Section 78Part 14 — National Pensions Board
National Pensions Board
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78. (1) The National Pensions Board is hereby established.
The Board shall consist of —
a Chairperson;
a Deputy Chairperson; and
such other members being not less than five nor more than nine.
The members of the Board shall be appointed by the Cabinet.
The appointment of the members of the Board shall be published in the Gazette.
The Cabinet may fill any vacancy in the membership of the Board or in the offices of Chairperson or Deputy Chairperson of the Board.
The Cabinet may make regulations with respect to —
the tenure of members and vacation of office by members of the Board; and
the appointment of staff to assist the Board in carrying out the business of the Board.
Subject to section 74(1), a majority of the members of the Board constitutes a quorum.
The Cabinet may, by directions, designate such further functions of the Board as are considered necessary for the effective administration of this Act and regulate the procedure and functions of the Board. 78A. Remuneration and immunity of members of the Board 78A. (1) Those members of the Board who are not public officers shall receive such remuneration in respect of each meeting attended, and the chairperson and deputy chairperson shall receive such additional remuneration as may be determined by the Cabinet.
Every member of the Board shall be personally indemnified against all claims, damages, costs, charges or expenses incurred by the member in the discharge of the member’s functions or duties under this Act except claims, damages, costs, charges, or expenses caused by the member’s bad faith. 78B. Appointment and functions of committees 78B. (1) The chairperson of a Board may appoint committees comprising no fewer than three members of the Board including the chairperson or the deputy chairperson, and may delegate to such committees any of the functions of the Board, except that — National Pensions Act (2024 Revision) Section 78C c Revised as at 31st December, 2023 Page 77
the chairperson shall, as soon as practicable, notify the Cabinet of the appointment of any such committee; and
either the chairperson or the deputy chairperson shall be the chairperson of each committee so appointed.
The Secretary or the assistant Secretary of the Board shall be the Secretary of each committee so appointed 78C. Meetings of the Board 78C. (1) The Board shall meet at least once every quarter and upon such other occasions as, in the opinion of the chairperson, may be necessary or desirable in the public interest.
Any member of the Board who, without providing the prior written notice to the chairperson, is absent from more than two out of five consecutive meetings of that Board shall cease to be a member of the Board.
In the temporary absence of the chairperson or in the event of that person’s inability to act, the deputy chairperson shall act as chairperson and exercise all the powers and functions of chairperson.
At every meeting of the Board —
it shall reach its decision by a majority of the votes of members present and voting;
the chairperson or presiding member shall have no original but only a casting vote; and
two-thirds of the membership shall constitute a quorum.
Where a member of the Board has a personal or pecuniary interest, direct or indirect, in any matter which is to be determined by the Board, the member shall, if present at the meeting at which such matter is to be determined, as soon as possible after the commencement of the meeting, disclose the fact and leave the meeting.
Subject to subsections (1) to (5), the Board shall have power to regulate its own procedure. 78D. Duty of confidentiality 78D. (1) The fact and any particulars of, or relating to, any matter falling for consideration by, or the decision of, a Board shall be treated as confidential by each member of the Board and the member shall not disclose any such fact or particular otherwise than in the proper performance of the member’s duties under this Act or in compliance with the order of a court of competent jurisdiction.
The failure of any member to comply with subsection (1) —
is an offence; and Section 79 National Pensions Act (2024 Revision) Page 78 Revised as at 31st December, 2023 c
constitutes a sufficient ground for the termination of the member’s appointment.
Any allegations of a breach of subsection (1) shall be fully investigated by a constable of the rank of Inspector or above.
A person who commits an offence under subsection (2)(a) is liable on summary conviction to a fine of ten thousand dollars or to imprisonment for a term of one year, or to both