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(1)  An application for registration of an occupational pension scheme, a  provident fund scheme or a personal pension scheme shall be made to the Authority and signed

(a) by at least two directors of the company if the applicant is or includes a company; and

(b) By at least two of those persons, including the independent trustee if the applicant consists wholly of individual persons.

(2) Where an application is made by persons all of whom are individual persons, each of those persons who is not an independent trustee shall be a member of the scheme.

(3) A person is an independent trustee if that person satisfies the requirements specified in section 119 (2) of the Act. 

(4) Where an application is made by persons one or more of whom are companies and the others are individual persons, each of those individual persons shall be   members of the scheme.

(5) An application to register a provident fund scheme as an employer sponsored scheme shall include particulars of the employer sponsoring the scheme.

(6) Where an application is made by persons any of whom are individual persons, each of those individual persons shall produce to the Authority a performance guarantee or satisfy the Authority that the trustee shall enter into a guarantee before the operation of the scheme.

(7) A performance guarantee relating to a person

(a) shall be issued in writing by an authorised financial institution or authorized insurer; 

(b) shall impose a continuing obligation on the authorized financial institution or authorised insurer to indemnify the scheme against any loss sustained by the scheme or the scheme members as a result of

(i) a failure by the person concerned to perform a duty imposed on approved trustees by or under the Act; or

(ii) a breach of any fiduciary duties on the part of the person concerned; 

(c) shall be governed by the laws of Ghana; and

(d) May allow the guarantor to terminate its obligation under the guarantee by giving not less than thirty days' written notice to the Authority and to the person concerned before terminating the obligation.