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GEN 2.31.1 Guidance

(1) In (1)(a), technical operational functions include:
(a) identifying and verifying employers participating in the Scheme;
(b) on-boarding Members of the Scheme including performing AML customer due diligence;
(c) collecting and processing contributions and monitoring payments by Participating Employers;
(d) issuing notices to a Member if a contribution in respect of that Member has not been made;
(e) processing and making payment of benefits to Members or their Beneficiaries;
(f) undertaking transaction monitoring and reconciliation functions relating to Member accounts;
(g) arranging for Scheme assets to be held by an Eligible Custodian;
(h) maintaining bank accounts and carrying out other cash related functions;
(i) arranging the appointment of Third Party Service Providers and monitoring their performance;
(j) maintaining registers of Participating Employers and the Members relevant to each Participating Employer; and
(k) keeping records in relation to the Scheme.
(2) In (1)(b), communicating with Members and providing support services includes:
(a) providing information to Members and prospective members relating to:
(i) investment options (e.g. underlying funds) available to Members using the Investment Platform;
(ii) the manner and the frequency of selecting investment options; and
(iii) the manner and frequency of Member account reporting;
(b) providing reports to Members relating to their accounts; and
(c) handling inquiries and complaints by Members and Beneficiaries.
(3) In (1)(c), providing an Investment Platform includes:
(a) adding and removing investment options offered on the Investment Platform;
(b) monitoring the performance of the investment options on the Investment Platform;
(c) allocation of a Member’s contributions and earnings to appropriate investment options selected by the Members; and
(d) carrying out record keeping and reconciliation functions relating to investments in the Member’s account in accordance with a Member’s choice.
(4) In (1)(d), performing reporting functions relating to a Scheme includes:
(a) producing financial statements relating to the Scheme, other than as the Scheme’s registered auditor, to enable the Operator to fulfil its regulatory obligations; and
(b) giving to the Operator any other information or operational statistics as may be required from time to time.
Derived from RMI260/2019 (Made 18th December 2019).[VER47/01-20]