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Trustees

The board of trustees have the management and control functions and are appointed by both the employees and employers. Trustees have the main responsibility for the administration of the pension schemes and compliance requirement that apply to these schemes. The responsibilities of the trustees include the following:

  • Collection of contributions
  • Investment of assets
  • Paying benefits
  • Keeping the members informed

Scheme members look up to trustees to ensure that their benefits are secure. However, since trustees are not experts in pensions, they appoint experts called pension scheme administrators and managers. Trustees however maintain the oversight role and remain responsible for management of the schemes.

A person cannot be appointed trustee if:

  • He or she has been imprisoned by a court for fraud or dishonesty for a period of six months or more
  • Is bankrupt
  • Was previously involved in the management  or administration of a scheme which was deregistered for any failure on the part of the management or administration thereof
  • Is disqualified under any other written law from holding such an office
  • Is considered by the PIA Board to be in any way detrimental to the scheme