Learn what they mean
The Control Committee is responsible for supervising the pension scheme and how it is operated and executed.
Its notable powers include monitoring and overseeing compliance with the pension scheme and the modification of its rules of operation; the selection of the actuary who must certify the scheme's status and development; or the decision to change the scheme's deposit account from one fund to another, or change the management firm or custodian institution.
It also decides on appointing its representatives' to the Pension Scheme Control Committee, and when the fund consists of a single plan, the Pension Scheme Committee acts as a fund committee. It also represents the interests of participants and beneficiaries in and out of court.
The Pension Scheme Control Committee has different particular functions depending on the type of scheme. For occupational schemes, it is comprised of representatives of the promoter, participants and beneficiaries, whereas in associated schemes, the majority of members must be affiliates or members of the promoting entity.
However, there is no Control Committee for individual schemes, since the promoter is responsible for exercising its functions and taking on responsibilities. There is an ombudsman for participants and beneficiaries, who is in charge of arbitrating claims against the promoter, management and custodian entities.