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:
- ACB Grenada Bank Pension Fund Plan
- Andall & Associates Inc Defined Contribution Pension Plan
- Ariza Credit Union Limited Employee Pension Plan
- Aviation Services of Grenada Limited Pension Scheme
- Bryden & Minors Limited & Associated Companies Pension Fund Plan
- Caribbean Agro Industries Limited Pension Fund Plan
- CasePak Company (Grenada) Staff Limited Pension Plan
- CLICO International Life Insurance Ltd Pension Fund Plan (Agents)
- CLICO International Life Insurance Ltd Pension Fund Plan (Staff)
- Columbus Communications (Grenada) Limited Pension Fund Plan
- Communal Cooperative Credit Union Pension Fund Plan
- Country Cold Store Limited Pension Fund Plan
- Courts Grenada Limited Pension Fund Plan
- Cromwell Scott & Company Limited Pension Fund Plan
- Demerara Mutual Life Assurance Society Limited Grenada Sales Representatives Pension Plan
- Demerara Mutual Life Assurance Society Limited Office Staff Pension Plan
- Digicel Grenada Limited Pension Fund Plan
- Duty Free Caribbean (Grenada) Defined Contribution Pension Plan
- FirstCaribbean International Bank Limited Retirement Plan
- Grenada Airports Authority Employees’ Pension Fund
- Grenada Bottling Company Limited Pension Fund Plan
- Grenada Bureau of Standards Pension Plan
- Grenada Cooperative Bank Limited Defined Contribution Pension Plan
- Grenada Development Bank’s Pension Plan
- Grenada Electricity Services Limited Non-Management Staff Retirement Plan
- Grenada Electricity Services Limited, Managerial, Professional, Supervisory and Administrative (MaPSA) Staff Retirement Plan
- Grenada Investment Development Corporation Pension Fund Plan
- Grenada Ports Authority Termination Benefit Plan
- Grenada Seamen & Waterfront Workers Union Retirement Benefit Plan.
- Grenville Co operative Credit Union Limited Staff Pension Plan
- GTM Group of Insurance Companies (G’da) Pension Scheme for Sales Representatives
- GTM Group of Insurance Companies Pension Scheme for Administrative Staff
- Guardian General Insurance (OECS) Limited Pension Fund Plan
- GUT Co-operative Credit Union Ltd Group Annuity Plan
- Housing Authority of Grenada Pension Fund Plan
- Huggins Pension & Trust Fund Pension Fund Plan
- IAM Jet Centre Grenada Limited Employee Pension Plan
- Independence Agencies Limited Pension Fund Plan
- Jonas Browne & Hubbard (G’da) Limited & Associated Company’s Pension Plan
- L L Ramdhanny & Company Limited Pension Scheme
- Marketing & National Importing Board Pension Fund Plan
- National Insurance Board Employees’ Pension Plan
- National Insurance Scheme Pension Plan
- Netherlands Insurance Co (WI) Limited Pension Fund Plan
- New Life Organisation (NEWLO) Pension Fund Plan
- Republic Bank (Grenada) Limited Pension Fund Plan
- St. George’s University Limited Pension Fund Plan
- United Insurance (Grenada) Limited Pension Fund Plan