Section 17Part 2 — Registration and Administration
Administrator may employ agents
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17. (1) Repealed by section 13(b) of the National Pensions (Amendment) Act. 2016 [Law 17 of 2016].
Repealed by section 13(b) of the National Pensions (Amendment) Act. 2016 [Law 17 of 2016].
Where it is reasonable and in the interests of the members of a plan so to do, an administrator may employ one or more agents to carry out any act required to be done in the administration of the pension plan and in the management and investment of the pension fund.
Every actuary, accountant or other professional person who provides professional services with respect to the establishment or administration of a pension plan or pension fund, shall be deemed to be an agent of the administrator.
An administrator who employs an agent shall —
personally select the agent;
be satisfied of the agent’s suitability to perform the acts for which the agent is employed; and
supervise the agent as far as practicable and reasonable.
An agent of an administrator is subject to the standards that apply to the administrator under subsections 16(1), (2) and (3) and 16A (1), (2) and (3).
Repealed by section 13(b) of the National Pensions (Amendment) Act. 2016 [Law 17 of 2016].
Repealed by section 13(b) of the National Pensions (Amendment) Act. 2016 [Law 17 of 2016].
An agent of an administrator is entitled to usual and reasonable fees and expenses for services provided in respect of a pension plan and such fees and expenses may be paid out of the pension fund. National Pensions Act (2024 Revision) Section 18 c Revised as at 31st December, 2023 Page 27