Occupational And Personal Pension Schemes (General) Regulations, 2011 (LI 1990)
Regulation 55
(1) A service provider, shall by written notice report immediately to the Authority if the service provider in the course of performing its obligations relating to a registered scheme
(a) becomes aware that the approved trustee of the scheme is not complying with regulation 57 or 58 in respect of accounting and other records to be kept under these Regulations;
(b) identifies any transaction that, in the service provider's opinion will result or has resulted in a misappropriation of the funds of the scheme or the scheme assets;
(c) identifies any payment from the funds of the scheme that, in the service provider's opinion, is materially prejudicial to the interests of scheme members or is in contravention of section 100 or 101 of the Act or Regulations made under the Act;
(d) becomes aware that scheme assets are mixed with or have been mixed with the funds of the trustee;
(e) identifies a matter that causes the service provider to form an opinion that the requirements specified in the Guidelines if any, with respect to prohibited investment practices and with the requirements of these Regulations and Guidelines on investment of pension funds have not been complied with;
(f) becomes aware that the trustee has not complied with regulation 103 in respect of failure to pay mandatory contributions; or
(g) becomes aware of any matter that can reasonably affect the interest of scheme members detrimentally.
(2) A service provider may, by written notice
(a) bring the matter to the trustee's attention;
(b) request the trustee to provide the service provider with an explanation of the matter and the related circumstances; and
(c) require the trustee to rectify the matter within a specified period as the service provider considers reasonable before reporting the matter to the authority and shall notify the Authority if the trustee complies with the request and requirement in the notice.
(3) A scheme asset is considered to be mixed with the funds of the trustee or the assets of another person when a custodian of the scheme assets
(a) is also the holder of assets of one or more other registered schemes or other financial schemes or undertakings;
(b) mixes scheme assets with those other assets; and
(c) does not keep a separate account of the scheme assets and those other assets in a manner to be able to identify them separately.
Procedure to Follow
Not Avaiable
Responsible Institution
National Pensions Regulatory Authority
SU Towers Accra
- Email: info@npra.gov.gh
- Website: npra.gov.gh
- GPS:
- Telephone: 0302968692
Relevant Forms to Download
Not Available
Online System
Link Unavailable
Fees/ charges
Not Avaiable
Loading. Please wait....