Pensions

This section deals with information for and about pension plan providers.

The Act requires all pension plans to be registered. It introduces formal supervision of pension plan providers in Guyana and defines two key roles: the trustees and the pension plan manager. This covers all types of plans: defined benefit, defined contribution and hybrid plans.

Plans are categorised as insured plans and uninsured plans. The former are plans that are managed and/or have their assets managed by a registered insurance company. In other words the assets of an insured pension plan are provided for by an insurance contract.

All registered pension plans are required to have a trust deed regardless of its type or category. The trust deed sets out the responsibilities of the trustees and among these are to ensure that the assets of the plan are managed prudently and capably and to protect the rights of the members.

The plan manager typically represents the sponsors of the plan and may comprise a committee with representatives of the members and employer. The manager’s responsibilities lie in ensuring compliance with the Act including the provision of annual audited financial information on the plan and informing the OCI of any changes to the plan.