48 private pension funds in Grenada

by Linda Straker

• Assets total EC$209 million
• Last Supervisor of Insurance report tabled in Parliament in December 2021
• 48 pension funds registered with GARFIN

A notice in the 14 April Gazette said that there are currently 48 pension fund plans operated by private companies for their employees. According to the latest report of the Grenada Authority for the Regulation of Financial Institutions (GARFIN), established under the Grenada Authority, assets total EC$209 million.

Under the 2010 Insurance Act, all pension fund plans operating in the State are required to formally register with the Supervisor of Insurance. GARFIN is responsible for enforcing all laws as it pertains to insurance companies’ compliance with the law.

The last Supervisor of Insurance report was tabled in the House of Parliament on 21 December 2021, reflective of activities during the year 2020. “During the year 2020, the Authority continued implementation of its risk-based supervisory framework to regulate and supervise pension fund plans designed to enhance their safety and soundness,” said the report.

It further confirmed that one pension fund plan was registered, while the registration of one existing plan was cancelled and wound up in accordance with the Insurance Act.

However, the 14 April Gazette notice which is signed by Acting Executive Director Dennis Felix, noted as of 31 March 2022, there are 48 pension fund plans registered with GARFIN. They are:

1. ACB Grenada Bank Pension Fund Plan
2. Andall & Associates Inc Defined Contribution Pension Plan
3. Ariza Credit Union Limited Employee Pension Plan
4. Aviation Services of Grenada Limited Pension Scheme
5. Bryden & Minors Limited & Associated Companies Pension Fund Plan
6. Caribbean Agro Industries Limited Pension Fund Plan
7. CasePak Company (Grenada) Staff Limited Pension Plan
8. CLICO International Life Insurance Ltd Pension Fund Plan (Agents)
9. CLICO International Life Insurance Ltd Pension Fund Plan (Staff)
10. Columbus Communications (Grenada) Limited Pension Fund Plan
11. Communal Cooperative Credit Union Pension Fund Plan
12. Country Cold Store Limited Pension Fund Plan
13. Courts Grenada Limited Pension Fund Plan
14. Cromwell Scott & Company Limited Pension Fund Plan
15. Demerara Mutual Life Assurance Society Limited Grenada Sales Representatives Pension Plan
16. Demerara Mutual Life Assurance Society Limited Office Staff Pension Plan
17. Digicel Grenada Limited Pension Fund Plan
18. Duty Free Caribbean (Grenada) Defined Contribution Pension Plan
19. FirstCaribbean International Bank Limited Retirement Plan
20. Grenada Airports Authority Employees’ Pension Fund
21. Grenada Bottling Company Limited Pension Fund Plan
22. Grenada Bureau of Standards Pension Plan
23. Grenada Cooperative Bank Limited Defined Contribution Pension Plan
24. Grenada Development Bank’s Pension Plan
25. Grenada Electricity Services Limited Non-Management Staff Retirement Plan
26. Grenada Electricity Services Limited, Managerial, Professional, Supervisory and Administrative (MaPSA) Staff Retirement Plan
27. Grenada Investment Development Corporation Pension Fund Plan
28. Grenada Ports Authority Termination Benefit Plan
29. Grenada Seamen & Waterfront Workers Union Retirement Benefit Plan.
30. Grenville Co operative Credit Union Limited Staff Pension Plan
31. GTM Group of Insurance Companies (G’da) Pension Scheme for Sales Representatives
32. GTM Group of Insurance Companies Pension Scheme for Administrative Staff
33. Guardian General Insurance (OECS) Limited Pension Fund Plan
34. GUT Co-operative Credit Union Ltd Group Annuity Plan
35. Housing Authority of Grenada Pension Fund Plan
36. Huggins Pension & Trust Fund Pension Fund Plan
37. IAM Jet Centre Grenada Limited Employee Pension Plan
38. Independence Agencies Limited Pension Fund Plan
39. Jonas Browne & Hubbard (G’da) Limited & Associated Company’s Pension Plan
40. L L Ramdhanny & Company Limited Pension Scheme
41. Marketing & National Importing Board Pension Fund Plan
42. National Insurance Board Employees’ Pension Plan
43. National Insurance Scheme Pension Plan
44. Netherlands Insurance Co (WI) Limited Pension Fund Plan
45. New Life Organisation (NEWLO) Pension Fund Plan
46. Republic Bank (Grenada) Limited Pension Fund Plan
47. St. George’s University Limited Pension Fund Plan
48. United Insurance (Grenada) Limited Pension Fund Plan