Department of Labour & Pensions Investigating Pensions Plan Administrators

26 June 2020, 05:31 AM

Politics & Government

The Department of Labour and Pensions (DLP) are currently reviewing multiple Pension Plan Administrators with regards to processing timelines to ensure they are in compliance with the National Pensions (Amendment) Law 2020.

The NP (Amendment) Law 2020 states that an administrator who does not comply with subsections (9), (11) or (13) commits an offence and is liable on summary conviction to a fine of ten thousand dollars or to imprisonment for a term of one year, or to both.

While it is largely believed that a significant portion of the applications are being processed in a timely manner, where there are breaches of the timelines set out in the Law, DLP are actively preparing files to be submitted to the Office of the Director of Public Prosecutions.

Any applicant who has a complaint in relation to their application being processed or whose application has been refused, can file an Appeal to the Director and should do so in writing and include their details along with any supporting documents and email them to dlp@gov.ky.