Trustee Services

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TRUSTEE SERVICES FOR PENSION PLANS


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

  Some of the services we offer as part of our fiduciary responsibility as trustees include:
  • Assisting in the creation of a new plan. We offer advice and guidance regarding drafting the trust deed and rules (TD & R) and seeking regulatory approvals.
  • Guidance in drafting and obtaining approvals for amendments to TD & R.
  • Overseeing the plan’s operations.
  • Paying benefits due to employees or former employees.
  • Preparing financial statements.
  • Satisfying statutory reporting requirements e.g. filing annual financial statements and semi-annual returns and actuarial valuations within prescribed time frames.
  • Managing the assets of the plan by appointing an investment manager, developing a Statement of Investment Policy (SIP) and monitoring the performance of the Investment Manager in accordance with the SIP.
  • Keeping the assets of the plan in safe custody.

PENSION ADMINISTRATION SERVICES


Republic Bank’s Pension Administration Service is ideal if you want a comprehensive, cost effective, ‘out of the box’ solution for the administration of your pension plan. These services include:

  • Maintaining static data for individual plan members. This involves:
    • collecting, reconciling and maintaining all participant data
    • tracking spousal and beneficiary data
    • handling disbursements
  • Maintaining contribution history including Additional Voluntary Contributions (AVCs)
  • Maintaining employment history including breaks in employment and exit data
  • Providing data to actuaries for the conduct of statutory or special actuarial valuations as well as IAS 19 reporting
  • Performing early leaver or retirement benefit calculations for individual members
  • Providing annual benefit statements to members
  • Providing increased information technology security which translates into greater security and assured availability for the plan's data

CUSTODIAL SERVICES


The Trust Services Division acts as custodian for all the assets of its asset management clients including pension plans. It also extends its custody services 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 include providing strict safeguards to protect the plan’s assets, ensuring that no security is lost, stolen or damaged and that income due on the assets are received in a timely manner.

Primary safeguards are detailed below:

  • Assets are registered with unique client account number.
  • Physical verification is required in annual audit.
  • Dual security control requires signature by two officers including 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 so that, subject to certain limits, both the employers’ and the employees' contributions are tax deductible allowances.

The Trust Services Division acts as trustee and administrator while Republic Wealth Management Limited performs the role of asset manager of these Employee Savings Plans.

PROFIT SHARING PLANS


The Trust Services Division offers a wide range of services relating to the operation of profit-sharing plans including:

  • Advice on the setting up of the plans
  • Drafting relevant trust deeds and rules
  • Administration of the plans
  • Trusteeship services for the profit-sharing plans.

INDIVIDUAL TAX INCENTIVE SAVINGS PLANS


Republic Bank’s family of Tax Incentive Savings Plans is based on the concept of securing your future while saving on taxes today. These plans were established under the Income Tax Act of Trinidad and Tobago Chapter 75:01. Trust Services Division acts as the trustee of the Individual Tax Incentive Savings Plans:
  • Republic Tax Incentive Savings Plan (TISP)
  • Republic Equity Tax Incentive Savings Plan (ETISP)

CORPORATE TAX INCENTIVE SAVINGS PLANS


The Corporate Tax Incentive Savings Plans were designed under the provisions of the Income Tax Act of Trinidad and Tobago Section 134 (6). These provisions allow an employee’s earnings categorized as bonus and allowance income to be paid tax-free directly by the employer into a plan to generate retirement benefits for the employee. Trust Services Division acts as the trustee of the Corporate  Tax Incentive Savings Plans:
  • Republic Corporate Tax Incentive Savings Plan (CTISP)
  • Republic Corporate Equity Tax Incentive Savings Plan (CETISP)

INVESTMENT MANAGEMENT CONTRACTS


Republic Bank offers individuals the ability to meet their investment needs via Investment Management Contracts (IMC). Each IMC client has access to a dedicated analyst, who under the guidance of the Investment Manager will construct a portfolio tailor-made to meet the client’s unique goals, return objectives and risk tolerance. The Trust Services Division acts as the trustee of the Investment Management Contracts.

TRUSTEE SERVICES - OTHER


Trusts are created for many reasons, but are frequently used to preserve and pass on assets to children and grandchildren, to provide assistance to charitable causes and to provide for children’s future educational expenses.

The Trust Services Division also acts as trustee of discretionary and other types of settlements, including charitable trusts. It is able to bring experienced and impartial advice on several situations which may arise.

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