account if one is offered; and Private Pensions 33 (d) annuity purchase rates offered by the pension plan administrator.