- Published on 13 November 2017
The Insurance and Pensions Commission (Ipec), has ordered its members to dismiss all trustees who fail to get a Certificate of Proficiency (COP) in trusteeship.
This comes as the Commission moves to ensure that the interests of fund members are protected and that pension funds are run in an accountable, transparent and efficient manner. Earlier this year the commission made it mandatory for Pension Fund Trustees to have a COP in trusteeship, as part of measures to improve the governance of pension and provident funds in the country’s insurance sector. Section 6B of Pension and Provident Funds Regulations (Amendment) Regulations SI 80 /2017 states that, “No person shall be appointed, elected or continue to act as a trustee unless he or she possesses such qualifications and additionally, or alternatively such experience or expertise as may be required for the proper administration of the fund. (Herald)