pension check

The island’s pensions industry can only successfully develop if there is compliance with regulatory responsibilities.

 

This was the advice coming from Deputy Chief Executive Officer of the Financial Services Commission (FSC), Kester Guy, as he addressed an audience of pension plan administrators and trustees at the third Eckler Pension Plan Investment Conference, held yesterday at the Lloyd Erskine Sandiford Centre.

 

Pointing out that the FSC is attempting to assess all of the various pension plans offered in the Barbadian market, he said several obstacles are getting in the way.

 

“Some of the major challenges include non-submission of annual returns or financial statements for the period under review; non-standard reporting of financial information; and the late submission of some of the financials. Sometimes we also encounter inadequate or incomplete information being submitted,” he said.

 

Reminding those gathered that the Occupational Pension Plans Act in 2011 had allowed a one-year grace period by which all pension plans had to be filed and registered, he said that only 75 per cent have filed so far, and therefore issued a warning to those with information outstanding.

 

“Please be reminded that in addition to the non-filing and late submission of any obligatory information, there may be punitive implications. I encourage you to do everything in your powers to ensure that you are compliant with all regulatory obligations,” he insisted.

 

He urged those who had not sent in the relevant information to reach out to the commission for assistance.