Print Options

(1) An approved trustee of a registered scheme shall for the purposes of  performing its functions under the Act request each service provider appointed or engaged by the trustee to submit to the trustee 

(a) a report of any material event; 

(b) an annual report, and     

(c) Any other reports.

(2) An event is a material event if it involves

(a) a material change, or a proposal for a material change, relating to the eligibility of the service provider; or

(b) A material breach of the obligations of the service provider.

(3) A service provider shall submit to the Trustee a report of a material event within thirty days after the event occurs.

(4) Where the material event involves a proposal for a material change relating to the eligibility of the service provider, the service provider shall submit a report of the event to the Trustee within thirty days after the service provider becomes aware of the event.

(5) An annual report shall

(a) contain a copy of the audited profit and loss account and of the balance sheet for the financial year of the service provider that ends on or before the relevant financial period of the scheme, together with a copy of the auditor's report on those documents and the directors' report for that year; and

(b) be accompanied by a report by the auditor of the service provider stating whether or not, in the auditor's normal course of duties, the auditor is aware of

(i) a failure of the service provider to comply with the service provider's obligations under the contract of appointment or engagement entered into between the trustee and the service provider; or

(ii) A false declaration made by the service provider to the trustee or any other person and the report shall give particulars of the failure or false declaration.

(6) A service provider shall submit to the Trustee an annual report relating to the scheme at least two months before the deadline after each financial period.

(7)The trustee shall review the reports submitted to the trustee by the service provider.

(8) Where the trustee doubts the accuracy of the report, the trustee shall make inquiries to ascertain whether or not the service provider has properly performed the obligations delegated by the trustee.

(9) Where after an inquiry, the trustee is not satisfied that the service provider  has performed the delegated obligations, the trustee shall either

(a) terminate the appointment or engagement of the service provider; or

(b) Take steps necessary to rectify the failure of the service provider to perform the delegated obligations and prevent its re-occurrence.