In accordance with Section 195 of the Act, the Trustees of a registered pension fund plan has the responsibility of submitting annual Balance Sheet and Statement of Accounts for each accounting year (a grace period of 6 months after fiscal year is allotted for submission of financial reports). The Balance Sheet and the Statement of Accounts must be audited by an Auditor, and be in accordance with the format set out in the Fifth Schedule (Part II).
Section 197 of the Act, requires Trustees to invest the funds of the plan only in the assets prescribed in the Fourth Schedule. They are: Bonds and Debentures, Ordinary and Preference Shares, Mortgages, Real Estate, Deposit Certificates and Unit Trusts. The Trustee may not invest in the assets of a pension fund in the equity, debentures, or other evidence of indebtedness of the employer or any subsidiary or associate of the Employer, so pay attention to the Limitations on Investment in Fourth Schedule Part B. (Section 197 (2)).
The FSRC examines financial statements for the registered Private Pension Fund Plan in accordance with Fifth Schedule; Part II (Form A and Form B).