Section 21Part 3 — Disclosure of Information
Notice of proposed amendment
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Before the registration of an amendment to a pension plan, an administrator shall —
give notice containing an explanation of the amendment to —
each member;
each former member; and
any other person entitled to payment from the pension fund;
invite the submission of written comments on the amendment to the administrator and the Director; and
provide the Director with a copy of the notice of the proposed amendment.
The Director shall not register an amendment until forty-five days after the date of the notice of amendment to members.
An administrator shall notify each member of the date of registration of an amendment.
The Director may, upon the written application of an administrator, exempt that administrator from the requirements of subsection (1) where the administrator has been exempted from obtaining the approval of the members of a plan under section 12(7) or where the Director is of the opinion that the amendment —
is of a technical nature;
will not substantially affect the pension benefits, rights or obligations of a member or former member; or
will not adversely affect any person entitled to payments from the pension fund.
Cross References
- Section 12 of National Pensions Act
section 12(7) - approval of members of a plan