Cap. 514 Art. 41ASupervisoryreview process of occupational retirement schemes.

(1) The competent authority shall review the strategies, processes and reporting procedures which are established by a

Retirement Scheme Administrator or an occupational retirement scheme to comply with the provisions of this Act and any regulations and Pension Rules issued thereunder taking into account the size, nature, scale and complexity of the activities of the scheme.

(2) The review carried out by the competent authority pursuant to sub-article (1), shall take into account the circumstances in which the occupational retirement scheme is operating, and where relevant, the parties carrying out outsourced key functions or any other activities for them. The review shall comprise of an assessment of the following elements:

(a) an assessment of the qualitative requirements relating to the system of governance;

(b) an assessment of the risks which the occupational retirement scheme faces;

(c) an assessment of the ability of the occupational retirement scheme to assess and manage those risks.

(3) Where the competent authority identifies any weakness or deficiency as a consequence of the supervisory review process, it shall request the Retirement Scheme Administrator or an occupational retirement scheme to remedy such weakness or deficiency within such period and in such manner, as it may deem necessary or appropriate in the circumstances.

(4) The reviews, evaluations and assessments referred to in sub-articles (1) and (2), shall be conducted regularly and the competent authority shall establish the minimum frequency and the scope of the review referred to in sub-article (1) having regard to the nature, scale and complexity of the activities of a Retirement Scheme Administrator or the occupational retirement scheme. information is to be submitted.