Regulations

←→ Navigate · Click subsection badges to collapse · Press ? for help

The Cabinet may make regulations prescribing any matter referred to in this Act as to be prescribed by regulations and for carrying this Act into effect.

Notwithstanding the generality of subsection (1), the Cabinet may make regulations in particular —

prescribing the times or the last dates for filing, giving, serving, submitting or transmitting of documents that are required to be filed, given, served, submitted or transmitting under this Act or regulations;

prescribing reports that shall be submitted to the Director, the contents and the method of preparation of the reports and the persons and their qualifications by whom the reports must be prepared;

prescribing and regulating pension benefits and required contributions;

prescribing procedures that shall govern the appointment of members of pension committees;

prescribing procedures that shall govern the establishment of Advisory Committees and the appointments of members of the Advisory Committees;

prescribing procedures, including the times for notice, method of counting votes and such other matters as may be required for the holding of meetings of members, former members and claimants of pension plans;

prescribing fees;

prescribing the method for the establishment of a pension fund and the methods of calculating the values of assets and liabilities of pension funds;

regulating the disposal of surplus funds;

prescribing the rate or the method of determining the rate at which an employer shall pay money due from the employer under this Act on the winding up of a pension plan, and related matters;

regulating or prohibiting the investment of money from pension funds and prescribing investments or classes of investments in which such money may be invested;

prescribing requirements for pension entitlement savings contracts between members of pension plans and trustees from whom administrators may make payment when required in accordance with this Act;

requiring the payment of interest on any amount required to be paid under this Act or regulations made thereunder from the date the payment is due and prescribing the rate of interest and the method of calculating interest if such rate or method is not otherwise specified;

prescribing forms and records required to be prescribed under this Act and time limits for retention of such records;

providing for the audit of pension plans and pension funds and prescribing the persons or classes of persons who may perform the audits and the manner of performing the audits and for connected matters;

prescribing the manner of determining the portion of a pension benefit, pension, deferred pension or ancillary benefit that is attributable before the 1st June, 1998 or that is attributable to employment on or after the 1st June, 1998;

prescribing the manner of division and transfer of pension benefits by court orders under section 43;

prohibiting or regulating the reduction or the variation of pension benefits by reference to benefits payable under any approved plan;

governing the winding up or partial winding up of pension plans or classes of pension plans and prescribing priorities or the method of determining priorities on winding up, including priorities in the allocation of assets and related matters;

exempting pension plans, pension funds, employees, administrators or other persons from the application of this Act or regulations or any section thereof;

governing the receiving, holding and disbursing of benefits by any agency established or designated under this Act;

prescribing terms and conditions governing the conversion of a defined benefit to a defined contribution benefit;

prescribing the manner of calculating the commuted value of a deferred pension or a pension benefit;

prescribing the manner in which an administrative penalty system may be implemented and for all matters that are necessary or convenient to be prescribed for giving effect to the administrative penalty system, which shall empower the Director where a specified offence is committed under this Act to stay or compound any proceeding for that offence; subject to the conditions the Director may think fit, which may include, but are not limited to, the payment of a levy, being not less than twice and not more than five times the amount of any fees that would have been payable had the provisions of this Act been observed and in the event that no fees are payable under this Act, the Director may impose a fine of up to such amount as may be prescribed.

A regulation may be general or particular in its application and may be limited as to the time or place or both.

A regulation may adopt by reference and may require compliance with, in whole or in part, such changes as the Cabinet considers necessary, any code, formula, standard or procedure as appears to the Cabinet to be expedient for the purposes of this Act or regulations.

The Cabinet may, after consultation with the employees of the Government, make an order providing that this Act shall apply to —

the Government

a statutory authority,

a corporation wholly owned by the Government;

a corporation, the majority of the shares of which are owned by the Government.

Regulations under this Act are subject to affirmative resolution.

Cross References

Section 43 of National Pensions Act
court orders under section 43

National Pensions Act

16 Parts