By Lynford Simpson, News EditorTHE LONG overdue Pensions (Superannuation Funds and Retirement Schemes) Act, 2004, was passed last Tuesday in the House of Representatives with 48 amendments.
Piloted by Fitz Jackson, Minister of State in the Ministry of Finance and Planning, the Act paves the way for the 'proper management of pension schemes and retirement funds'.
It sets out the list of offences and the penalties which they attract;
ranging from a low of $500,000 to a high of $5 million and up to three years imprisonment.
The Financial Services Commission (FSC) will administer the new pensions regime and will be responsible for issuing licences and granting approvals and registration.
Below is the full list of offences and penalties:
Any company which performs duties as an administrator or investment manager without being licensed under this Act commits an offence and is liable on summary conviction before a Resident Magistrate to a fine not exceeding $5 million.
Any person who performs duties as a trustee without being registered under this Act commits an offence and is liable on summary conviction before a Resident Magistrate to a fine not exceeding $3 million or to imprisonment for a term not exceeding three years.
A company which sponsors a superannuation fund or retirement scheme which is not registered under this Act commits an offence and is liable on summary conviction before a Resident Magistrate to a fine not exceeding $5 million.
Any administrator, investment manager, trustee or responsible officer who fails to make returns to the Commission in the time required under this Act or regulations made hereunder commits an offence and is liable on summary conviction before a Resident Magistrate
(a) in the case of an individual who is a trustee or a responsible officer, to a fine not exceeding $1 million;
(b) in the case of a body corporate, to a fine not exceeding $2 million.
Any administrator, investment manager, sponsor or trustee who fails to give the Commissioner information within the time required or upon request by the Commissioner commits an offence and is liable on summary conviction before a Resident Magistrate to a fine not exceeding five hundred thousand dollars.
Any administrator, investment manager, trustee or sponsor who fails to give to any member, any record or information required to be so given by this Act or regulations made hereunder, commits an offence and is liable on summary conviction before a Resident Magistrate to a fine not exceeding $500,000.
A person specified in section 24 (1) (b) who refuses to give information pursuant to a request made by the Commission under this Act or who knowingly gives false information in reply to such a request, commits an offence and is liable on summary conviction before a Resident Magistrate to a fine not exceeding $1 million.
Any administrator, investment manager or trustee who fails to keep records required to be kept by this Act commits an offence and is liable on summary conviction before a Resident Magistrate to a fine not exceeding $1 million.
Any person who obstructs any other person in the exercise of a right of entry or seizure conferred by virtue of a warrant issued under section 25 commits an offence and is liable on summary conviction before a Resident Magistrate to a fine not exceeding $1 million or to imprisonment for a term not exceeding one year or to both such fine and imprisonment.
A person who contravenes subsection (1) of section 40 (obligation for secrecy) commits an offence and is liable on summary conviction before a Resident Magistrate to a fine not exceeding $3 million or to imprisonment for a term not exceeding three years.
A person referred to in subsection (2) of section 40 who at any time communicates or attempts to communicate any information in contravention of that subsection commits an offence and is liable on summary conviction before a Resident Magistrate to a fine not exceeding $3 million or to imprisonment for a term not exceeding three years.
Any administrator, investment manager, trustee or responsible officer who knowingly files any incorrect returns with the Commission commits an offence and is liable on summary conviction before a Resident Magistrate -
(a) in the case of an individual, to a fine not exceeding $1 million or to imprisonment for a term not exceeding twelve months;
(b) in the case of a body corporate, to a fine not exceeding $2 million dollars.
Any administrator or investment manager who fails to notify the Commission under section 11 (9) of a person ceasing to hold the post of responsible officer within the period specified commits an offence and is liable on summary conviction before a Resident Magistrate to a fine not exceeding $500,000.
Any administrator or investment manager who fails to return his licence or trustee or responsible officer who fails to return his certificate of registration pursuant to section 21 commits an offence and is liable on summary conviction before a Resident Magistrate to a fine not exceeding $500,000 or to imprisonment for a term not exceeding three months.
A sponsor who fails to pay over to an investment manager, contributions deducted from the salaries and wages of members within fourteen days of the deduction being made commits an offence and is liable on summary conviction before a Resident Magistrate to a fine not exceeding $3 million dollars.
A person who contravenes any provision of this Act for which no penalty is provided is liable on summary conviction before a Resident Magistrate to a fine not exceeding $3 million or to imprisonment for a term not exceeding two years.
