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(1) The Minister, on the recommendations of the Board may, by legislative instrument, make regulations for the effective implementation of this Act.

(2) Without limiting the scope of subsection (1) the Minister shall make regulations to

(a) provide for approved trustees and applicants for approval to give undertaking to the Board and to enter into arrangements to provide insurance against the risk of loss through malfeasance or other illegal conduct;

(b) require approved trustees of registered schemes to provide information to scheme members and prescribe the kind of information that is to be provided to them;

(c) provide for the payment of accrued benefits to or in respect of scheme members and the transfer of accrued benefits from one registered scheme to another or from one account in a registered scheme to another;

(d) provide for the preservation of the accrued benefits of scheme members until the occurrence of a specified event including, but not limited to, the retirement, death or total incapacity of scheme members;

(e) provide for the formulation of proper accounting systems including the keeping of proper accounting records as regards registered schemes;

(f) prescribe requirements for trustees with respect to the keeping of scheme member’s accounts;

(g) permit trustees to deduct fees for administrative expenses from scheme members’ accounts;

(h) provide for the auditing of the accounting records and financial statements of approved trustees and registered schemes;

(i) prescribe the duties of auditors including the duty to report on specified matters to the Board in specified circumstances;

(j) provide for the engagement or appointment of service providers by the approved trustee of a registered scheme to provide services for the purpose of the scheme and for the delegation of the trustee’s functions in relation to the scheme to the service provider;

(k) prescribe the duties of service providers and other persons engaged or appointed by the approved trustee of a registered scheme to provide services for the purpose of the scheme including the duty to report on specified matters to the Board;

(l) provide for requirements to be complied with in respect of funds of registered schemes, including

(i) the separation of the funds and other assets of a registered scheme from other funds and assets that are beneficially owned by employers who are participating in the scheme;

(ii) the application of funds and other assets of a registered scheme only for the purpose of the scheme; and

(iii) rules that the funds and other assets of a registered scheme shall not subject to any charge, pledge, lien, mortgage or other encumbrance, except in circumstances specified in the rules of the scheme or by the Board,

(m) require approved trustees to delegate investment management of scheme funds to independent pension fund managers registered with the Board;

(n) provide for arrangements for approved trustees of registered schemes in respect of scheme assets to be held by custodians and the qualifications of custodians;

(o) provide for approved trustees of registered schemes to maintain specific internal control procedures for the schemes;

(p) require persons to lodge returns with the Board containing specified kinds of information, relevant to the performance of the functions of the Board;

(q) provide for

(i) the service or notification of documents;

(ii) the voluntary winding up of employer sponsored schemes, and

(iii) other matters that are incidental to the achievement of the objects of this Act.

(3) A regulation made under this Act may

(a) apply generally or be limited in application by reference to specified exceptions or factors;

(b) apply differently according to different factors of a specified kind;

(c) authorize any matter or thing to be determined, applied or regulated by a specified person;

(d) prescribe fees including fees for the granting of approvals for the purposes of this Act;

(e) authorize the Board to charge for a service provided by the Board on a cost recovery basis;

(f) apply, adopt or incorporate by reference, with or without modifications, any publication, either in force at the time of publication or as in force from time to time;

(g) prescribe offences in respect of contraventions of the regulations;

(h) provide for the imposition of a fine,

(4) Despite the Statutory Instruments Act, 1959 (No. 52) the penalty for the contravention of Regulations shall be a fine of not more than two thousand, five hundred penalty units.