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ANNUAL REGISTRATION FORM – USER INSTRUCTIONS
Application Components
The Financial Services Commission (the Commission) requires that the following
be submitted to improve the registration process:
1. Completion of all sections of the annual registration form;
2. Payment of the applicable fees; and
3. The cover letter which specifies:
a. The correct name of the pension plan which can be retrieved from the
issued Certificate of Registration of Pension Plan or from the list of
the registered pension plans which can be accessed by clicking This
Link.
b. The correct amount being paid and payment type (cash, cheque, wire
transfer)
c. The purpose of the payment (annual registration fees).
Completion of Form
All pension plan administrators are expected to use this Annual Registration Form
which:
1. Must be completed electronically, printed and submitted to the Commission.
2. Is excel based and calculates the fees due. There is no need for the manual
calculation of fees due as it is done on the form.
NB: Ensure that the correct membership data and the correct month in
which the payment will be made to the Commission have been entered.
Guidance on completing each component of the annual registration form is
provided in the following sections below.
Section 1: Name of Pension Plan
The correct name of pension plan must be recorded. The name of pension plan can
be found on the Certificate of Registration of Pension Plan issued by the
Commission.
Otherwise, such name can be obtained by clicking This Link . This link will direct
to a PDF document whereby the correct name of the pension plan can be found.
Section 2: Name of Company Making Payment
Record the name of the company making the payment here. The
company/individual making payment could include:
a. Pension Plan Administrator
b. Pension Plan Sponsor
c. Agent (Law firm, Service Provider)
The receipt will be issued in the name of the company/person making the payment
on behalf of the pension plan.
Section 3: FSC Registration Number
The correct registration number of pension plan must be recorded. The registration
number can be found on the Certificate of Registration of Pension Plan issued by
the Commission.
Otherwise, such name can be obtained by clicking This Link . This link will direct
to a PDF document where the correct registration number for the pension plan can
be found alongside the name of the pension plan.
Section 4: Membership Information as at December 31, 2017
Record the appropriate membership data in the applicable fields. Total
Membership must be broken down into two categories:
a. Type of Member – Active, Deferred, Pensioner
b. Gender – Male, Female
The totals for category a and b must be the same. Otherwise an error message will
appear and must be rectified on the form prior to submission to the Commission.
Plan administrators should record the membership on the form for which the
annual registration fee is applicable.
Section 5: Membership Information Summary
This section provides a summary of the membership data entered with respect to
location of employment. The total membership in this section should match the
pension plan membership totals recorded by the pension plan administrator in
Section 4.
Section 6: Membership Fees Summary
This section shows the basic fees due and does not take into consideration penalties
for late payment. Annual registration fees are due and payable on or before
January 31 of each year. As long as annual registration fees are paid on or before
January 31, pension plans with 50 members or less are required to pay annual
registration fees of $250.00. Pension plans with over 50 members are required to
pay annual registration fees of $5 per member.
Section 7: Date of Calculation of Fees
This date is critical to the effective calculation of fees and must not be omitted.
Ensure that the month entered in the date of calculation of fees matches the month
in which the payment is received by the Commission.
Record the month, day and year (MM/DD/YYYY) in the exact format.
Otherwise the pension plan administrator will be contacted to resubmit the form
and pay any additional penalty fees (if applicable).
Section 8: Total Payment Due (Early Payment)
Fees paid on or before January 31 will constitute as an early payment and the total
due will be recorded in this section. The payment to the Commission is based on
the value presented in this section.
Section 9: Total Late Payment Due
Failure to pay the annual registration fees on the date for which they become due
will result in the accrual of penalties. Penalties payable are based on the date of
calculation of fees from Section 7 and plan administrators are reminded to ensure
this date is entered correctly. This section outlines:
a. The Penalties Payable
b. Total Late Payment Due
The payment to the Commission is based on the value presented in the Total Late
Payment Due Section. The Total Late Payment Section comprises:
BASE FEES + PENALTIES PAYABLE
This section is relevant as long as fees have been paid after January 31.
Section 10: Enter Payment Details
The payment option for the method of payment uses a drop down box which
provides the following payment options:
a. Cash
b. Cheque
c. Wire Transfer
d. Direct Deposit
If the cheque or wire transfer options are selected, the requisite cheque or wire
transfer number (#) must be included within the cover letter addressed to the
Manager, Pensions which must accompany the registration form.
Additionally, the Total Payment (BDS$) must not be less than the Total Payment
Due/ Total Late Payment Due. In the event that this occurs, an error message will
appear and the Total Payment (BDS$) must be adjusted.
Section 11: FSC’s Banking Details
Section 12: Submission of All Documentation
All plan administrators are reminded that the Annual Registration Form
must be submitted along with:
1. A Cover Letter
2. Proof of Method of Payment
The following examples provide a guide for the completion of the Annual
Registration Form for the:
1. On-time Payment
2. Late Payment
ON-TIME PAYMENT EXAMPLE
Name of Pension Plan:
FSC Registration No: X00
Location of Employment Actives Deferred Pensioners Total Male Female Total
Barbados 7 1 2 10 4 6 10
Membership in other Caribbean
Territories Actives Deferred Pensioners Total Male Female Total
0 0
0 0
0 0
0 0
0 0
0 0
Total 0 0 0 0 0 0 0
Membership outside the
Caribbean Actives Deferred Pensioner Total Male Female Total
0 0
0 0
0 0
Total 0 0 0 0 0 0 0
Membership in Barbados 10
Membership in other Caribbean Territories 0
Membership outside the Caribbean 0
Total Membership 10
50 members or less $250
51 members or more N/A
DATE FEES ARE DUE: 1/31/2018
DATE OF CALCULATION OF FEES: 1/31/2018
ANNUAL REGISTRATION FORM
XYZ Company Limited
XYZ Company Limited Pension Plan
Name of Company Making Payment:
MEMBERSHIP INFORMATION AS AT DECEMBER 31, 2017
For the Year 2018
FINANCIAL SERVICES COMMISSION
Name of Pension Plan
Name of Company
Making Payment
Pension Plan’s Registration Number
This plan has
members in
Barbados only.
Note: The totals
match in both
instances.
There are no
members who fall
within the other
categories.
The total
membership from
across various
territories is shown
here and is equal to
the membership
total of 10.
The date entered must be within
the month the payment was
received by the Commission.
There are less than
50 members in this
pension plan so the
base fees are
$250.00
ON-TIME PAYMENT EXAMPLE
BDS$
250
N/A
BDS$
$0.00
BDS$
N/A
Method of Payment:
Cheque #:
Wire Transfer #:
Total Payment (BDS$):
ENTER PAYMENT DETAILS
FSC'S BANKING DETAILS
Note: The cover letter and cheque (or other method of payment), must accompany this form.
ADDRESS: Suites 301 & 302, Building 4, Harbour Industrial Park, Bridgetown, Barbados, BB11142
BANK: Republic Bank (Barbados) Limited
BANK ADDRESS: Independence Square, Bridgetown, Barbados
ACCOUNT: #018021512002
SWIFT CODE: #BNB ABBBB
COMPANY NAME: Financial Services Commission
Wire Transfer
256523
$250.00
TOTAL LATE PAYMENT DUE (Inclusive of Penalty Payable)
* Total late payment due, where fees for the 2018 year were paid
after January 31, 2018
* Penalty payable, where fees for the 2018 year were paid after
January 31, 2018
TOTAL PAYMENT DUE (Early Payment)
* Where the membership is greater than or equal to 51 persons and
fees for the 2018 year were paid on or before January 31, 2018
* Where the membership is less than or equal to 50 persons and
fees for the 2018 year were paid on or before January 31, 2018
PENALTY PAYABLE
The total payment
due is $250. Fees
were paid by the
deadline of
January 31 so this
section applies.
The pension plan
administrator
made a wire
transfer of the total
payment due in the
amount of $250.00.
The proof of the
wire transfer must
be submitted along
with the cover
letter and the
annual registration
form.
Both of these
sections are not
applicable as fees
were paid on-time.
LATE PAYMENT EXAMPLE
Name of Pension Plan:
FSC Registration No: X00
Location of Employment Actives Deferred Pensioners Total Male Female Total
Barbados 52 7 3 62 39 23 62
Membership in other Caribbean
Territories Actives Deferred Pensioners Total Male Female Total
Jamaica 15 5 2 22 15 7 22
0 0
0 0
0 0
0 0
0 0
Total 15 5 2 22 15 7 22
Membership outside the
Caribbean Actives Deferred Pensioner Total Male Female Total
0 0
0 0
0 0
Total 0 0 0 0 0 0 0
Membership in Barbados 62
Membership in other Caribbean Territories 22
Membership outside the Caribbean 0
Total Membership 84
50 members or less N/A
51 members or more $420.00
DATE FEES ARE DUE: 1/31/2018
DATE OF CALCULATION OF FEES: 2/1/2018
ANNUAL REGISTRATION FORM
XYZ Company Limited
XYZ Company Limited Pension Plan
Name of Company Making Payment:
MEMBERSHIP INFORMATION AS AT DECEMBER 31, 2017
For the Year 2018
FINANCIAL SERVICES COMMISSION
Name of Pension Plan
Name of Company
Making Payment
Pension Plan’s Registration Number
This plan has
members in
Barbados and
Jamaica.
Note: The
totals match in
both instances.
There are no
members who
fall into this
category.
The total
membership from
across various
territories is shown
here and is equal to
the membership
total of 84.
The date entered must be within the
month the fees were received by the
Commission. If the fees submitted are
received outside of the month
indicated above, the administrator
will be required to settle the
difference.
There 84 members
in this pension plan
so the base fees are
$420.00
LATE PAYMENT EXAMPLE
BDS$
N/A
N/A
BDS$
$46.20
BDS$
$466.20
Method of Payment:
Cheque #:
Wire Transfer #:
Total Payment (BDS$):
ENTER PAYMENT DETAILS
FSC'S BANKING DETAILS
Note: The cover letter and cheque (or other method of payment), must accompany this form.
ADDRESS: Suites 301 & 302, Building 4, Harbour Industrial Park, Bridgetown, Barbados, BB11142
BANK: Republic Bank (Barbados) Limited
BANK ADDRESS: Independence Square, Bridgetown, Barbados
ACCOUNT: #018021512002
SWIFT CODE: #BNB ABBBB
COMPANY NAME: Financial Services Commission
Cheque
RBC#0000
$466.20
TOTAL LATE PAYMENT DUE (Inclusive of Penalty Payable)
* Total late payment due, where fees for the 2018 year were paid
after January 31, 2018
* Penalty payable, where fees for the 2018 year were paid after
January 31, 2018
TOTAL PAYMENT DUE (Early Payment)
* Where the membership is greater than or equal to 51 persons and
fees for the 2018 year were paid on or before January 31, 2018
* Where the membership is less than or equal to 50 persons and
fees for the 2018 year were paid on or before January 31, 2018
PENALTY PAYABLE
Fees were paid
after the
deadline of
January 31 so
this section
would not
apply.
The pension plan
administrator made
a payment via
cheque in the
amount of $466.20.
The cheque must be
submitted along
with the cover letter
and the annual
registration form.
Both these
sections are
relevant as the
fees were
received by the
FSC after
January 31, 2018.
The base fee plus
the applicable
penalty calculate
the Total Late
Payment Due.
$420 + $46.20 =
$466.20