Section 20: Technical provisions
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
20. Technical provisions
(1) (a) A private pension scheme shall cause its assets and liabilities to
be evaluated by an actuary approved by the Commission and submit the
actuary’s report to the Commission at such regular intervals as may be specified in FSC Rules.
(b) The Commission may, in FSC Rules, exempt a private pension
scheme from compliance with subsection (1).
(2) A private pension scheme shall—
(a) make adequate technical provision for its liabilities, computed in
accordance with such method as may be specified in FSC Rules;
(b) at all times hold unencumbered admissible assets to the value of
its technical provisions after making adequate provision for its
other liabilities.
(3) The assets of a private pension scheme covering the technical provisions shall take account of the nature, term and currency of its liabilities, in
such a way as to secure the safety, yield and marketability of its investments which the private pension scheme shall ensure are diversified and
adequately spread in accordance with FSC Rules.