Hong Kong Ordinances

OCCUPATIONAL RETIREMENT SCHEMES ORDINANCE - SECT 31

Periodic certification of registered defined benefit schemes

(1) The designated person of a registered scheme which is a defined 
benefit scheme shall, as regards each successive period of 3 years or such
shorter period as the Registrar may specify in rules made by him, from the
date of the actuarial review giving rise to the most recent actuarial
certificate supplied as regards the scheme to the Registrar in accordance with
this Ordinance, within 6 months after the expiration of the period or such
later time as the Registrar may in his absolute discretion allow, supply to
the Registrar a certificate issued by an actuary which shall either be a
full certificate or a qualified certificate.

(2) The full certificate or qualified certificate referred to in subsection
(1) shall be prepared in accordance with Schedule 2 and shall contain such
other information as the Registrar may specify in rules made under
section 73(1)(i).

(3) Where at the time when the application for the registration of an
occupational retirement scheme is made, or at any time thereafter, a
qualified certificate is supplied to the Registrar as regards a scheme, the
following provisions shall apply-

   (a)  subject to paragraph (b), subsection (1) shall operate as regards the
        scheme as though the reference therein to each successive period of 3
        years was substituted by a reference to each period of 1 year;

   (b)  the Registrar may by notice in writing require the administrator of
        the scheme to supply to him within the period specified in the notice
        (being a period of not less than 1 month beginning on the date of the
        notice) a report by an actuary on such matters as the Registrar may
        specify in the notice.

(4) Where the Registrar receives a qualified certificate as regards a
registered scheme and he subsequently receives a full certificate as regards
that scheme, subsection (3) shall cease to apply as regards the scheme.

(5) The relevant employer of a registered scheme shall, as soon as reasonably
practicable after a written request is made of him by the actuary preparing a
certificate under this section as regards the scheme-

   (a)  allow the actuary and such other person as may be authorized by that
        actuary to have access to such books and records of the employer; and

   (b)  give to the actuary such information and explanations, as he may
        reasonably require for the purposes of discharging his duty in
        relation to the scheme.

(6) An employer who fails to comply with subsection (5) commits an offence and
shall be liable on summary conviction to a fine of $10000. (Enacted 1992)