Pension plans must be registered

Director of the Financial Services Regulatory Commission, Ms. Fidela Clarke

BASSETERRE, ST KITTS, JANUARY 18TH 2012 (CUOPM) – Business entities and individuals in the Federation of St. Christopher and Nevis who are looking to operate a pension fund plan are advised to take the necessary steps before moving forward.

Director of the Financial Services Regulatory Commission, Ms. Fidela Clarke said a person or entity shall not operate a pension fund plan unless the plan is registered.

“To register each plan the following documents should be submitted to the office of the Registrar of Insurance, application forms signed by the Trustees of the plan, a copy of the trust deed and the rules of the registered plan, a list of the names and addresses of the trustees of the plan, in the case of an insured plan; a copy of the policy of insurance related to benefits provided by the plan, and any other documents or further information that may be required by the Registrar,” said Clarke in a notice in the local papers.

The Office of the Registrar further stated that “The Registration of a Pension Plan is not completed unless all listed documents are submitted and the plan is determined to be suitable for registration. The applicable registration fees must also be paid.”

The notice also advised that persons with outstanding documents should hasten their actions as all documents should reach the Financial Services Regulatory Commission by February 24th, 2012.

Persons with outstanding documents are advised to submit these documents to the Financial Services Regulatory Commission by 24th February, 2012 as failure to comply is an offence under the Insurance Act, for which one may be subject to summary proceedings.

Application Forms and further information can be collected from the Financial Services Regulatory Commission located on Liverpool Row, Basseterre, St. Kitts or by telephone- (869) 466- 5048, 465-1019 or 467 1591.