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The pension sector comprises private occupational pension plans registered under the Insurance Act Chap 84:01. The assets of this sector represent a significant portion of the total assets of the financial sector of Trinidad and Tobago. As at July 31st, 2015, pension plan assets totaled approximately $49.1 billion.
A new Occupational Pensions Plan Act is being developed to update the current provisions and to ensure that pension plans are governed and regulated in accordance with international best practices.
LAWS OF TRINIDAD AND TOBAGO
Insurance Chap. 84:01
Requirements as to the Trust Deed and Rules of Registered Pension Fund Plans
1. The Trust Deed and Rules of a plan qualified for registration under this Act shall make provision for the following matters:
- the whole of the objects for which the plan is established;
- the appointment and removal of trustees;
- the vesting in the trustees of all property belonging to the plan;
- the investment in the names of the trustees of all capital moneys belonging to the plan and for authorizing the
investments, if any, in addition to those authorized by law, in which the trustees may invest such moneys; but the Rules of a plan may provide for the deposit of such moneys with a bank;
- the making of contributions to the plan by the employers of persons employed in the undertaking or combination of undertakings in connection with which the plan is established;
- the contributions payable to and the rates of benefits payable from the fund or the method of calculating benefits so payable;
- the conditions on which persons may become and may cease to be contributors to and entitled to benefits from the fund;
- the protection of the vested rights of contributors to the plan;
- the preparation of all statements of accounts, balance sheets and reports required by this Act to be prepared;
- the supply (on demand) to every person having any rights in the plan, being a person who is or has been employed in the undertaking in connection with which the plan is established, of a copy of the Rules of the plan and of all amendments thereof, and of the latest statements of accounts, balance-sheets and report prepared in accordance with the requirements of this Act;
- the circumstances in which the plan may be wound up and in the event of winding up the use of the plan to purchase immediate annuities for contingent pensioners;
- the method by which the Rules may be amended.
2. The second part of the report shall contain the following information:
- general observations regarding mortality, withdrawal and retirement from service and progression of salary during
intervaluation period and general observations on any other factors entering into the valuation;
- a description of the mortality and all other rates used (specimen rates to be shown in an appendix to the report);
- average rates of interest realized by the assets of the fund whether invested or not during each year in the intervaluation period;
- the rate of interest assumed in the calculations for purpose of the valuation;
- a statement indicating.
- whether and how it has been secured that the estimated net liability in respect of any employer is not negative;
- the amount of and the reason for any special reserves which have been set up.
3. The final part of the report shall contain information about the results of the valuation, an analysis of the surplus or deficiency shown and a recommendation as to how much of the surplus can be regarded as disposable, or, if a deficiency, the manner in which the deficiency can be liquidated.
4. The report shall close with any further observations the actuary may wish to offer on the valuation.