Private Pension Act
The Private Pension Act applies to every private pension plan that is established by an employer for persons employed in Belize or in respect of which an employer makes contribution for his employees except the following plans:
- National Assembly Pension Plan for members of the National Assembly (Cap. 8 of the Laws of Belize, RE 2020);
- Public Pension for public officers (Cap. 30 and 32 of the Laws of Belize, RE 2020);
- School Teachers Pension for teachers (Cap. 42 of the Laws of Belize, RE 2020);
- Social Security pensioners (Cap. 44 of the Laws of Belize, RE 2020).
With the Commencement Order of the Private Pensions Act enacted on 1st January 2017:
- Existing Pension Plans must be registered within 6 months of the commencement of the Act.
- New Plans must be registered within 60 days of first being established.
- Pension plans must have an administrator to be eligible for registration or an administrator that is licensed as a Private Pension Administrator under the Private Pensions Act.