The Pension Commission will take over responsibility for the Pension Trust Funds Act 1966 from the Registrar General under proposals tabled in the House of Assembly.

The Pension Trust Funds Amendment Act 2016 was debated briefly by MPs in the House of Assembly yesterday morning before being roundly approved.

Bob Richards, the Minister of Finance, said that both the Registrar General and the Pension Commission support the proposal.

“I am pleased to report that the costs associated with the transfer of responsibilities are not material and will not require any supplemental budgetary support,” Mr Richards added.

The Pension Trust Funds Act 1966 initially provided for the voluntary registration of pension plans and for various reports and documents to be submitted to the Registrar-General, which is responsible for registering plans and ensuring that the various regulatory requirements are satisfied.

However, since the introduction of the National Pension Scheme Act 1998 the majority of plans under the 1966 Act are required to be registered under the NPS Act, leaving a handful of plans remaining under the 1966 Act.

Mr Richards said: “The Pension Commission has been established under the NPS Act as a dedicated pension regulatory body and is currently responsible for the regulation of nearly 3,000 plans in Bermuda.

“In contrast, pension plan regulation is not the primary function of the Registrar-General and given the small number of plans registered under the 1966 Act, it is not feasible for the Registrar-General to continue to provide for the administration of the 1966 Act.”