Cap. 514 Art. 38Powers of the competent authority.

(1) The administration of this Act shall be vested in the competent authority. The competent authority shall perform such other functions as the Minister may consider appropriate in relation to the operation of this Act.

(2) For the better carrying out of the provisions of this Act, the competent authority may, from time to time, issue, amend, or revoke Pension Rules which shall be binding on licence holders under this Act and others as may be specified there in and to a particular category of retirement scheme and, or retirement fund or persons or situations or to persons and situations generally. Such Pension Rules may lay down additional requirements and conditions in relation to activities of that licence holder, the conduct of their business, their relations with members, beneficiaries, investors, the public and other parties as may be applicable, their responsibilities to the competent authority, reporting requirements, financial resources, capital adequacy and related requirements, and any other matters as the competent authority may consider appropriate, in particular in relation to the following:

(a) the legal form and constitution of retirement schemes and, or retirement funds, the governance, structuring and management of such retirement schemes and, or retirement funds;

(b) the appointment and removal, qualifications and experience of the Retirement Scheme Administrator and, or any person, by whatever name designated, responsible for the operation, administration and management of the retirement fund; activities of that licence holder, the conduct of or fund; and any service provider of any such retirement scheme and retirement fund;

(c) the powers and duties of the Retirement Scheme Administrator and, or any person, by whatever name

(d) the management and valuation of the assets and obligations of the retirement scheme and retirement fund;

(e) the restriction or prohibition of the free disposal of the assets of a retirement scheme falling within such description as may be prescribed, when in particular -

(i) that retirement scheme has failed to establish sufficient technical provisions in respect of the entire business or has insufficient assets to cover the technical provisions;

(ii) that retirement scheme has failed to hold any regulatory own funds as may be applicable;

(f) employee representation in retirement schemes;

(g) the provision of specific requirements for personal retirement schemes;

(h) the form and content of applications to the competent authority for licensing or other purposes in terms of this Act; the format, content or amendment of a scheme document, the constitutional document of a retirement fund, scheme particulars and fund particulars;

(i) Deleted by Act V.2020.86.;

(j) provisions on financial resources requirements applicable to licence holders;

(k) reporting and disclosure requirements, including the preparation of periodical reports with respect to retirement schemes and retirement funds and the furnishing of those reports to the competent authority, members, beneficiaries or investors as the case may be;

(l) providing for and establishing the requirements regarding the unitisation of certain classes and nature of retirement schemes and, or retirement funds;

(m) establishing circumstances and conditions applicable regarding the transfer of retirement benefits;

(n) establishing conditions and requirements regarding the payment of expenses by retirement schemes and, or retirement funds;

(o) establishing conditions and requirements regarding the payment to a member in the event that the member is no longer employed by the employer;

(p) without prejudice to the provisions of the Companies

Act, establishing the persons who may act as auditors of licence holders or providing that the persons who may so act shall be persons with professional qualifications or experience as may be established or such other and the duty of a licence holder to make documents available to the auditors of such licence holder;

(q) establishing the persons who may act as actuaries of retirement schemes or provide that the persons who may so act shall be persons with professional qualifications or experience as may be established or such other persons as are approved by the competent authority; make provisions relating to the appointment, resignation and removal of actuaries of retirement schemes and the duty of a retirement scheme or Retirement Scheme Administrator or any person, by whatever name designated, responsible for the operation, administration and management of the retirement scheme, to make documents available to the actuary of such retirement scheme;

(r) setting minimum standards and requirements which are to be observed by licence holders when issuing or approving advertisements in accordance with article 34, including provision for such exemptions or conditions as may be specified and different provision for different cases or classes of cases, under such terms and conditions as may be established; imposing such conditions, limitations and restrictions on a licence holder with respect to the issue, as it may consider appropriate;

(s) issuing Pension Rules to regulate occupational schemes established by associations of employers;

(t) issuing Pension Rules regulating the contribution of money or other consideration to retirement schemes;

(u) issuing Pension Rules in relation to occupational retirement schemes transferring all or part of their liabilities, technical provisions and other obligations and rights, as well as corresponding assets or cash equivalent to another retirement scheme;

(v) issuing Pension Rules to enable a member, beneficiary, contributor and generally any person who has entered or offered to enter into a retirement scheme, to rescind the agreement or withdraw the offer within such period and in such manner as stipulated in the said Rules.