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