The Pension Commission's first annual report was tabled in the House of Assembly on Wednesday.

Appointed in 1999, the Commission regulates and promotes the national pension scheme which mandates that all employers provide private pension plans.

According to chairman Roger Titterton's report, the Commission considers that much has been accomplished.

In the report he pointed to staff hires, outfitting the premises and the Commission's contribution to developing national pensions regulations.

"There is more work to be done; we continue to assist with the completion of the impending regulations and to communicate and lend our support to the Ministry of Finance on pension related issues," Mr. Titterton wrote.

The Commission has also selected a six member advisory committee.

"The current approach of the Commission has been to spend considerable time and effort to educate Bermudians regarding their pensions and we continue to encourage them to be proactive in ensuring that their employers are meeting the requirements of the Act," continued the chairman's report.

"We will maintain this education-focused approach, as we believe that it is currently the most effective way to persuade employers and self-employed persons of the rewards associated with establishing the required pension plans".

Enclosed within the annual report is a user friendly booklet while Mr. Titterton goes on to remind employers that the pensions law, which came into force last year, allows for "severe penalties for non-compliance".

"The Commission will use these penalties to ensure that all employers are on a level playing field and, more importantly, that their employees receive the full pension benefits to which they are entitled".

He said that "significant time and effort" was being spent to ensure that pension plans met the requirements of the law.

The report gives an accounting of the Pensions Commission's finances for the two year period ending December 31, 2000.

According to the audited statements, the Commission took in over $1 million, of which $860,000 was a Government grant.