Section 16Part 2 — Registration and Administration
Duties of the administrator
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16. (1) An administrator shall —
administer the pension plan and pension fund in accordance with this Act and Regulations; and
administer the pension plan and any amendment to the pension plan in accordance with the documents filed with the Director upon registration of that plan or amendment.
An administrator shall —
where more than one pension plan is administered by the administrator, segregate the assets, bank accounts and records of each pension plan from the other; and
segregate the assets, bank accounts and records of a pension plan from any other business in which the administrator may be engaged.
An administrator shall use that administrator’s best efforts in the administration of a pension fund using all relevant knowledge and skill that, by reason of the administrator’s profession or business or calling, that administrator ought to possess.
The administrator of a pension plan shall —
pay the prescribed fee to the Director in respect of the pension plan within three months of the end of the financial year of the pension plan; Section 16 National Pensions Act (2024 Revision) Page 24 Revised as at 31st December, 2023 c
file with the Director each year during the continuation of the pension plan an annual information return relating to the pension plan in the prescribed form within three months of the end of the financial year of the pension plan or within any longer period the Director may approve;
within six months of the end of a financial year of the pension plan or within any longer period that the Director may approve, file with the Director audited financial statements of the pension plan prepared in the prescribed manner by an independent auditor approved by the Director, together with a copy of any management letter issued by the auditor;
every three years during the continuation of a defined benefit pension plan with the assistance of an actuary, review the financial operation of the pension plan and file with the Director an actuarial report within six months of the completion of the review, or any longer period the Director may allow;
provide returns and expense ratios for the pension plan, in the prescribed format, which shall be provided to the Director within six months of the end of a financial year of the pension plan or within any longer period that the Director may approve;
provide the Director, within three months of the end of the financial year, evidence of annual administrator training;
file with the Director a list of all active and inactive employers in the pension plan annually when filing the annual information return under paragraph (b) and on a monthly basis, thereafter, file with the Director all employer movements in or out of the pension plan;
hold annual general meetings dealing with prescribed information and provide a record thereof to the Director within three months of the meeting and to the members with the statement required under section 22;
file with the Director any additional reports required under this Act;
publish the pension plan or details relating thereto in the prescribed manner;
ensure that all documents and records of the pension plan are maintained in a central location and notify the Director of that location and any changes to that location; and
prepare and submit to the Director, together with the audited financial statements each year —
confirmation that the statement of investment policy is in compliance with the prescribed requirements; and specify — (aa) the name of each member; National Pensions Act (2024 Revision) Section 16A c Revised as at 31st December, 2023 Page 25 (bb) the date of birth of each member; (dd) the value of the accrued benefit of each member.
a register of the members of the pension plan, and the register shall
the employer of each member; and
If an administrator fails to comply with any requirement under this section, the Director may dismiss the administrator and act as or may appoint another administrator of the plan.
The reasonable administration costs of the Director or the administrator approved by the Director of any action taken under subsection (5) shall be paid by the pension fund.
A person who contravenes this section commits an offence and is liable on summary conviction to a fine of one hundred thousand dollars or to imprisonment for a term of five years, or to both. 16A. Functions of the administrator 16A. (1) An administrator shall ensure that the administration, custodianship and investment of a pension plan or pension fund are undertaken by persons qualified and experienced to be administrators, custodians, investment advisers and investment managers, as the case may be.
An administrator shall exercise the care, diligence and skill in the administration of a pension plan and in the management and investment of the pension fund that a person of ordinary prudence would exercise in dealing with the property of another.
An administrator shall not knowingly permit that administrator’s private interests to conflict with that administrator’s duties and powers in respect of a pension plan or pension fund.
An administrator is not entitled to any benefit from a pension plan other than -
pension benefits or ancillary benefits or a refund of contributions under the plan to which the administrator is entitled as a member, former member or claimant under the plan ;
ancillary benefits; and
the administrative fees and expenses as are provided by a pension plan.
Subsection (4) applies with necessary modifications to a member of a pension committee or board of trustees that is the administrator of a pension plan and to a member of a board, agency or committee made responsible by this Act or any other law for the administration of a pension plan.
If an administrator fails to comply with any requirement under this section, the Director may dismiss the administrator and act as or may appoint another administrator of the plan. Section 17 National Pensions Act (2024 Revision) Page 26 Revised as at 31st December, 2023 c
The reasonable administration costs of the Director or the administrator approved by the Director of any action taken under subsection (6) shall be paid by the pension fund.
A person who contravenes this section commits an offence and is liable on summary conviction to a fine of one hundred thousand dollars or to imprisonment for a term of five years, or to both.