THE CHAIRMAN of the Financial Services Commission (FSC) is threatening to haul the administrators of occupational pension plans to court if they dodge registering them.
“Those who refuse to register will meet the CEO in the court. Straight and simple as that,” vowed Sir Frank Alleyne.
The associated penalties range from fines to imprisonment upon conviction.
Currently, there are 300 pension plans, 220 of which have registered with the FSC during its five years operation.
Sir Frank said the FSC would ensure plan administrators were held accountable, recalling the collapse of a major pension plan in Europe which left many without any security.(WILLCOMM)
Please read the full story in today’s Saturday Sun, or in the eNATION edition.