Pensions Office takes action on troubled pension plan

(CNS Business): As the problem of pensions continues to plague the local business community, one of the country’s approved pension plans has now been handed a cease & desist order by the superintendent of pension to stop the firm from taking on any new clients. The National Pensions Office has revealed that BAF Cayman Pension Plan, the successor to the plan administered by the British American Insurance Company Limited (BAICO) and replaced in 2009 has not undertaken the necessary remedial action to bring the plan into compliance with the Pensions Law and Regulations. Although a detailed action plan was agreed back in October 2009, the NPO said several important requirements have still not been met well over four years later. Read more on CNS Business

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