Pensions Division

The Pensions Division is directly responsible for the supervision of occupational pension plans (OPP) and occupational registered retirement savings plans (ORRSP) under the Occupational Pension Benefits Act, Cap. 350B (OPBA). The Division is responsible for administering the overall mandate of the OPBA through: 

• Registering new occupational pension plans and occupational registered retirement savings plans
• Monitoring for compliance - processing required statutory filings by plan administrators
• Monitoring the financial status of pension plans
• Assessing pension plan risks and implementing mitigation measures
• Registering pension plan amendments
• Winding-up of pension plans
• Investigating alleged breaches of the OPBA and its regulations
• Responding to inquiries and complaints from pension plan members

The mandate of the OPBA includes:

• Protecting pension benefits within a sound and robust, economic fiscal framework
• Ensuring a sustainable and resilient pension plan system
• Providing an effective administrative framework
• Providing an equitable, modern and clear employment pension standard which reflects the needs of a changing society and economy
• Fostering and expanding the voluntary employment pension plan system

The Pensions division is headed by the Manager with one (1) administrative assistant, two (2) senior analysts and four (4) analysts, who are responsible for the ongoing supervision and regulation of the pensions sector. 

The below chart illustrates the division’s structure.

The below chart illustrates the division’s structure.