Cap. 514 Art. 14Liability.

(1) In the discharge of its duties, functions and responsibilities, and without prejudice to the liability for damages under any other law, the Retirement Scheme Administrator and any person, by whatever name designated, responsible for the operation, administration and management of the retirement fund, including any service provider, shall be liable for any loss or damage suffered as a result of fraud, willful default or negligence on its part, including the unjustifiable failure to perform in whole or in part its obligations arising under this Act, the terms and conditions of the agreement appointing it, the deed or other instrument establishing or regulating the retirement scheme or retirement fund, the conditions of licensing which may be required by the competent authority, and such other requirements as may be laid down by the latter from time to time.

(2) The liability of -

(a) the Retirement Scheme Administrator and any person, by whatever name designated, responsible for the operation, administration and management of the retirement fund; and, or

(b) the service provider, shall not be diminished if it has entrusted or delegated to a third party some or all of its duties, functions and responsibilities.