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23rd January 2017

The General Public is hereby advised that the Private Pension Act, Act #4 of 2016 and the Private Pension Regulations, Statutory Instrument #2 of 2017 came into effect on 1st January 2017 by virtue of Statutory Instrument # 1 of 2017.

The Private Pension Act provides for the registration and supervision of private pension plans in an effort to offer better protection to members and pensioners of such plans. The Act applies to all pension plans that are established by an employer for persons employed in Belize or in respect where an employer is making contribution for his or her employees.

The Act does not apply to pension plans for Public Officers, School Teachers, Social Security Pensioners and the National Assembly Pension Plan. Pension plans established prior to the commencement date, for employees of Belize Electricity Limited, Belize Telemedia Limited and Belize Water Services Limited are also exempt.

Under the Private Pension Act, existing pension plans are required to be registered with the Supervisor of Pensions no later than 30th June 2017.

Administrators of existing pension plans and proposed administrators of new pension plans can contact the Office of the Supervisor of Insurance and Private Pension at #2 Toucan Street, Belmopan; telephone number: 822-3808.

Copies of the Legislation can be found at https://osipp.gov.bz

Alma D. Gomez
Supervisor of Pensions

January 23, 2017