All pension plans registered under the National Pension Scheme (Occupational Pensions) Act 1998 (the “Act”) must be administered by an administrator and shall be one of the following:
- the employer;
- a joint committee composed of one or more representatives of the employer or employers participating in the pension plan and one or more representatives of the members or former members of the pension plan;
- a committee wholly consisting of members or former members of the pension plan;
- a person or group of persons or entity which by virtue of this Act or any other law, is vested with responsibility for the administration of a pension plan or pension fund;
- a financial institution; or
- any other person approved by the Pension Commission.
(note: the majority of registered pension plans are administered by a financial institution or other person approved by the Commission). The current list of third party approved plan administrators is as follows:
Bermuda Investment Advisory Services Ltd
Bermuda Life Insurance Company Ltd (Argus)
BF&M Life Insurance Company Ltd
Coralisle Pension Services Ltd
Freisenbruch Insurance Services Ltd
Administrators have very specific and important responsibilities under the Act and overall shall ensure that the pension plan and pension fund are, at all times, administered in accordance with the documents establishing the pension plan and pension fund, the Act and regulations made thereunder and the best standards of management designed to protect and promote the interests of the members and any other person eligible for, or entitled to, receive payments from the pension plan. Furthermore, the administrator shall exercise the care, diligence and skill in the administration and investment of the pension plan and the pension fund that a person of ordinary prudence would exercise in dealing with the property of another person.