- In terms of the Act, the Scheme is controlled and managed by nine (9) Trustees (“the Board”). The composition of the nine Trustees is as follows;
1. Four (4) are appointed by the Employers,
2. Five (5) are elected by members with three (3) of the elected Trustees coming from active members and two (2) from pensioners.
The diagram below illustrates the governance structure of the Scheme,
- The Board of Trustees’ report to IPEC the regulator.
- AMG Global are the external auditors for the Fund.
- Actuarial services are done by Quantum.
- The board delegates specific tasks to committees but remains overly responsible for all aspects.
- The primary law governing the Pension Funds business is the Pension and Provident Funds Act Chapter 24:32. The additional regulations are covered by the Statutory Instrument 323 of 1991.
- Trustees convene quarterly meetings to discuss Pension Fund business and provide direction.
- Effective January 1, 2020, the Defined Contribution arrangement was initiated.
- The actuary carries out regular financial reviews, bi-annually.