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Pension Administration  

Each pension plan must have a pension plan administrator (administrator) – the person(s) or entity that is/are ultimately responsible for the oversight, management and administration of the pension plan, and the administration and investment of the pension fund.

The administrator is usually the employer that established the pension plan.  However, the employer is allowed in law to appoint a better qualified party to act as administrator.  This party may be:

  • a board of trustees
  • a pension committee
  • an insurance company
  • a group that is authorized by Retirement Benefits Authority to act as administrator

Delegation of the Administrator’s Responsibilities

The administrator may delegate some or all of its responsibilities for administering the pension plan and administering and investing the pension fund to various service providers. The service providers may be insurance or trust companies, employees of the administrator, or pension specialists who are hired to assume certain aspects of plan management and administration (e.g., actuaries, accountants, pension consultants, investment managers, fund custodians, brokers, etc.).  These service providers – regardless if they are employees of the administrator or third parties – are subject to the same duty of care as the administrator.

Although the administrator may delegate operational functions, accountability for direction-setting and supervision of its service providers’ work cannot be delegated.  Even if tasks are delegated, the administrator is still ultimately responsible for ensuring that the pension plan and pension fund are being administered, and that the assets of the pension fund are being invested in compliance with the Retirement Benefits Authority regulations.

Duties and Responsibilities of Pension Administrator

The administrator’s responsibilities to plan beneficiaries include, but are not limited to, the following:

  • Ensuring that certain plan information is available to those who are entitled to receive it, and that the information is accurate and complete, and provided within the timeframe specified by the Retirement Benefits Authority regulations
  • Enrolling employees in the pension plan.
  • Providing plan beneficiaries information about their rights and responsibilities in respect to the pension plan
  • Providing plan beneficiaries information and documents that are required to be disclosed under the PBA and regulations
  • Determining plan beneficiaries’ entitlements under the pension plan
  • Making payments to plan beneficiaries when they are due

Responding to inquiries or complaints from plan beneficiaries

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