THE Bustamante Industrial Trade Union (BITU) has asked Junior Finance Minister Fitz Jackson to give a public update on the state of the proposed regulations attached to the amendments to the pensions Act.

In a statement on Monday, BITU’s President Ruddy Spencer pointed out that it has been one year since the amendments to the pensions act were passed in parliament.

“I am calling on the Minister of State, who has been piloting the process through parliament, to immediately table the regulations so that it can be completed, or to tell the public why they have been delayed beyond one year,” Spencer said.

He noted that almost two months ago, executive director of the Financial Service Commission (FSC), Bryan Wynter, had warned that until the regulations are approved, “the powers and the regulations under the act are for the most part ineffective”.

He argued that the FSC, which has been designated as regulator under the act, is powerless to do anything with the numerous cases of unfair practices against workers which are being reported without the support of the regulations.

He said that among the problems which the FSC has highlighted, since the passage of the act are:

. Workers being threatened when they refuse to sign documents they are not in agreement with, or do not understand;

. Undue delays in payment of benefits;

. Failure to pay over employees’ contributions;

. Pension plans being inactive and trustees missing;

. Pension plans in deficit;

. Undue haste in winding up plans in order to distribute surplus without scrutiny of the FSC; and

. Pension plans being terminated and benefits not being paid.

Spencer said that the one-year delay in approving the regulations is another example of the lack of sympathy being shown by the government for the plight of the workers.