Trustee Services

TRUSTEE SERVICES FOR PENSION PLANS

A well governed pension plan requires the services of numerous professionals, including regulators, actuaries, auditors, attorneys, and of critical importance trustees. As trustee, our role is to ensure that the pension plan operates within the terms to the Trust Deed and Rules, and within the legislative framework applicable to pension plans in Trinidad and Tobago.

• Assistance in the creation of a new plan by offering advice and guidance in the drafting of the trust deed and rules (TD & R) and seeking the regulatory approvals.
• Guidance in the drafting of and obtaining approvals for amendments to TD & R.
• Oversight of the operations of the Plan.
• Payment of benefits due to employees or former employees.
• Preparation of financial statements.
• Satisfying statutory reporting requirements, e.g. filing of annual financial statements and semi-annual returns and actuarial valuations within prescribed timeframes.
• Securing the assets of the Plan by appointing an investment manager, development of a “Statement of Investment Policy (SIP) and monitoring the performance of the Investment Manager in accordance with the SIP.
• Safe custody of the assets of the Fund.

PENSION ADMINISTRATION SERVICES

Republic Bank’s Pension Administration Service is ideal for clients wanting a comprehensive, cost effective, ‘out of the box’ solution geared towards the administration of their pension plan. These services include:

1. maintenance of static data for individual plan members. This is comprised of:
   1. collecting, reconciling, and maintaining all participant data;
   2. tracking spousal and beneficiary data; and
   3. handling disbursements;
2. maintenance of contribution history including Additional Voluntary Contributions (AVCs).
3. maintenance of employment history including breaks in employment and exit data;
4. timely provision of data to actuaries for the conduct of statutory or special actuarial valuations as well as IAS 19 reporting;
5. performance of early leaver or retirement benefit calculations for individual members;
6. provision of annual benefit statements to members; and
7. increased information technology security, which translates into greater security and assured availability for the plan's data.

CUSTODIAL SERVICES

The Trust & Asset Management Division (TRAM) acts as custodian for all the assets of its asset management clients including pension plans. The custodian services are also extended to worldwide Custodians who may wish to invest in Trinidad and Tobago and who require the services of a local custodian to hold their assets in safe custody.

These services comprise provision of strict safeguards for the protection of the plan’s assets; ensuring that no security is lost, stolen or damaged in anyway and income due on the assets are received in a timely manner. Primary safeguards are detailed below:

• Assets registered with unique client account number.
• Physical verification required in annual audit.
• Dual security control requires signature by two officers, of whom, at least one is a Manager.
• No securities can leave premises without entry into an "Out Securities Register".
• All certificates, deeds and other securities are housed in fire-proof accommodations.

EMPLOYEE SAVINGS PLANS

Under the Trinidad and Tobago Income Tax Ordinance, employers can set up a Group Savings Plan under Trust such that, subject to certain limits, both the employer's and the employees' contributions are tax deductible allowances.

Trust and Asset Management acts as Trustee, Administrator and Asset Manager of these Employees Savings Plans.

PROFIT SHARING PLANS

The Trust & Asset Management Division offers a wide range of services relating to the operation of profit sharing plans including:

• Advice on the setting up of the plans.
• The drafting of relevant Trust Deeds and Rules.
• Administration of the plans.
• Trusteeship services for the Profit Sharing Plans.

TRUSTEE SERVICES - OTHER

Trusts are created for many reasons but most frequently they are used as a way of preserving and passing on assets to children and grandchildren, providing assistance to charitable causes and investing to pay for children’s future educational expenses.

TRAM also acts as trustee of discretionary and other types of settlements, including charitable trusts. It is able to bring experienced and impartial judgments to varying situations which arise.