National Pension Scheme (General) Regulations 1999

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National Pension Scheme (General) Regulations 1999
NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

1

BR 82/1999

NATIONAL PENSION SCHEME (OCCUPATIONAL PENSIONS)
ACT 1998

1998 : 36

THE NATIONAL PENSION SCHEME (GENERAL) REGULATIONS
1999

ARRANGEMENT OF REGULATIONS

PART I
PRELIMINARY

1 Citation
2 Interpretation

PART II
REGISTRATION AND

ADMINISTRATION OF PENSION
PLAN

Registration

3 Application for registration of
pension plan

4 Application for registration of
amendment of pension plan

5 Proof of participation in
financial institution pension
plan

6 Issuance of notice of
registration

7 Issuance of notice of
registration of amendment

8 Annual information report

Pension Fund Requirements

9 Financial statements
10 Administrator to provide

information to eligible persons,
etc.

Statements to Members

11 Annual statement to members
of pension plan

12 Statement on termination of
employment, etc.

13 Statement on termination
other than by retirement, etc.

14 Statement to survivor
15 Statement on retirement

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

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Information available on request

16 Information available on
request

PART III
WINDING UP

17 Notice of proposal to wind up
18 Insufficiency after winding up
19 Fees

SCHEDULES

The Minister of Finance, in exercise of the power conferred upon
him by section 69 of the National Pension Scheme (Occupational
Pensions) Act 1998 makes the following Regulations:

PART 1

PRELIMINARY

Citation
1 These Regulations may be cited as the National Pension Scheme
(General) Regulations 1999.

Interpretation
2 In these Regulations unless the context otherwise requires

"the Act" means the National Pension Scheme (Occupational
Pensions) Act 1998;

"annual information report" means the report referred to in
regulation 8 and section 7(3)(a) of the Act;

"auditor" means—

(a) a person entitled to practise as a public accountant in
Bermuda; or

(b) a person who has qualified as an accountant by
examination of one of the Institutes of Chartered
Accountants of England and Wales, Ireland or Scotland,
the Canadian Institute of Chartered Accountants or the
American Institute of Certified Public Accountants;

"average employment income" means such income as may, from
time to time be specified as such by the Department of
Statistics;

"collective agreement" has the meaning assigned to that
expression by section 1 of the Trade Union Act 1965;

"interest or investment income" means—

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

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(a) the rate of return as can reasonably be attributed to the
investment of the pension fund or that part of the
pension fund to which the contributions relate; or

(b) such rate as may otherwise be prescribed;

"pension committee" means a committee referred to in section 6
of the Act;

"prescribed retirement product" means a pension plan provided
by—

(a) a financial institution; or

(b) some other body or person recognised by the
Commission,

which provides retirement benefits and which is approved by
the Commission.

PART II

REGISTRATION AND ADMINISTRATION OF PENSION PLAN

REGISTRATION

Application for registration of pension plan
3 An application for registration of a pension plan shall be in Form
No. 1 in the First Schedule and shall be accompanied by certified copies
of the documents specified in paragraph 13 of that Form.

Application for registration of amendment of pension plan
4 (1) The administrator of a pension plan shall, by application in
Form No. 2 in the First Schedule, apply to the Commission within ninety
days after the date on which the pension plan is amended, for
registration of the amendment.

(2) An application for registration of an amendment shall be
made by paying the prescribed fee to the Commission and submitting—

(a) a certified copy of each amending document that
changes the documents that create and support the
pension plan or pension fund; and

(b) such other information as the Commission may require.

Proof of participation in financial institution pension plan
5 Proof of participation in a financial institution pension plan shall
be in Form No. 3 in the First Schedule.

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

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Issuance of notice of registration
6 The Commission shall issue a notice of registration to the
employer or, in the case of a financial institution pension plan, the
financial institution, for each pension plan registered under the Act.

Issuance of notice of registration of amendment
7 The Commission shall issue to the administrator a notice of
registration for each amendment to a pension plan registered under this
Act.

Annual information report
8 The administrator of a pension plan shall, within six months
after the end of the fiscal year of a pension plan, submit to the
Commission an annual information report in Form No. 4 in the First
Schedule.

PENSION FUND REQUIREMENTS

Financial statements
9 (1) The administrator of a pension plan shall, within six
months after the end of the fiscal year of a pension fund, submit to the
Commission financial statements in respect of the pension fund.

(2) If, at the end of the fiscal year of a pension plan the plan
has $1,000,000 or more in assets calculated at market value, the
administrator shall, within six months thereafter, submit to the
Commission an auditor's report respecting the financial statements.

(3) The financial statements and the auditor's report, if any,
shall be prepared in accordance with generally accepted accounting
principles and generally accepted auditing standards, respectively.

(4) The financial statements shall be comprised of a statement
of net assets and a statement of changes in net assets and shall be
prepared on the accrual basis of accounting.

(5) The financial statements shall identify

(a) the name of the pension plan for which the statements
have been prepared;

(b) the registration number of the pension plan; and

(c) the fiscal period for which the financial statements have
been prepared.

(6) The auditor shall report to the administrator when, in the
course of reporting on the financial statements, he becomes aware that

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

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there are circumstances that indicate that there has or may have been a
contravention of the Act or regulations.

(7) The auditor shall report to the Commission any matter
reported under paragraph (6) that has not been corrected or reported to
the Commission by the administrator within thirty days after the auditor
has reported such matter to the administrator.

(8) A financial statement submitted under this regulation shall
be approved by the administrator and the approval shall be evidenced by
the manual or facsimile signature of,

(a) the administrator;

(b) where the administrator is a pension committee or board
of trustees, two members duly authorized to signify the
approval; or

(c) where the administrator is a financial institution, an
officer of the institution duly authorized to sign on behalf
of the institution.

Administrator to provide information to eligible persons, etc.
10 For the purposes of the information required to be provided by
an administrator under section 13 of the Act, that information shall be
provided

(a) in the case of a person who is eligible to be a member of
a pension plan upon commencement of employment,
within thirty days after the date of such commencement,
or, where prior notice of commencement is not provided
to the administrator, within thirty days after the
administrator receives notice of such commencement;

(b) in the case of a person who is a member of a pension
plan on the date that the plan is established within
thirty days after the date of such establishment; and

(c) in the case of a person who at some date in the future
will become eligible to be a member of a pension plan,
within sixty days prior to such date, or, where prior
notice of such eligibility is not provided to the
administrator, within thirty days after the administrator
receives notice of such eligibility.

STATEMENTS TO MEMBERS

Annual statement to members of pension plan
11 (1) A statement required under section 14 of the Act shall
contain, at least,

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

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(a) the name of the pension plan and its registration
number;

(b) the member's name and date of birth;

(c) the period covered by the statement;

(d) the date on which the member joined the plan, and,
except for multi-employer pension plans, the date on
which the member was employed by the employer;

(e) the date or dates on which the member became fully
vested or will become fully vested;

(f) the member's normal retirement date and the earliest
date at which the member may retire under the pension
plan;

(g) where applicable, the earliest date the member will be
eligible to receive an unreduced pension;

(h) where applicable any person designated by the member
as a beneficiary for the purposes of the pre-retirement
death benefit under section 31 of the Act;

(i) a description of any benefits provided on the death of a
member and the name of any person designated as a
beneficiary;

(j) the amount of required contributions, if any, made to
the pension fund by a member during the period covered
by the statement;

(k) the accumulated amount of required contributions, if
any, made to the pension fund by the member, including
interest or investment income credited to such
contributions, to the end of the period covered by the
statement;

(l) the amount of any additional voluntary contributions
made by the member to the pension fund during the
period covered by the statement;

(m)the accumulated amount of any additional voluntary
contributions made by the member to the pension fund,
including interest or investment income credited to such
contributions, to the end of the period covered by the
statement;

(n) in the case of a plan providing defined contributions
benefits

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

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(i) the amount of employer contributions allocated
to the member during the period covered by the
statement;

(ii) the accumulated amount of employer con-
tributions, including interest or investment
income credited to such contributions, allocated
to the member, to the end of the period covered
by the statement;

(iii) the account balance at the end of the period
covered by the statement; and

(iv) a summary of fees and expenses;

(o) in the case of a defined benefit plan

(i) the member's years of employment for the
purpose of the calculation of pension benefits,
determined as of the end of the period covered
by the statement;

(ii) the annual amount of pension benefit payable at
normal retirement date accrued at the end of the
period covered by the statement; and

(iii) where salary is a factor in determining a pension
benefit, the salary level utilized for the purpose
of determining the benefit;

(p) where applicable, a statement that special payments are
being made to liquidate any liability;

(q) a statement setting out the treatment of any surplus in a
continuing plan and on wind up;

(r) an explanation of any amendments affecting the member
made to the pension plan during the period covered by
the statement for which an explanation has not been
previously provided;

(s) a statement that if, on the wind up of the plan, the
assets of the plan are not sufficient to meet the liabilities
of the plan, pension benefits may be reduced; and

(t) information relating to actual or perceived conflicts of
interest.

(2) The administrator shall provide the statement required
under section 14 of the Act to members within six months after the fiscal
year end of the plan.

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

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Termination statement - deferred pensions
12 (1) A written statement required to be given under section 15 of
the Act to a member of a pension plan who terminates employment or
ceases to be a member for reasons other than retirement or death and
who is entitled to a deferred pension shall contain, as recorded on the
records of the administrator, at least

(a) the name of the pension plan and its registration
number;

(b) the member's name and date of birth;

(c) the date on which the member joined the pension plan
and the years of employment credited under the plan for
the purpose of calculating the pension benefit;

(d) the member's normal retirement date under the plan;

(e) the pension benefits and ancillary benefits to which the
member is entitled on termination and any options
respecting such benefits, including early, normal and
postponed dates for commencement of the payment of
benefits;

(f) where applicable, the name of the person recorded as
the member's beneficiary;

(g) benefits provided on the death of a member and the
name of any person appointed as beneficiary;

(h) any supplemental benefits payable for a temporary
period of time and the date on which the benefits cease
to be so payable;

(i) any indexation provisions applicable to a deferred
pension;

(j) any benefit payable in the event of the member's death,
should the death occur prior to the commencement of
payment of pension benefits;

(k) any benefit payable in the event of the member's death,
should the death occur after the commencement of
payment of pension benefits;

(l) the commuted value of any deferred pension determined
in accordance with the regulations;

(m)any options with respect to transfers available under
section 23 of the Act;

(n) the time periods in which any option must be exercised;
and

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

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(o) the amount of any refunds to which the member is
entitled and information on the effect, if any, the
member's election to receive a refund would have on the
member's pension or deferred pension.

(2) The administrator shall provide the written statement
referred to in subsection (1) within thirty days following the member's
termination of employment or cessation of membership in the plan or,
where notice of termination or cessation is not provided to the
administrator prior to the event, within thirty days after the
administrator's receipt of such notice.

Termination statement - refunds
13 (1) A written statement required to be given under section 15 of
the Act to a member of a pension plan who terminates employment or
ceases to be a member of a pension plan for reasons other than
retirement or death where the member is not entitled to a pension or
deferred pension shall contain at least

(a) the name of the plan and its registration number;

(b) the member's name and date of birth;

(c) the dates on which the member joined the plan and
ceased membership in the plan;

(d) where applicable, the years of employment credited
under the plan for the determination of pension benefits;

(e) the amount of any refund;

(f) any ancillary benefit to which the member may be
entitled; and

(g) any option which the member is entitled to elect and the
time period in which the option must be exercised.

(2) The administrator shall provide the statement referred to in
subsection (1) within thirty days after the termination of employment or
cessation of membership in the plan or, where notice of termination or
cessation is not provided to the administrator prior to the event, within
thirty days after the administrator's receipt of such notice.

(3) Where no options are available to the member with respect
to a refund, the administrator shall provide any refund to which the
member is entitled within thirty days after the member's termination of
employment or cessation of membership in the plan or, where notice of
termination or cessation is not provided to the administrator prior to the
event, within thirty days after the administrator's receipt of such notice.

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

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(4) Where the member has an option with respect to a refund,
the administrator shall comply with the election made by the member
within sixty days after receipt of a direction from the member.

Statement to survivor
14 (1) The administrator shall, within thirty days after receipt of a
notice of death of a member or a former member who is not receiving
payments from the pension fund where the death results in the
beneficiary or estate of the member or former member becoming entitled
to a benefit, provide the beneficiary or legal representative with a
statement required under section 15 of the Act that sets out at least

(a) the name of the pension plan and its registration
number;

(b) the amount and method of payment of the benefit;

(c) the amount, if any, payable under section 31(1) of the
Act;

(d) where applicable, the basis for indexation of a pension;
and

(e) where applicable, the amount of the pension resulting
from additional voluntary contributions; and

(f) the options available under section 31 of the Act.

(2) For purposes of subsection 31(1) of the Act, a beneficiary
shall make an election, in writing, within ninety days after receipt of the
statement referred to in paragraph (1) and in default of such election the
administrator shall forthwith pay the lump sum referred to in section
31(1) of the Act; and upon such payment the administrator shall be
discharged from any further obligation.

(3) The administrator of the plan shall comply with an election
under paragraph (2) within thirty days after receipt of the written election
from the beneficiary.

(4) The administrator of the plan shall provide payment of the
death benefit to the beneficiary, if any, or the estate, within thirty days of
receipt of such information as in the opinion of the administrator, is
sufficient to justify payment of the benefit.

Statement on retirement
15 (1) Within thirty days after the date on which an administrator
receives notification that a member has retired, or, where the
administrator has not received such notification, within thirty days after
an administrator receives a completed application for the payment of

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

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pension benefits, the administrator shall give the member a written
statement that sets out, in accordance with section 15 of the Act,—

(a) the name of the pension plan and its registration
number;

(b) the member's name and date of birth;

(c) where applicable, the date on which the member joined
the plan and the years of employment credited under the
plan for purposes of calculating the pension benefit;

(d) where applicable, the name of the person recorded as
the member's beneficiary;

(e) the date pension benefit payments commence;

(f) the amount of the pension to which the member is or
will be entitled according to the records of the
administrator and based on elections made by the
member;

(g) any increase or reduction in the pension resulting from
early or postponed retirement;

(h) the amount of the pension benefit purchased with
additional voluntary contributions made by the member;

(i) the amount of the pension benefit purchased with
contributions resulting from a transfer made on behalf of
the member from another pension fund;

(j) any bridging benefits or special allowances and the date
on which such ancillary benefits cease to be paid;

(k) any indexation provisions applicable to the pension or
deferred pension;

(l) any benefit payable in the event of the member's death
and the name of the person approved as the beneficiary
of that benefit; and

(m)any other refunds under the plan to which the member
is entitled.

(2) In this regulation "bridging benefit" means a periodic
payment provided under a pension plan to a former member of the
pension plan for a temporary period of time after retirement for the
purpose of supplementing the former member's pension benefit.

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

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INFORMATION AVAILABLE ON REQUEST

Information available on request
16 (1) Subject to paragraph (2), for the purposes of section 16(2) of
the Act, the documents which a person mentioned in subsection (1) of
that section is entitled to inspect are—

(a) the provisions of the current pension plan including any
amendments to the plan;

(b) any documents that relate to the pension plan that are
required to be submitted to the Commission;

(c) the provisions of any previous pension plan including
amendments thereto where the current plan is a
successor to a previous pension plan;

(d) any documents that relate to a previous version of the
pension plan and that are required to be submitted to
the Commission;

(e) the applicable provisions of any document that sets out
the employer's responsibilities with respect to the
pension plan;

(f) a document that delegates the administration of the
pension plan or pension fund;

(g) copies of any financial statement or any report that is
submitted to the Commission in respect of the pension
plan or pension fund; and

(h) copies of those parts of an agreement that concern the
purchase or sale of a business or the assets of a
business and that relate to the pension plan.

(2) Nothing contained in paragraph (1) authorizes a person to
inspect any part of a pension plan, or other document or information,
unless such part or document or information, as the case may be, is
specifically applicable to that person; and that paragraph shall be read
and construed accordingly.

PART III

WINDING UP

Notice of proposal to wind up
17 (1) A notice of proposal to wind up a pension plan required
under section 38(2) of the Act shall include

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

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(a) the name of the pension plan and its registration
number;

(b) the proposed date of winding up; and

(c) a statement that each member, former member or any
other person entitled to a pension, deferred pension, any
other benefit or a refund will be provided with an
individual statement setting out entitlements and
options under the plan.

(2) In addition to entitlements under the plan and any options
available, a statement provided to each member, former member or any
other person under section 42 of the Act shall include

(a) the name of the pension plan and its registration
number;

(b) the member's name and date of birth;

(c) the date of winding up of the plan;

(d) the date on which the member joined the plan, and,
except in the case of multi-employer pension plans, the
date the member was employed by the employer;

(e) the member's beneficiary as indicated on the records of
the administrator;

(f) the amount of required contributions made to the
pension fund by a member since the date of the last
annual statement provided under section 14 of the Act;

(g) the accumulated amount of required contributions made
to the pension fund by the member, including interest or
investment income credited to such contributions, to the
date of the winding up of the plan;

(h) the amount of additional voluntary contributions made
by the member to the pension fund since the date of the
last annual statement provided under section 14 of the
Act;

(i) the accumulated amount of additional voluntary
contributions made by the member to the pension fund,
including interest or investment income credited to such
contributions, to the date of winding up;

(j) any amount transferred into the pension plan since the
date of the last annual statement provided under section
14 of the Act from another pension plan on behalf of the

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

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member and the pension benefit under the plan
attributable to that amount;

(k) in the case of a plan providing defined contribution
benefits

(i) the amount of employer contributions required
to be made in respect of the member since the
date of the last annual statement provided
under section 14 of the Act;

(ii) the amount of employer contributions allocated
to the member since the date of the last annual
statement provided under section 14 of the Act;

(iii) the accumulated amount of employer
contributions, including interest or investment
income credited to such contributions, allocated
to the member on the records of the plan, to the
date of winding up; and

(iv) the account balance to the date of winding up;

(l) in the case of a defined benefit plan

(i) the member's years of employment for the
purpose of the calculation of pension benefits;
and

(ii) where salary is a factor in determining a pension
benefit, the salary level utilized for the purpose
of determining the benefit;

(m)the interest or investment income credited to
contributions required to be made by the member since
the date of the last annual statement required under
section 14 of the Act;

(n) an explanation of any amendments affecting the member
made to the pension plan during the period covered by
the statement for which an explanation has not
previously been provided;

(o) the time period in which any option must be exercised;

(p) if there are insufficient assets to pay all pension benefits,
a description of any reductions made to the person's
benefits and the amount of contributions the employer is
liable to pay into the fund;

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

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(q) if there are surplus assets, a statement of the method of
distribution and, if applicable, the formula for allocation
of any surplus among the plan beneficiaries;

(r) notice of where copies of the winding up report are
available and information on how copies of the report
may be obtained;

(s) notice of the person the recipient of the statement may
contact with respect to any questions arising out of the
statement; and

(t) notice that the entitlements and options are subject to
the approval of the Commission and may be adjusted
accordingly.

(3) A recipient of a statement referred to in subsection (2) who
is entitled to elect an option shall forward the election to the
administrator within ninety days after receipt of the statement.

(4) The administrator shall comply with an election made by a
person on the winding up of a pension plan within thirty days after

(a) the receipt of the election; or

(b) the receipt of notice that the winding up report has been
approved by the Commission,

whichever is the later.

Insufficiency after winding up
18 Where a pension plan has been wound up in whole or in part
and the assets of the pension plan are not sufficient to pay pension or
other benefits—

(a) pension benefits to which a person may be entitled but
which have not vested under the terms of the pension
plan shall be reduced to an amount proportionate to the
extent that the benefits had been funded; and

(b) except as provided in paragraph (a), pension or other
benefits to which a person would otherwise be entitled,
shall be reduced to an amount proportionate to the
extent that the benefits had been funded.

Fees
19 (1) The fees specified in the second column of the Second
Schedule shall be payable in respect of the matters specified in the first
column of that Schedule.

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

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(2) The Minister may from time to time by order subject to
affirmative resolution procedure amend the Second Schedule.

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

17

FIRST SCHEDULE (r. 3)

FORM NO. 1
APPLICATION FOR REGISTRATION OF A PENSION PLAN

(All questions must be completed - please type or print)

1. Provide the name of the administrator and the following information:
___________________________________________________________________
(Note: If the administrator is a company, partnership, pension committee or board, use the
name of the company, partnership, committee or board)
___________________________________________________________________
(primary contact)
___________________________________________________________________
(mailing address)

___________________________________________________________________
___________________________________________________________________

(postal code)
___________________________________ _______________________
(telephone number) (ext.) (fax number)

___________________________________
e-mail

2. Indicate whether the administrator is (check the most appropriate):

m an employer or employers m a board of trustees
m a pension committee m a board or committee made re-

sponsible by an act of the legis-
lature for the administration of the
pension plan

m a financial institution

3. If the administrator is a pension committee or board indicate the number of
members who are representatives of:

____________________

the employer or employers or any other person
required to make contributions under the
pension plan on behalf of an employer

____________________ members of the pension plan

____________________ Total number of representatives

FOR PC USE ONLY

Registration No.: __________________________________________________________________
Form Signed: _____________________________________________________________________
Plan Documents Not Received: ____________________________________________________
Additional Fee Needed: ____________________________________________________________
Refund Issued: ___________________________________________________________________
Verified By: _______________________________________________________________________

Form 1 - APPLICATION FOR REGISTRATION OF A PENSION PLAN

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

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INFORMATION CONCERNING THE EMPLOYER

4. Provide the name of the employer and the following information:
___________________________________________________________________
(primary contact)
___________________________________________________________________
(name of employer)
___________________________________________________________________
(mailing address)
___________________________________________________________________
___________________________________________________________________

(postal code)
___________________________________________________________________
____________________________________ ______________________
(telephone number) (ext.) (fax number)

payroll tax account number _________________
social insurance schedule

(account) number _________________

5. Are there any other employers, including subsidiary or affiliated
companies, with employees participating in the plan?

m yes
m no

If "yes", attach to this form the name and mailing address of each of the other employers.

INFORMATION CONCERNING THE PENSION PLAN

6. What is the name of the pension plan? _________________________________
___________________________________________________________________

7. What is the effective date of the establishment of the plan?_____/______/_____
yy mm dd

8. What is the date of the plan year-end? _____________ / ______________
mm dd

9. Is the pension plan a creation of, or supported by, a collective
agreement?

m yes
m no

If "yes", attach a copy of the collective agreement to this Form (as required by paragraph
13 — - documents which must be submitted.)

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

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10. Indicate the type of plan (check the most appropriate):

m multi-employer
_________________ defined benefit
_________________ defined contribution

m defined contribution
m defined benefit
m combination of defined benefit and defined contribution
m other (provide details) ________________________________________

_____________________________________________________________

FUNDING INFORMATION

11 Funding instrument/arrangement
(a) Are the benefits provided for in the plan guaranteed?

m yes
m no

(b) If "yes", provide the following information:
___________________________________________________________________
(name of contact)
___________________________________________________________________
(name of institution)
___________________________________________________________________
(mailing address)
___________________________________________________________________
___________________________________________________________________

(postal code)
___________________________________________________________________
___________________________________ _______________________
(telephone number) (ext.) (fax number)

(c) Provide the name of the fund, the name of the body which holds the
fund's assets, and the following information:

___________________________________________________________________
(fund name)
___________________________________________________________________
(name of body holding fund's assets)
___________________________________________________________________
(contact name)
___________________________________________________________________
(mailing address)
___________________________________________________________________
___________________________________________________________________

(postal code)
___________________________________________________________________
___________________________________ _______________________
(telephone number) (ext.) (fax number)

OTHER PENSION PLANS SPONSORED BY THE EMPLOYER

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

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12. Have any of the members covered by this plan participated in the past in
any other pension plan of the company, including a subsidiary or affiliated
company?

m yes
m no

If "yes", provide the particulars of the previous plan(s) including the name and the
registration number(s) (if applicable) and describe the current status of the plan(s):

___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

13. The following documents are required in all cases and must be submitted
with this form, exceptions where noted (to ensure that all required documents
and fees are attached to this form, check applicable items below):

Certified copies of the documents that create and support the pension plan:

m certified copy of the text of the plan
m if not already submitted, a certified copy of the initial valuation

report
m certified copy of the collective agreement if the plan was set up in

accordance with a collective agreement

Certified copies of the documents that create and support the pension fund:

m certified copy of the trust agreement(s)
m certified copy of the deposit contract(s) with an insurance

company
m certified copy of the group annuity contract(s)
m certified copy of other types of funding instruments

m a certified copy of the explanatory statement and other information
provided to members and persons eligible to become members as
required under section 13 of the Act (information provided by
administrator)

m a cheque payable to the Pension Commission and
computed in accordance with the fees calculation at paragraph 15

14. The following documents are required if applicable to the plan (to ensure
that all applicable documents and information are attached please check items
below; if items are not applicable, indicate [N/A]):

__________ a list of the names and addresses of each member of a
committee, a board of trustees or a board, responsible for the
administration of the pension plan

__________ a list of the names and addresses of each individual trustee or
each member of a board, committee or company responsible
for the administration of a pension fund, if not included in
certified copy of funding instrument

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

21

__________ a list of the other pension plans already set up by the
employer

__________ a list of the names and addresses of each employer
participating in this plan as per paragraph 5

__________ a list of the name and registration number of each previous
pension plan of the employer(s), as required by paragraph 12

__________ other (provide details) ______________________________________
____________________________________________________________

PLAN MEMBERSHIP AND REGISTRATION FEES CALCULATION

15. Enter below the number of members, as of the effective date of the
establishment of the plan.

Male Female Total

_______________ + ______________ = (A) ____________

(total - all members)

REGISTRATION FEE: Fee payment must be the amount shown in (A)
multiplied by $5.00.

$5.00 per member x (A) $_________________________

Registration Fees enclosed: $_________________________

Please make cheque payable to the Pension Commission and send
the application, required documents and fees to:
Pension Commission, P.O. Box HM 3384, Hamilton HM PX

STATISTICAL INFORMATION RELATED TO PENSIONS AND PENSION
PLANS

The information requested in paragraphs 16 to 24 is to be provided for the purpose
of compiling statistical information related to pensions and pension plans.

16. Type of organization operated by the principal employer(s) (check the most
appropriate):

m a sole proprietorship/partnership
m a company
m a registered charity
m other (provide details) __________________________________________

_______________________________________________________________

17. What is the main business of the principal employer?_______________________
___________________________________________________________________________

18. Eligibility for membership

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

22

Specify the class or classes of employees who are eligible to join the plan:

m all employees
m Bermudians and spouses of Bermudians only
m other (provide details) _________________________________________

_______________________________________________________________

19. Normal retirement age

Indicate normal retirement age according to the plan text: ________________

20 Employee contributions

Identify employee contribution rate:

m no employee contribution required
m __________________ % of pensionable earnings
m __________________ maximum % of pensionable earnings above

required contribution rate
m other (provide details) _________________________________________

_______________________________________________________________
_______________________________________________________________

21. Employer contributions

Identify employer contribution rate or amount:

m employer pays employee contribution
m __________________ % of pensionable earnings
m __________________ % of pensionable earnings above required

contribution rate
m $_________________ per year
m other (provide details) _________________________________________

_______________________________________________________________
_______________________________________________________________

Plans Which Have A Defined Benefit Provision, Complete Questions
22 to 24

22. Benefit calculation

Pension benefits are based on (check the most appropriate):

m final average earnings over the last _______ years
m best average earnings for the best ______ years (of the last ______

years, if applicable)
m career average earnings
m flat benefit

23. Benefit formula - for normal retirement benefit only (do not include optional
or alternative benefits requiring specific conditions)

Indicate amount or rate of benefit formula:

m __________________ % of earnings
m $_________________ per month for each year of service
m $_________________ per month for each _______ hour(s) worked

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

23

m other (provide details) __________________________________________
_______________________________________________________________
_______________________________________________________________

24. Does the pension plan document provide for automatic (contractual)
increases to pensions in pay, or deferred pensions (e.g. indexation to
Consumer Price Index)?

m yes
m no

DECLARATION

I, ____________________________, hereby apply for registration of the Pension Plan
identified in this Form in accordance with the Act and the Regulations. I make the
application in my capacity as (circle the appropriate description:) the employer/in
the case of a financial institution pension plan, the financial institution/duly
authorized signing officer of the employer or financial institution of

___________________________________________________________ (the "Pension Plan").
(Name of the pension plan)

Attached are certified copies of the documents that create and support the
Pension Plan and the pension fund as well as any other documents required to be
submitted under the Act and the Regulations.

I DECLARE THAT:

1. The documents submitted with this Form include certified copies of the
documents that create and support the Pension Plan and the pension
fund and those documents, as well as all other documents submitted
with this application, comply with the Act and the Regulations;

2. I understand that the obligation to ensure that the documents submitted
with this Form comply with the Act and the Regulations is the
responsibility of the employer/financial institution, and I declare that I
have fulfilled that obligation and have complied with the provisions of
the Act and the Regulations in making this application for registration.

I declare that I am aware of my obligations under the Act as employer/financial
institution establishing the Pension Plan and that the contents of this form and
the documents submitted with this form, and my declarations are true to the best
of my knowledge and belief.

DATED this ______________ day of ______________________, 200__________ .

________________________________ ____________________________________________
Signature of Witness Signature of employer/financial institution

or authorized signing officer

________________________________ ____________________________________________
Name of Witness (printed) Name of employer/financial institution or

authorized signing officer (printed)

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

24

____________________________________________
Title/Position

FORM NO. 2 (r. 4)

APPLICATION FOR REGISTRATION OF A PENSION PLAN
AMENDMENT

(All applicable questions must be completed - please type or print)

INFORMATION ABOUT THIS APPLICATION

1. Plan registration number: _________________________________________________

2. Name of pension plan: ____________________________________________________
__________________________________________________________________________
__________________________________________________________________________
__________________________________________________________________________

3. Name of employer:________________________________________________________
__________________________________________________________________________
__________________________________________________________________________
__________________________________________________________________________

4. The effective date of the amendment is: ____________ / ____________ / _______
yy mm dd

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

25

5. Amendment number(s) (if multiple amendments are submitted): ______________
__________________________________________________________________________
__________________________________________________________________________
__________________________________________________________________________

6. Indicate whether the application involves an amendment(s) concerning:

m transfer of assets
m merger of plans
m refund of contributions
m distribution of surplus
m plan conversion
m reduction of accrued benefits or refund of contributions
m early retirement/downsizing program
m full wind up of the pension plan (complete paragraphs 1 to 6 and

19 only)
m partial wind up of the pension plan
m other (provide details) __________________________________________

_______________________________________________________________

AMENDMENTS CONCERNING BENEFITS OR CONTRIBUTIONS

7. Indicate whether the application involves any of the following (please answer
each question):

Yes No
m m eligibility for membership ........... if "yes", complete paragraph

11
m m normal retirement age ................ if "yes", complete paragraph

12
m m employee contributions rate ...... if "yes", complete paragraph 13
m m employer contributions .............. if "yes", complete paragraph 14
m m benefit calculation/formula for plans

providing defined
benefits .............................. if "yes", complete paragraphs 15, 17

m m benefit calculation/formula:
career average earnings ..............if "yes", complete paragraph 16

m m the provision of automatic
(contractual) increases to
pensions in pay or deferred
pensions .................................... if "yes", complete paragraph 18

m m ad hoc increases to pensions
in pay or deferred pensions ....... if "yes", complete paragraph 8

m m funding instrument ...................... if "yes", complete paragraph
9

If the answer to each of the item listed above is "no", go directly to the declaration.

STATISTICAL INFORMATION CONCERNING PENSIONS AND PENSION
PLANS

The information requested in questions 8 to 19 is to be provided for the purpose of
compiling statistical information related to pensions and pension plans.

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

26

8. (a) Does this application involve an amendment to provide ad hoc
increases to pensions in pay or deferred pensions? (if "yes", answer
(b) and (c) below; if "no", go to paragraph 9)

m yes
m no

(b) How are these increases to be made?

m ad hoc increase pursuant to a collective agreement and plan
amendment

m ad hoc increase made voluntarily by the employer in
accordance with a plan amendment

m other (provide details) _______________________________________
____________________________________________________________

(c) What was the effective date of the increase? _______ / _____ /
______

yy mm dd

9. Funding instrument/arrangement

Are the benefits provided for in the plan totally insured or guaranteed, or
both?

m yes
m no

10. Indicate the type of plan (in cases where this amendment changes the
type of plan, indicate the new plan type:)

m multi-employer
_________________ defined benefit
_________________ defined contribution

m defined contribution
m defined benefit
m combination of defined benefit and defined contribution
m other (provide details)________________________________________

____________________________________________________________

Information Concerning Benefits or Contributions

11. Eligibility for membership

Specify the class or classes of employees who are eligible to join the
plan:

m all employees
m Bermudians and spouses of Bermudians only
m other (provide details)________________________________________

____________________________________________________________

12. Normal retirement age

Indicate normal retirement age according to plan text: _________________

13. Employee contributions

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

27

Identify employee contribution rate:
m _________________ % of earnings
m _________________ % of earnings above required contribution rate
m other (provide details) __________________________________________

_______________________________________________________________
_______________________________________________________________

14. Employer contributions

Identify employer contribution rate or amount:
m employer pays employee contribution
m _________________ % of earnings
m _________________ % of earnings above required contribution rate
m $________________ per year
m other (provide details) __________________________________________

_______________________________________________________________
_______________________________________________________________

Pension Plans Which Have A Defined Benefit Provision, Complete
Paragraphs 15 to 18

15. Benefit calculation

Are pension benefits per year of service based on (check the most
appropriate):

m final average earnings over the last ________ years
m best average earnings for the best _______ years (of the last

_____ years, if applicable)
m career average earnings
m flat benefit

16. (a) If the benefit calculation is based on career average earnings, are
career earnings or benefits updated, for example, in accordance
with a price or wage index?

m yes
m no

(b) If the benefit calculation is updated, are all earnings included or
only those after a specified date?

m yes (all earnings included)
m no (only earnings after _________ / __________ / _________)

yy mm dd

17. Benefit formula - for normal retirement benefit only (do not include
optional or alternative benefits requiring specific
conditions)

Indicate amount or rate of benefit formula per year of service:

m _________________ % of earnings
m $________________ per month for each year of service
m $________________ per month for each ________ hour(s) worked
m other (provide details) __________________________________________

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

28

_______________________________________________________________
_______________________________________________________________

18. Does this application involve an amendment to provide for automatic
(contractual) increases to pension in pay or deferred pensions (e.g.
indexation to Consumer Price Index)?

m yes
m no

PLAN WIND UP IN FULL

19. (a) Does this application involve the full winding up of the pension
plan?

m yes
m no

If "yes", what is the effective date of winding up? _____ /_____ /_____
yy mm dd

(b) What is the major reason for the winding up of the pension plan?

m merged with/replaced by another pension plan _____________
plan registration number

m company liquidated
m no members remaining
m other (provide details) _____________________________________
_______________________________________________________________

Amendment Fee $100.00

Please make cheque payable to the Pension Commission, P.O. Box HM
3384, Hamilton HM PX

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

29

DECLARATION BY ADMINISTRATOR

I, ________________________________________, hereby apply for registration of the
Pension Plan amendment(s) identified in this Form in accordance with the Act
and the Regulations. I make the application in my capacity as (circle the
appropriate description:) the administrator/duly authorized signing officer of the
administrator of

___________________________________________________________ (the "Pension Plan"),
(name of the pension plan)

registration number __________________________.

Attached is a certified copy of the amending document as well as any other
document required to be submitted under the Act and the Regulations.

I DECLARE THAT:

1. The documents submitted with this Form include a certified copy of the
amending document(s) and that/ those document(s), as well as all other
documents submitted with this application, comply with the provisions
of the Act and the Regulations;

2. I understand that the obligation to ensure that the documents submitted
with this Form comply with the Act and the Regulations is the
responsibility of the administrator, and I declare that I have fulfilled that
obligation and have complied with the provisions of the Act and the
Regulations in making this application for registration; and

I declare that I am aware of my obligations under the Act as administrator of the
Pension Plan and that the contents of this Form and the documents submitted
with this Form, and my declarations are true to the best of my knowledge and
belief.

DATED this ______________ day of ______________________, 200__________ .

________________________________ ____________________________________________
Signature of Witness Signature of administrator or authorized

signing officer

________________________________ ____________________________________________
Name of Witness (printed) Name of administrator or authorized

signing officer (printed)

____________________________________________
Title/Position

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

30

FORM NO. 3 (r. 5)

CERTIFICATE OF PARTICIPATION IN A FINANCIAL INSTITUTION
PENSION PLAN

(To be completed by the Employer and the Financial Institution)

PART A – INFORMATION CONCERNING THE EMPLOYER
__________________________________
Payroll tax account number)

1. Name of Employer: ___________________________ ____________________________ __
(Social Insurance Account Number)

___________________________________ ____
(Mailing Address)
_______________________________________________ __________________________ ____

(Postal code)
_______________________________________________ __________________________ ____
(telehone number) (fax number)

_______________________________________________ __________________________ ____
(authorized officer) (e-mail)

_______________________________________
(title or position)

OTHER PENSION PLANS

2. Does the Employer sponsor or participate in any other pension plans?

m yes
m no

If yes, provide particulars of other pension plans, including the name and registration
numbers and the current status of the plan(s):

________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________

3. Is the pension plan supported by a collective agreement?

m yes
m no

If “yes” attach a copy of relevant provisions of collective agreement to this Form.

PLAN MEMBERSHIP AND REGISTRATION FEES CALCULATION

4. Enter below the number of members, as of the effective date of the Employer’s
commencement of participation in the plan:

Male Female Total
___________ _____________ = (A) _____________

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

31

REGISTRATION FEES: Fee payment must be the amount shown in (A)
multiplied by $5.00.

$5.00 per member x (A) = $

Please make cheque payable to the Pension Commission and send this Form and
fees to:

Pension Commission, P.O. Box HM 3384, Hamilton HM PX

STATISTICAL INFORMATION RELATED TO PENSIONS AND PENSION
PLANS

5. Type of organization operated by the principal employer(s) (check the most
appropriate):

m a sole proprietorship/partnership
m a company
m a registered charity
m other (provide details) ______________________________________

___________________________________________________________

6. What is the main business of the principal employer?___________________
_______________________________________________________________________

7. Eligibility for membership

Specify the class or classes of employees who are eligible to join the plan:

m all employees
m Bermudians and spouses of Bermudians only
m other (provide details) ______________________________________

___________________________________________________________

8. Normal retirement age

Indicate normal retirement age according to the plan text: _____________

9. Employee contributions

Identify employee contribution rate:
m no employee contribution required
m __________________ % of pensionable earnings
m __________________ maximum % of pensionable earnings above

required contribution rate
m other (provide details) ______________________________________

___________________________________________________________

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

32

10. Employer contributions

Identify employer contribution rate or amount:

m employer pays employee contribution
m __________________ % of pensionable earnings
m __________________ % of pensionable earnings above required

contribution rate
m $_________________ per year
m other (provide details) _____________________________________

___________________________________________________________
___________________________________________________________

Plans Which Have A Defined Benefit Provision, Complete
Questions 11 to 13

11. Benefit calculation

Pension benefits are based on (check the most appropriate):

m final average earnings over the last _______ years
m best average earnings for the best ______ years (of the last

______ years, if applicable)
m career average earnings
m flat benefit

12. Benefit formula - for normal retirement benefit only (do not include
optional or alternative benefits requiring specific conditions)

Indicate amount or rate of benefit formula:

m __________________ % of earnings
m $_________________ per month for each year of service
m $_________________ per month for each _______ hour(s) worked
m other (provide details) _________________________________________

_______________________________________________________________
_______________________________________________________________

13. Does the pension plan document provide for automatic (contractual)
increases to pensions in pay, or deferred pensions (e.g. indexation to
Consumer Price Index)?

m yes
m no

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

33

DECLARATION BY EMPLOYER

I DECLARE THAT the contents of Part A of this form are true to the best of my
knowledge and belief.

DATED this ___________ day of _______________________________, 200______.

____________________________________ ___________________________________
Signature of Witness Signature of Employer

____________________________________ ___________________________________
Name of Witness (printed) Name of authorized signing officer

(printed)

PART B - FINANCIAL INSTITUTION

1. Name of Financial Institution: __________________________________________________

_________________________________________________________________________________
(mailing address)
_________________________________________________________________________________

_______________________________________________ ______________________ ____ ____
(contact name) (postal code)
_______________________________________________ ______________________ ____ ____
(telehone number) (ext.) (fax number)

______________________________
(e-mail)

2. Name of Financial Institution Pension Plan:
_________________________________________________________________________________
_________________________________________________________________________________

3. Registration Number of Financial Institution Pension Plan: ________________________

4. Effective date of establishment of Financial Institution Pension Plan: _______________

5. Effective date of participation of Employer
in the Financial Institution Pension Plan: _________________________________________

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

34

DECLARATION BY FINANCIAL INSTITUTION

I, ____________________________, hereby declare that the Employer named in Part
A above has been enrolled as a participating employer in the Financial
Institution Pension Plan referred to above, with effect from the date referred to
above.

I declare that certified copies of the documents that create and support the plan
and the pension fund have been duly submitted to the Pension Commission and
remain in effect unamended as of the date hereof.

I declare that I am aware of my obligations under the Act in respect of the
Financial Institution Pension Plan and the Employer’s participation therein and
that the contents of Part B of this form and my declarations are true to the best
of my knowledge and belief.

DATED this ___________ day of ___________________________, 200______.

____________________________________ _________________________________________
Signature of Witness Signature of Financial Institution or

authorized signing officer

____________________________________ _________________________________________
Name of Witness (printed) Name of Financial Institution or

authorized signing officer (printed)

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

35

FORM NO. 4 (r. 8)

ANNUAL INFORMATION REPORT
(To be completed by the Pension Plan Administrator)

Due Date

Please review all the information shown below. If any information is incorrect or
incomplete, please make the appropriate corrections.

Return form to: Pension Commission

1 Registration Number 2 Name of Pension Plan

3 Plan Type 4 Plan Reporting Period
p Defined Benefit p Defined Contribution
p Multi-employer p Other (specify) _________

5 Plan Administrator - Name and Mailing Address
Contact
Title
Company Name
Address

City Postal/Zip Code

Telephone
(Area Code) Extension

FAX
(Area Code)

6 Employer - Name and Address
Name
Address

City Postal/Zip Code

Telephone
(Area Code) Extension

FAX
(Area Code)

7 Body Holding Pension Fund Assets - Name and Address
Name
Address

City Postal Code

Telephone
(Area Code) Extension

FAX
(Area Code)

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

36

8 Location of books or records maintained by the plan administrator or -
same as plan administrator's address p

Address

City Postal Code

9 Name of collective bargaining agent representing the largest number of
members of the pension plan, or not applicable p

10 Funding information for the Reporting Period

Contributions made in respect of the reporting period:
Employer contributions

Member required contributions

Additional voluntary contributions

11 Membership Information at the end of the Reporting Period

Indicate number of plan members Male Female

Total Number of plan members

12 Annual Information Report Fee Calculation

Total plan members x $5.00 = $

Fee payment must be the number shown above multiplied
by $5.00

Please make the cheque payable to Pension Commission

13 Confirmation of Compliance

Plan administrators are required to review the Statement of Investment
Policies and Goals (SIP&G) at least once each year in order to confirm or
amend it.
Have you reviewed the SIP&G since the last Annual
Information Report?
p Yes p No If yes, enter the date the SIP&G was

last reviewed:
year/month/day

Have you amended the SIP&G since the last Annual
Information Report?
p Yes p No If yes, enter the date of the last

amendment
year/month/day

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

37

Have the pension plan and fund been administered in compliance with the
National Pension Scheme (Occupational Pensions) Act 1998
p Yes p No If no, please attach an explanation.

14 Certification
As the authorized representative of the administrator of the above noted
pension plan, I certify that all the information presented on this form is
true to the best of my knowledge and belief.

DATED this _____________________ , day of _______________________________ , 200_____ .

Signature of Witness Signature of Authorized Representative
_________________________________________ ______________________________________________
Name of Witness (please print) Name of Authorised Representative (please print)
_________________________________________ ______________________________________________
Address of Witness Title/Position (please print)
_________________________________________ ______________________________________________
_________________________________________ ______________________________________________

Remittance Advice
Annual Information Report

Enter the payment amount in the space provided. Please return the Completed
Annual Information Report with the required fee to:
Pension Commission
P.O. Box HM 3384
Hamilton HM PX

Due Date

Payment
Enclosed

$

15 Amounts transferred in from other plans....................... $

16 Payment of benefits from the plan .................................

17 Transfers of benefits to other plans ...............................

18 Market value of assets at beginning of reporting
period.............................................................................

19 Market value of assets at end of reporting period ..........

20 Net investment earnings (losses)....................................

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

38

21 Did the pension plan No Yes
terminate or become p p If yes, enter
inactive prior to or in Date of Termination
this reporting period?

If all the assets were
distributed pursuant
to the termination of
the plan, enter the date
of final distribution. [No
further questions] .....................Date of Final Distribution

year/month/day

year/month/day

22 How many employers participated in the plan at the
end of the reporting period?

NATIONAL PENSION SCHEME (GENERAL) REGULATIONS 1999

39

SECOND SCHEDULE (r. 19)

$

(1) Application for registration of pension plan under
regulations:

for each member $5.00

(2) Application for registration of an amendment of a
pension plan or pension fund $100.00

(3) Submission of annual information report under
regulation 8:

for each member $5.00

(4) For copy of documents under regulation 16(1):
(a) for each page
(b) minimum fee

$0.50
$5.00

Dated this 23rd day of December, 1999

Minister of Finance