i e AT 14 of 2000 RETIREMENT BENEFITS SCHEMES ACT 2000

Transcription

1 i e AT 14 of 2000 RETIREMENT BENEFITS SCHEMES ACT 2000

2

3 Retirement Benefits Shemes At 2000 Index i e RETIREMENT BENEFITS SCHEMES ACT 2000 Index Setion Page PART 1 PROMOTION OF RETIREMENT BENEFITS SCHEMES 7 1 Restritions on promotion... 7 PART 2 AUTHORISED RETIREMENT BENEFITS SCHEMES 8 Authorisation 8 2 Appliations for authorisation Authorisation Revoation of authorisation Representations against revoation Constitution, offiers, aounts, funding, et Constitution and management Tehnial funding requirement Valuation and ertifiation of assets and liabilities Shedules of ontributions Determination of ontributions: supplementary Shedule of payments to ertain shemes Shedules of payments: supplementary Serious underprovision Serious overprovision Annual aounts Publiation of sheme partiulars Professional advisers Alteration of shemes and hanges of trustee, administrator and professional advisers Diretors, ontrollers, et Avoidane of exlusion lauses PART 3 SCHEMES FROM OTHER JURISDICTIONS Shemes authorised, et in designated ountries Revoation of reognised status Failities, information and assets in the Island AT 14 of 2000 Page 3

4 Index Retirement Benefits Shemes At 2000 PART 4 GENERAL REGISTER OF SCHEMES Registration of retirement benefits shemes PART 5 POWERS OF SUPERVISION, INVESTIGATION, INTERVENTION, ETC [Repealed] Inspetion and investigation and 28 [Repealed] Injuntions Restitution Diretions Notie of diretions Removal of trustee, administrator, et Appointment of inspetor Powers exerisable in aid of inome tax and pension sheme funtions PART 6 RETIREMENT BENEFITS SCHEME ADMINISTRATORS Register of sheme administrators PART 7 MISCELLANEOUS [Repealed] A Regulatory objetives Appeals to the Finanial Servies Tribunal Retirement Benefits Shemes Ombudsman [Repealed] Blowing the whistle Information, et Publiation of information and advie Restritions on dislosure of information [Repealed] PART 8 SUPPLEMENTAL Publi registers False and misleading statements Defene in riminal proeedings Criminal penalties Offenes by bodies orporate Civil penalties Regulations and orders Finanial provision Prinipal terms defined Interpretation - general Amendments and repeals Short title and ommenement Page 4 AT 14 of 2000

5 Retirement Benefits Shemes At 2000 Index SCHEDULE 1 47 SCHEDULE 2 47 AMENDMENT OF ENACTMENTS 47 SCHEDULE 3 47 REPEAL OF ENACTMENTS 47 ENDNOTES 49 TABLE OF LEGISLATION HISTORY 49 TABLE OF RENUMBERED PROVISIONS 49 TABLE OF ENDNOTE REFERENCES 49 AT 14 of 2000 Page 5

6

7 Retirement Benefits Shemes At 2000 Setion 1 i e RETIREMENT BENEFITS SCHEMES ACT 2000 Reeived Royal Assent: 17 Otober 2000 Passed: 17 Otober 2000 Commened: See endnotes AN ACT to make new provision for the registration, authorisation, reognition, regulation and supervision of ertain retirement benefits shemes and for onneted purposes. PART 1 PROMOTION OF RETIREMENT BENEFITS SCHEMES 1 Restritions on promotion (1) Subjet to subsetions (4) and (6) no person shall issue or ause to be issued any advertisement inviting persons in or resident in the Island to beome or offer to beome members of a retirement benefits sheme (in this At referred to as a sheme ) or ontaining information alulated to lead diretly or indiretly to those persons beoming or offering to beome members of a sheme; or advise or proure any person in or resident in the Island to beome or offer to beome a member of a sheme, unless the sheme is an authorised sheme or a reognised sheme under this At. (2) Subjet to subsetions (4) and (6) no person shall, in or from the Island, issue or ause to be issued any advertisement inviting persons outside the Island to beome or offer to beome members of a sheme or ontaining information alulated to lead diretly or indiretly to those persons beoming or offering to beome members of a sheme; or advise or proure any person outside the Island to beome or offer to beome a member of a sheme, AT 14 of 2000 Page 7

8 Setion 2 Retirement Benefits Shemes At 2000 unless the sheme is an authorised sheme under this At. (3) No person in or from within the Island shall at, by way of business, as the trustee; take or reeive ontributions for the fund, of a sheme unless the sheme is an authorised sheme or a reognised sheme under this At. 1 (4) Subsetions (1) and (2) shall not apply if the advertisement is issued to suh other person as may be presribed in regulations made by the Treasury. (5) Any person who ontravenes subsetion (1), (2) or (3) is guilty of an offene. (6) The Treasury may by regulations make provision for exempting from subsetion (1), (2) or (3) shemes of suh desriptions as are speified in the regulations. (7) Regulations under subsetion (6) may ontain suh supplementary and transitional provisions as the Treasury thinks neessary and may also ontain provisions imposing obligations or liabilities on the trustee and administrator of an exempted sheme, inluding, to suh extent as it thinks appropriate provisions for purposes orresponding to those for whih provision an be made under setions 6 and 16 in relation to authorised shemes. PART 2 AUTHORISED RETIREMENT BENEFITS SCHEMES Authorisation 2 Appliations for authorisation (1) Any appliation for the registration of a sheme as an authorised sheme for the purposes of this At shall be made by the trustee of the sheme. (2) Any suh appliation shall be made in suh manner as the Authority may diret; 2 () shall ontain or be aompanied by suh information as the Authority may require for the purpose of determining the appliation; and 3 shall be aompanied by suh fee as may be presribed. (3) At any time after reeiving an appliation and before determining it the Authority may require the appliant to furnish additional information. 4 (4) The diretions and requirements given or imposed under subsetions (2) and (3) may differ as between different appliations. Page 8 AT 14 of 2000

9 Retirement Benefits Shemes At 2000 Setion 3 (5) Any information to be furnished to the Authority under this setion shall, if the Authority so requires, be in suh form or verified in suh manner as the Authority may speify. 5 3 Authorisation (1) The Authority may on an appliation duly made in aordane with setion 2 and after being furnished with all suh information as the Authority may require under that setion, register a sheme as an authorised sheme for the purposes of this At if it appears to the Authority that the sheme omplies with the requirements of regulations under setion 6 and that the following provisions of this setion are satisfied; and the Authority has been furnished with a opy of the douments onstituting the sheme. 6 (2) A sheme is not qualified to be registered as an authorised sheme if it is of suh lass or desription of sheme as is exluded from registration by regulations. (3) A sheme may be registered as an authorised sheme subjet to suh onditions as the Authority thinks fit, and the Authority may subsequently make suh authorisation subjet to new onditions; or vary or revoke any existing ondition. 7 (4) The administrator of an authorised sheme must be a registered shemes administrator or a person who is exempt from registration under setion 36(1). (5) The name of the sheme must not be undesirable or misleading. (6) Any person who ontravenes any ondition imposed under subsetion (3) shall be guilty of an offene. (7) A sheme is not qualified to be registered as an authorised sheme if () (d) the onstitutional douments of the sheme do not irrevoably provide for the trustee to hold all the property of the sheme in trust for the benefiiaries of the sheme in aordane with the provisions of those douments; the Authority is not satisfied that the trustee is a fit and proper person to undertake his funtions; 8 the trustees are all individuals and there are less than two of them; 9 either the trustee or administrator is prohibited from ating as trustee or administrator of a sheme in the Island or a similar finanial produt elsewhere; AT 14 of 2000 Page 9

10 Setion 4 Retirement Benefits Shemes At 2000 (e) (f) (g) the sheme is an oupational sheme no trustee of whih is independent of the employer of the member and regulations may make provision with respet to the irumstanes in whih a trustee shall or shall not be treated as being independent for the purposes of this paragraph; 10 a majority of the trustees (if more than one) of the sheme do not arry on business in and from within the Island exept where a registered shemes administrator is responsible for the administration of the sheme; the sheme or its trustee or administrator do not omply with any requirements presribed for the purposes of this paragraph. (8) An oupational sheme is not qualified to be an authorised sheme unless () (d) the sheme is bona fide established for the sole purpose of providing relevant benefits in respet of servie as an employee, being benefits payable to, or to the surviving spouse or surviving ivil partner, hildren or dependants or personal representatives of, the employee; 11 the sheme is reognised by the employer and the employees to whom it relates, and that every employee who is, or has a right to be, a member of the sheme has been given written partiulars of all essential features of the sheme whih onern him; the employer is a ontributor to the sheme; the onstitutional douments of the sheme do not in any irumstanes permit, whether during the subsistene of the sheme or later, the repayment of an employee s ontributions under the sheme other than as permitted by regulations. (9) A sheme may be registered as an authorised sheme under this At notwithstanding that all the members or a signifiant proportion of them are outside the Island. (10) Where the Authority refuses an appliation for registration as an authorised sheme or exerises its power under subsetion (3), the Authority shall do so by giving the appliant written notie stating the reasons for the deision Revoation of authorisation (1) The Authority may revoke the registration of an authorised sheme if it appears to the Authority that any of the requirements for registration are no longer satisfied; that it is undesirable in the interests of the members or potential members that the sheme should ontinue to be authorised; or Page 10 AT 14 of 2000

11 Retirement Benefits Shemes At 2000 Setion 5 () without prejudie to paragraph, that the trustee or administrator of the sheme has ontravened any provision of (i) this At; or (ii) the Insurane At 2008; or 13 (iii) the Finanial Servies At 2008; 14 (d) (iv) and (v) [Repealed] 15 (vi) any rules, regulations or ode made under any of those Ats or, in purported ompliane with any suh provision, has furnished the Authority with false, inaurate or misleading information; or 16 that the trustee or administrator of the sheme has ontravened any ondition, prohibition or requirement imposed under the Ats speified in paragraph ()(i) to (v). 17 (2) For the purposes of subsetion (1), the Authority may take into aount any matter relating to the sheme, the trustee or administrator, a diretor or ontroller of the trustee or administrator or any person employed by or assoiated with the trustee or administrator in onnetion with the sheme. 18 (3) The Authority may revoke the registration of an authorised sheme at the request of the trustee or administrator of the sheme. 19 (4) The Authority may refuse a request under subsetion (3) if the Authority onsiders that any matter onerning the sheme should be investigated as a preliminary to a deision on the question whether the registration should be revoked or that revoation would not be in the interests of the members. 20 (5) In any ase in whih registration has been revoked under this setion, the provisions of setions 6 to 20 shall ontinue to apply to the sheme in the same manner as they apply to an authorised sheme. 5 Representations against revoation (1) Where the Authority proposes to revoke a registration under setion 4 otherwise than at the request of the trustee or administrator of the sheme, the Authority shall give the trustee and administrator of the sheme written notie of its intention to do so, stating the reasons for whih the Authority proposes to at and giving partiulars of the rights onferred by subsetion (2). 21 (2) A person on whom a notie is served under subsetion (1) may within 21 days of the date of servie, make written representations to the Authority and, if desired, oral representations to the Authority. 22 AT 14 of 2000 Page 11

12 Setion 6 Retirement Benefits Shemes At 2000 (3) The Authority shall have regard to any representations made in aordane with subsetion (2) in determining whether to revoke the registration. 23 Constitution, offiers, aounts, funding, et. 6 Constitution and management (1) The Treasury may make regulations as to () (d) (e) the onstitution and management of authorised shemes; the trustee, administrator, auditor, atuary and investment manager of any suh sheme; the powers and duties of the trustee, administrator or the partiipating, or previously partiipating, employer of suh a sheme; 24 the rights and obligations of the members of any suh sheme; the annual aounts of suh a sheme fund, and the statements, reports and information to be annexed to suh aounts. (2) Without prejudie to the generality of subsetion (1), regulations under this setion may make provision () (d) (e) (f) (g) as to the management and valuation of the assets and obligations of the sheme; as to the expenses of the sheme and the means of meeting them; for the qualifiations and experiene, appointment, resignation, removal, powers and duties of the trustee and administrator of the sheme; for the qualifiations and experiene, appointment, resignation, removal, powers and duties of an atuary, auditor and investment manager for the sheme (in this At referred to olletively as professional advisers ); for restriting or regulating the investment and borrowing powers exerisable in relation to the sheme; requiring the keeping and maintenane of reords with respet to the transations and finanial position of the sheme and for the keeping of reords on the Island and for the inspetion of reords; requiring the preparation of periodial reports with respet to the sheme by the trustee, administrator or professional advisers, as the ase may be, of the retirement benefits sheme, and the furnishing of those reports to the Authority and, if the regulations so require, to the members; 25 (h) requiring the trustee of a sheme Page 12 AT 14 of 2000

13 Retirement Benefits Shemes At 2000 Setion 6 (i) (j) (k) (l) (i) (ii) to obtain at presribed times or on the happening of presribed events suh information and douments as are presribed; and to furnish that information and opies of those douments to the Authority and suh persons as may be presribed in the form, manner and at the time presribed; 26 restriting or regulating the manner in whih a sheme deals with surplus funds; providing for the ontent, format and audit of the annual aounts of an authorised sheme; with respet to the amendment of the sheme; with respet to the payment (inluding time of payment), nature and amount of benefits whih may or may not be paid to members and other benefiiaries of an authorised sheme; (m) prohibiting, restriting or regulating the transfer of (i) (ii) any liability for the payment of any benefits to or from an authorised sheme; any rights to any benefits to or from an authorised sheme. (3) Regulations under this setion may make provision as to, and to the ontents of, the douments onstituting the sheme, and, without prejudie to the generality of that power, may inlude provision requiring any of the matters mentioned in subsetion (2) to be dealt with in suh douments as may be speified. (4) Regulations under this setion shall be binding on the trustee, administrator, professional advisers and members independently of the ontents of suh douments and, in the ase of the members, shall have effet as if ontained in them. (5) Without prejudie to the generality of subsetion (4), where regulations under this setion onflit with any rule of law (whether at ommon law or ontained in any enatment) relating to () the onstitution, powers and management of trusts or bodies orporate; the powers and duties of trustees or the diretors of bodies orporate; the rights and obligations of benefiiaries of trusts or members of bodies orporate, the regulations shall prevail. (6) Regulations under this setion may provide that any person who is in ontravention of a speified regulation is guilty of an offene. (7) Regulations under this setion may ontain suh inidental and transitional provisions as the Treasury thinks neessary or expedient. AT 14 of 2000 Page 13

14 Setion 7 Retirement Benefits Shemes At Tehnial funding requirement (1) Every oupational sheme to whih this setion applies is subjet to a requirement (referred to in this At as the tehnial funding requirement ) that the value of the assets of the sheme shall not be less than suh amount; nor more than suh amount, as may be presribed in regulations for the purposes of this setion. (2) This setion applies to authorised oupational shemes other than a money purhase sheme, or a sheme falling within a presribed lass or desription. (3) For the purposes of this setion and setions 8 to 10, 13 and 14, the liabilities and assets to be taken into aount, and their amount or value, shall be determined, alulated and verified by a presribed person and in the presribed manner. (4) In alulating the value of any liabilities for those purposes, a provision of the sheme whih limits the amount of its liabilities by referene to the amount of its assets is to be disregarded Valuation and ertifiation of assets and liabilities (1) The trustee of an authorised sheme to whih setion 7 applies must obtain, within a presribed period, an atuarial valuation from the sheme atuary and afterwards obtain suh a valuation before the end of presribed intervals, and on presribed oasions or within presribed periods, obtain a ertifiate prepared by the sheme atuary (i) (ii) stating whether or not in his opinion the ontributions payable towards the sheme are adequate for the purpose of seuring that the tehnial funding requirement will ontinue to be met throughout the presribed period or, if it appears to him that it is not met, will be met by the end of that period, and indiating any relevant hanges that have ourred sine the last atuarial valuation was prepared. (2) Subjet to subsetion (3), the trustee must if the atuary states in suh a ertifiate that in his opinion the ontributions payable towards the sheme are not adequate for the purpose of seuring that the tehnial funding requirement will ontinue to be met throughout the presribed period or, if it appears to him that it is not met, will be met by the end of that period, or Page 14 AT 14 of 2000

15 Retirement Benefits Shemes At 2000 Setion 9 in presribed irumstanes, obtain an atuarial valuation within the period required by subsetion (4). (3) In a ase within subsetion (2), the trustee is not required to obtain an atuarial valuation if in the opinion of the sheme atuary, the value of the sheme assets is not less than the amount presribed for the purposes of this subsetion, and 28 sine the date on whih the atuary signed the ertifiate referred to in that subsetion, the shedule of ontributions for the sheme has been revised under setion 9(3). (4) If the trustee obtains a valuation under subsetion (2) he must do so in the ase of a valuation required by paragraph of that subsetion, within the period of 6 months beginning with the date on whih the atuary s ertifiate was signed, and in any other ase, within a presribed period. (5) A valuation or ertifiate obtained under subsetion (1) or (2) must be prepared in suh manner, give suh information and ontain suh statements as may be presribed. (6) A trustee who fails to omply with this setion is guilty of an offene Shedules of ontributions (1) The trustee and administrator of an oupational sheme to whih setion 7 applies must seure that there is prepared, maintained and from time to time revised a shedule (referred to in this setion and in setion 10 as a shedule of ontributions ) showing the rates of ontributions payable towards the sheme by or on behalf of the employer and the ative members of the sheme, and the dates on or before whih suh ontributions are to be paid. (2) The shedule of ontributions for an oupational sheme must satisfy presribed requirements. (3) The shedule of ontributions for an oupational sheme () must be prepared before the end of a presribed period beginning with the signing of the first atuarial valuation for the sheme, may be revised from time to time where the revisions are previously agreed by the trustee and administrator and the employer and any revision in the rates of ontributions is ertified by the atuary of the sheme, and must be revised before the end of a presribed period beginning with the signing of eah subsequent atuarial valuation. AT 14 of 2000 Page 15

16 Setion 9 Retirement Benefits Shemes At 2000 (4) The matters shown in the shedule of ontributions for an oupational sheme must be matters previously agreed by the trustee and administrator and the employer, or if no suh agreement has been made as to all the matters shown in the shedule, must be (i) (ii) rates of ontributions determined by the trustee and administrator, being suh rates as in their opinion are adequate for the purpose of seuring that the tehnial funding requirement will ontinue to be met throughout the presribed period or, if it appears to them that it is not met, will be met by the end of that period, and other matters determined by the trustee and the administrator; and the rates of ontributions shown in the shedule must be ertified by the atuary of the sheme. (5) An agreement for the purposes of subsetion (4) is one whih is made by the trustee and administrator and the employer during the presribed period beginning with the signing of the last preeding atuarial valuation for the sheme. (6) The atuary may not ertify the rates of ontributions shown in the shedule of ontributions in a ase where on the date he signs the ertifiate it appears to him that the tehnial funding requirement is met, unless he is of the opinion that the rates are adequate for the purpose of seuring that the requirement will ontinue to be met throughout the presribed period, and in any other ase, unless he is of the opinion that the rates are adequate for the purpose of seuring that the requirement will be met by the end of that period. (7) The Authority may extend (or further extend) the period referred to in subsetion (6), and where the Authority refuses to extend (or further extend) the period the Authority shall give written notie of the refusal together with a statement of reasons for the deision. 30 (8) Where, in the ase of any oupational sheme to whih setion 7 applies, this setion is not omplied with setion 33 applies to any trustee and administrator who has failed to take all suh steps as are reasonable to seure ompliane, and setion 50 applies to any trustee and administrator who has failed to take all suh steps. 31 Page 16 AT 14 of 2000

17 Retirement Benefits Shemes At 2000 Setion Determination of ontributions: supplementary (1) Exept in presribed irumstanes, the trustee and administrator of an oupational sheme to whih setion 7 applies must, where any amounts payable by or on behalf of the employer or the ative members of the sheme in aordane with the shedule of ontributions have not been paid on or before the due date, give notie of that fat, within the presribed period, to the Authority and to the members of the sheme. 32 (2) Any suh amounts whih for the time being remain unpaid after that date (whether payable by the employer or not) shall, if not a debt due from the employer to the trustee and the administrator apart from this subsetion, be treated as suh a debt. (3) If, in the ase of an oupational sheme to whih setion 7 applies, it appears to the trustee or the administrator, at the end of any presribed period that the tehnial funding requirement is not met, they must prepare a report giving the presribed information about the failure to meet that requirement. (4) If in the ase of any suh sheme, subsetion (1) or (3) is not omplied with setion 33 applies to any trustee and administrator who has failed to take all suh steps as are reasonable to seure ompliane, and setion 50 applies to any trustee and administrator who has failed to take all suh steps Shedule of payments to ertain shemes (1) This setion applies to authorised shemes whih are oupational shemes whih are money purhase shemes; and personal shemes, other than one falling within a presribed lass or desription. (2) The trustee and the administrator of every sheme to whih this setion applies must seure that there is prepared, maintained and from time to time revised a shedule (referred to in this setion and setion 12 as a payment shedule ) showing () in the ase of a sheme referred to in subsetion (1), the rates of ontributions payable towards the sheme by or on behalf of the employer and the ative members of the sheme, and in all ases, suh other amounts payable towards the sheme as may be presribed, and the dates on or before whih payments of ontributions or other amounts are to be made (referred to in those setions as due dates ). AT 14 of 2000 Page 17

18 Setion 12 Retirement Benefits Shemes At 2000 (3) The payment shedule for a sheme must satisfy presribed requirements. (4) The matters shown in the payment shedule for a sheme to the extent that the sheme makes provision for their determination, must be so determined, and otherwise (i) (ii) must be matters previously agreed between the employer and the trustee or administrator of the sheme, or if no suh agreement has been made as to all matters shown in the shedule (other than those for whose determination the sheme makes provision), must be matters determined by the trustee and the administrator of the sheme. (5) If this setion is not omplied with setion 33 applies to any trustee and administrator who has failed to take all suh steps as are reasonable to seure ompliane, and setion 50 applies to any trustee or administrator who has failed to take all suh steps. 12 Shedules of payments: supplementary (1) Exept in presribed irumstanes, the trustee and the administrator of a sheme to whih setion 11 applies must, where any amounts payable in aordane with the payment shedule have not been paid on or before the due date, give notie of that fat, within the presribed period, to the Authority and to the members of the sheme. 34 (2) Any suh amounts whih for the time being remain unpaid after that date (whether payable by the employer or not) shall, if not a debt due from the employer to the trustee or administrator apart from this subsetion, be treated as suh a debt. (3) Any amounts payable in aordane with the payment shedule by or on behalf of the employer must be paid on or before the due date and if this subsetion is not omplied with the employer shall be guilty of an offene. (4) If, in the ase of a sheme to whih setion 11 applies, subsetion (1) is not omplied with the trustee and administrator shall both be guilty of an offene. (5) The administrator of a sheme to whih setion 11 applies shall keep a opy of the latest version of the payments shedule for that sheme at his prinipal plae of business in the Island. (6) If an administrator fails to omply with subsetion (5) setion 50 applies to the administrator who has failed to omply. Page 18 AT 14 of 2000

19 Retirement Benefits Shemes At 2000 Setion Serious underprovision (1) Subsetion (2) applies where, in the ase of an oupational sheme to whih setion 7 applies, an atuarial valuation shows that, on the effetive date of the valuation, the value of the sheme assets is less than the amount presribed for the purposes of this subsetion (the differene shown in the valuation being referred to in this setion as the shortfall ). 35 (2) The employer must by making an appropriate payment to the trustee or administrator, or by a presribed method, seure an inrease in the value of the sheme assets whih, taken with any ontributions paid, is not less than the shortfall. (3) The required inrease in that value must be seured before the end of a presribed period beginning with the signing of the valuation, or if the atuarial valuation was obtained by reason of suh a statement in a ertifiate as is referred to in setion 8(2), before the end of a presribed period beginning with the signing of the ertifiate. (4) Exept in presribed irumstanes, if the employer fails to seure the required inrease in value before the end of the period appliable under subsetion (3), the trustee or administrator must, within the period of 14 days beginning with the end of that period, give written notie of that fat to the Authority and to the members of the sheme. 36 (5) If the employer fails to seure the required inrease in value before the end of the period appliable under subsetion (3), then so muh of the shortfall as, at any subsequent time, has not been met by an inrease in value under subsetion (2) made by making an appropriate payment to the trustee or administrator, () by a presribed method, or by ontributions made before the end of that period, shall, if not a debt due from the employer to the trustee or administrator apart from this subsetion, be treated at that time as suh a debt. (6) Where an inrease in value is seured by a presribed method, the inrease is to be treated for the purposes of this setion as being of an amount determined in aordane with regulations. (7) The Authority may extend (or further extend) the period appliable under subsetion (3), and where the Authority refuses to extend (or AT 14 of 2000 Page 19

20 Setion 14 Retirement Benefits Shemes At 2000 further extend) the period the Authority shall give written notie of the refusal together with a statement of reasons for the deision. 37 (8) If subsetion (4) is not omplied with setion 33 applies to any trustee and administrator who has failed to take all suh steps as are reasonable to seure ompliane, and setion 50 applies to any trustee or administrator who has failed to take all suh steps Serious overprovision (1) Subsetion (2) applies where, in the ase of an oupational sheme to whih setion 7 applies, an atuarial valuation shows that, on the effetive date of the valuation, the value of the sheme assets is more than the amount presribed for the purposes of setion 7(1) (the differene shown in the valuation being referred to in this setion as the exess ). (2) The Authority may issue a written diretion to the employer and trustee to take steps by suh method as may be approved by the Authority to seure an appropriate redution in the value of the sheme assets. 39 (3) The required redution in that value must be seured before the end of suh period as is speified in the diretion. (4) If the employer and the trustee fail to seure the required redution in value before the end of the period appliable under subsetion (3), the trustee or administrator must, within the period of 14 days beginning with the end of that period, give written notie of that fat to the Authority and to the members of the sheme. 40 (5) The Authority may extend (or further extend) the period appliable under subsetion (3), and where the Authority refuses to extend (or further extend) the period the Authority shall give written notie of the refusal together with a statement of reasons for the deision. 41 (6) If subsetion (4) is not omplied with setion 33 applies to any trustee and administrator who has failed to take all suh steps as are reasonable to seure ompliane, and setion 50 applies to any trustee or administrator who has failed to take all suh steps Annual aounts (1) The trustee of an authorised sheme shall produe a opy of the annual aounts of the sheme to the Authority within suh period following the lose of the year to whih they relate as the Authority may require and in any event not later than 6 months after the lose of the year to whih they relate. 43 Page 20 AT 14 of 2000

21 Retirement Benefits Shemes At 2000 Setion 16 (2) Suh statements, reports, ertifiates and information as may be required by regulations made under this At, or required by any other enatment to be annexed or attahed to the annual aounts for any purpose shall be produed to the Authority at the same time as the annual aounts are submitted. 44 (3) The Authority may exempt in writing a sheme speified in the exemption from any provision ontained in regulations made under this At relating to aounts. 45 (4) Subjet to any exemption granted under subsetion (3), the trustee and administrator of any authorised sheme whih fails to omply with subsetion (1) or (2) shall be guilty of an offene. (5) In this setion, annual aounts means the sheme aounts prepared in ompliane with regulations under setion Publiation of sheme partiulars (1) The Treasury may make regulations requiring the trustee of an authorised sheme to submit to the Authority and publish or make available to past, present and prospetive members of the sheme a doument ( sheme partiulars ) ontaining information about the sheme and omplying with suh requirements as are speified in the regulations. 46 (2) Regulations under this setion may require the trustee of an authorised sheme to submit and publish or make available revised or further sheme partiulars if there is a signifiant hange affeting any matter ontained in suh partiulars previously published or made available whose inlusion was required by the regulations; or a signifiant new matter arises the inlusion of information in respet of whih would have been required in previous partiulars if it had arisen when those partiulars were prepared. (3) Regulations under this setion may provide for the payment, by the person or persons who in aordane with the regulations are treated as responsible for any sheme partiulars, of ompensation to any person who has beome or agreed to beome a member in the sheme and suffered loss as a result of any untrue or misleading statement in the partiulars or the omission from them of any matter required by the regulations to be inluded. (4) Regulations under this setion shall not affet any liability whih any person may inur apart from the regulations. (5) If regulations under this setion are not omplied with setion 33 applies to any trustee who has failed to take all suh steps as are reasonable to seure ompliane, and AT 14 of 2000 Page 21

22 Setion 17 Retirement Benefits Shemes At 2000 setion 50 applies to any trustee who has failed to take all suh steps. 17 Professional advisers (1) Subjet to regulations under setions 6(2)(d) and 51(1)(d), for every authorised sheme the trustee shall appoint () a sheme auditor; a sheme atuary; and an investment manager, on suh terms as the trustee may determine. (2) A trustee who fails to omply with subsetion (1) is guilty of an offene. 18 Alteration of shemes and hanges of trustee, administrator and professional advisers (A1) No trustee or administrator of an authorised sheme shall appoint a person as diretor, hief exeutive or manager; nor shall a person beome ontroller of suh a trustee or administrator, unless a written notie ontaining suh partiulars as may be presribed is served on the Authority by in the ase of a diretor, hief exeutive or manager, the trustee or administrator as the ase requires; or in the ase of a ontroller, the proposed ontroller, not less than 28 days before the event. 47 (1) The trustee of an authorised sheme shall, as soon as pratiable, give written notie to the Authority of any proposal to (i) (ii) (iii) (iv) (v) alter the sheme; the resignation of (i) (ii) appoint a new sheme administrator; remove the sheme administrator; appoint a professional adviser; remove a professional adviser, and a professional adviser; the administrator of the sheme, and the notie shall be aompanied by a statement of the reasons for suh proposal or resignation. 48 (2) The administrator of an authorised sheme shall, as soon as pratiable, give written notie to the Authority of any proposal Page 22 AT 14 of 2000

23 Retirement Benefits Shemes At 2000 Setion 19 for a trustee of the sheme to ease to hold offie; or to replae the trustee, and the notie shall be aompanied by a statement of the reasons for the proposal. 49 (3) Effet shall not be given to any proposal under subsetion (1) or under subsetion (2) unless the Authority has given its approval to the proposal; or 50 one month has elapsed sine the date on whih the notie was given under subsetion (1) or (2) without the Authority having given written notie to the trustee or, as the ase requires, the administrator that the proposal is not approved together with a statement of reasons for the deision. 51 (4) Where a professional adviser resigns from an authorised sheme, he shall notify the Authority in writing within 7 days of his reason for resigning. 52 (5) A trustee who fails to omply with subsetion (1) is guilty of an offene. (6) An administrator who fails to omply with subsetion (2) is guilty of an offene. (7) A professional adviser who fails to omply with subsetion (4) is guilty of an offene. 19 Diretors, ontrollers, et (1) If it appears to the Authority that any individual is not a fit and proper person to be appointed as a diretor, hief exeutive or manager; or to beome a ontroller, of the trustee or administrator of an authorised sheme or an authorised sheme of any speified desription, the Authority may diret that the individual shall not, without the written onsent of the Authority, be appointed as suh a diretor, hief exeutive or manager nor beome suh a ontroller. 53 (2) If it appears to the Authority that any diretor, hief exeutive or manager; or ontroller, of the trustee or administrator of an authorised sheme or an authorised sheme of any speified desription, is not a fit and proper person to ontinue as suh, the Authority may diret that the individual shall not, without the written onsent of the Authority, ontinue as suh a diretor, hief exeutive, manager or ontroller. 54 AT 14 of 2000 Page 23

24 Setion 20 Retirement Benefits Shemes At 2000 (3) The Authority shall give written notie to the individual onerned of any deision to make a diretion under this setion together with a statement of reasons for the deision and, exept where the Authority is satisfied that urgent ation is neessary, the notie shall be served on the individual not less than 28 days before the date on whih the diretion is to take effet. 55 (4) Any onsent by the Authority under subsetion (1) or (2) may be () given subjet to onditions; varied from time to time; and revoked at any time, and the Authority shall give written notie to the individual onerned of any deision to exerise the powers onferred by paragraph, or () together with a statement of reasons for the deision. 56 (5) Any individual who aepts or ontinues in any appointment referred to in subsetion (1) or (2); or beomes or ontinues as a ontroller, in ontravention of a diretion under this setion shall be guilty of an offene. (6) In this setion hief exeutive means an individual who is employed by the body orporate onerned and who either alone or jointly with others is or will be responsible under the immediate authority of the diretors for the ondut of its business; manager means an individual employed by the body orporate onerned who, under the immediate authority of a diretor or its hief exeutive exerises managerial funtions; or is responsible for maintaining the aounts or other reords of the sheme. 20 Avoidane of exlusion lauses [P1986/60/84] Any provision of any doument onstituting an authorised sheme shall be void in so far as it would have the effet of exempting the trustee or administrator from liability for any failure to exerise due are and diligene in the disharge of their respetive funtions in respet of the sheme. Page 24 AT 14 of 2000

25 Retirement Benefits Shemes At 2000 Setion 21 PART 3 SCHEMES FROM OTHER JURISDICTIONS 21 Shemes authorised, et in designated ountries (1) Subjet to subsetions (4) and (5), a sheme whih is managed in and authorised under the law of a designated ountry or territory outside the Island is a reognised sheme if the sheme is of a lass speified by an order made by the Treasury; and it is registered in a register maintained under setion 45. (2) In this setion, designated ountry or territory means any ountry or territory designated for the purposes of this setion by an order made by the Treasury. (3) The Treasury shall not make an order under subsetion (1) or (2) unless it is satisfied that adequate protetion is afforded to members. (4) A sheme shall not be a reognised sheme under this setion unless the trustee of the sheme gives written notie to the Authority that he wishes it to be registered as a reognised sheme. 57 (5) The notie given by the trustee under subsetion (4) () shall ontain the name and address of a person in the Island who is authorised to aept on behalf of the trustee any proess or any noties or other douments required or authorised to be served on him under this At; and 58 shall ontain or be aompanied by suh information and douments as may be presribed; and shall be aompanied by suh fee as may be presribed. (6) Setions 6 and 16 shall have effet in relation to a reognised sheme under this setion as they have effet in relation to an authorised sheme. (7) Regulations under setions 6 and 16 as applied by subsetion (6) may make provision whereby ompliane with any requirements imposed by or under the law of a designated ountry or territory is treated as ompliane with any requirement of the regulations. (8) An order under subsetion (1) may ontain suh transitional provisions as the Treasury thinks neessary or expedient. 22 Revoation of reognised status (1) The Authority may at any time diret that a sheme shall ease to be a reognised sheme by virtue of setion 21 if it appears to the Authority that it is undesirable in the interests of the members or potential members that the sheme should ontinue to be reognised; or AT 14 of 2000 Page 25

26 Setion 23 Retirement Benefits Shemes At 2000 without prejudie to paragraph, that the trustee or administrator of the sheme has ontravened any provision of (i) this At; or (ii) the Insurane At 2008; or 59 (iii) the Finanial Servies At 2008; 60 () (iv) and (v) [Repealed] 61 (vi) any rules, regulations or ode made under any of those Ats or, in purported ompliane with any suh provision, has furnished the Authority with false, inaurate or misleading information; or 62 that the trustee or administrator of the sheme has ontravened any ondition, prohibition or requirement imposed under the Ats speified in paragraph (i) to (v). 63 (2) For the purposes of subsetion (l) the Authority may take into aount any matter relating to the sheme, the trustee or administrator, a diretor or ontroller of the trustee or administrator or any person employed by or assoiated with the trustee or administrator in onnetion with the sheme. 64 (3) The Authority may give suh a diretion as is mentioned in subsetion (1) at the request of the trustee or administrator of the sheme; but the Authority may refuse to do so if it onsiders that any matter onerning the sheme should be investigated as a preliminary to a deision on the question whether the diretion should be given or the reognition revoked or that the diretion or revoation would not be in the interests of the members. 65 (4) Where the Authority proposes to give suh a diretion as is mentioned in subsetion (1), the Authority shall give the trustee written notie of its intention to do so, stating the reasons for whih the Authority proposes to at and giving partiulars of the rights onferred by subsetion (5). 66 (5) A person on whom a notie is served under subsetion (4) may, within 21 days of the date of servie, make written representations to the Authority and, if desired, oral representations to the Authority. 67 (6) The Authority shall have regard to any representations made in aordane with subsetion (5) in determining whether to give a diretion under subsetion (1) Failities, information and assets in the Island (1) The Treasury may make regulations requiring the trustee of reognised shemes to maintain in the Island suh failities as it thinks desirable in the interests of members and as are speified in the regulations. Page 26 AT 14 of 2000

27 Retirement Benefits Shemes At 2000 Setion 24 (2) The Authority may by notie in writing together with a statement of reasons for the deision require the trustee of any reognised sheme to inlude suh explanatory information as is speified in the notie in any investment advertisement issued or aused to be issued by him in the Island in whih the sheme is named. 69 (3) The Authority may diret the trustee of a reognised sheme in writing together with a statement of reasons for the diretion, to maintain in the Island, or transfer to and keep in the ustody of a person speified in the diretion, assets of the sheme of suh value and desription as may be direted. 70 (4) No assets kept in the ustody of any person pursuant to a diretion given under subsetion (3) shall, so long as the diretion is in fore be removed from that person; or be made the subjet of any mortgage, harge or lien, exept with the prior written onsent of the Authority. 71 (5) Any person who fails to omply with regulations made under this setion, a diretion given under this setion or who ontravenes subsetion (4), shall be guilty of an offene. (6) Any mortgage, harge or lien reated in ontravention of subsetion (4) shall be void against a person winding up the sheme and any reditor of the sheme. PART 4 GENERAL REGISTER OF SCHEMES 24 Registration of retirement benefits shemes (1) The Treasury may by regulations make provision requiring () (d) (i) (ii) the trustee or administrator of a sheme; and any person onstituting or establishing, or onerned in onstituting or establishing a sheme, to ause the sheme to be registered in a register to be established under this setion of all or any speified lass of shemes; for the ompilation and maintenane of a register of shemes; for onferring on the Authority suh funtions relating to the ompilation and maintenane of the register as may be speified in the regulations; 72 for requiring the trustee or administrator of a sheme to provide suh information to its members, at suh intervals and in suh form, as may be presribed; AT 14 of 2000 Page 27

28 Setion 25 Retirement Benefits Shemes At 2000 (e) (2) The register () for ontravention of, or failure to omply with any provision ontained in regulations under any suh provision to be an offene under this At. may onsist of one or more parts, as may be presribed; shall be organised in suh manner, and ontain suh information relating to shemes, as may be presribed; and subjet to the regulations, may be kept in suh manner and form as the Authority thinks fit. 73 (3) The regulations may make provision for the register, or extrats from the register, or for opies of the register or of extrats from the register, to be open to inspetion by, and for opies of the register, or of extrats from it, to be supplied to, suh persons, in suh manner, at suh times, upon payment of suh fees, and subjet to suh other terms and onditions, as may be presribed. (4) The regulations may require any person who is or has been (i) (ii) a trustee or administrator of a sheme, or the employer in relation to employment of any desription or ategory to whih an oupational sheme relates, and suh other persons as may be presribed, to provide the Authority with suh information for the purposes of the register in suh form and within suh time as may be presribed. 74 (5) Subsetions (2) to (4) are without prejudie to the generality of subsetion (1). (6) The inlusion of a sheme in a register established under this setion shall not be taken to imply that the sheme is authorised under setion 3 nor reognised under setion 21. PART 5 POWERS OF SUPERVISION, INVESTIGATION, INTERVENTION, ETC. 25 [Repealed] Inspetion and investigation Shedule 5 to the Insurane At 2008 shall have effet in relation to the inspetion and investigation powers of the Authority. 76 Page 28 AT 14 of 2000

29 Retirement Benefits Shemes At 2000 Setion and 28 [Repealed] Injuntions (1) If, on the appliation of the Authority, the High Court is satisfied that there is a reasonable likelihood that a partiular person will do any at whih onstitutes a misuse or misappropriation of assets of a sheme, or that a partiular person has done any suh at and that there is a reasonable likelihood that he will ontinue or repeat the at in question or do a similar at, the ourt may grant an injuntion restraining him from doing so. 78 (2) If on the appliation of the Authority, the High Court is satisfied () that there is a reasonable likelihood that a partiular person will ontravene any provision of this At or any regulations under this At; that a partiular person has ontravened any suh provision and that there is a reasonable likelihood that he will ontinue or repeat the ontravention; or that a partiular person has ontravened any suh provision and that there are steps that ould be taken for remedying the ontravention, the Court may grant an injuntion restraining the ontravention or, as the ase may be, make an order requiring that person and any other person who appears to the Court to have been knowingly onerned in the ontravention to take suh steps as the Court may diret to remedy it. 79 (3) Nothing in this setion affets the right of any person other than the Authority to bring proeedings in respet of the matters to whih this setion applies Restitution (1) If, on the appliation of the Authority, the High Court is satisfied that a power to make a payment, or distribute any assets, to any person, has been exerised in ontravention of regulations under this At, or that any at or omission of the trustee or administrator of a sheme was in ontravention of this At or regulations under it, the ourt may order the trustee, administrator and any other person who appears to the ourt to have been knowingly onerned in the ontravention to take suh steps as the ourt may diret for restoring the parties to the position in whih they were before the payment or distribution was made, or the at or omission ourred. 81 AT 14 of 2000 Page 29