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(1) Each registered scheme shall establish and maintain control objectives while the scheme is registered.

(2) The control objectives of a registered scheme shall include the following:

(a) ensuring that the scheme assets are safeguarded in the interests of scheme members;

(b) ensuring that the Guidelines made by the Authority with respect to prohibited investment practices are not contravened;

(c) ensuring that the limitations and prohibitions imposed under these Regulations with respect to the investment of the funds of the scheme in restricted investments are complied with;

(d) ensuring that the requirements on prohibited investment practices and Guidelines on investment of pension funds with respect to permissible investments are complied with in relation to the scheme;

(e) ensuring that the funds of the scheme and the scheme assets are, except as permitted by these Regulations, kept separate from the participating employers, the approved trustee of the scheme, service providers and other persons appointed or engaged for the purposes of the scheme.

(3) Each registered scheme shall establish internal control measures to achieve the control objectives of the registered scheme and shall maintain and comply with the control objectives while the scheme is registered.

(4) The internal control measures shall include procedures for

(a) monitoring investments to ensure that the control objectives are achieved;

(b) monitoring the assets and liabilities of the scheme to ensure that the funds of the scheme and the scheme assets are kept separate from those of the participating employers, the trustee and any other persons such as service providers; and

(c) Ensuring the accuracy of statements, returns and reports required to be lodged with the Authority.

(5) The control objectives and internal control measures established and maintained for the scheme may be reviewed when necessary.