The New Pension Scheme for Private School Teachers and Staff took effect on January 1, 2010. In order to facilitate the operation of this system, the “Supervisory Committee Managing Retirement, Compensation, Resignation and Severance Matters for Private School Teachers and Staff” (referred to as the “Committee” hereinafter) was estabilished under the Ministry of Education (MOE), according to the “Regulations for the Supervisory Committee Managing Retirement, Compensation, Resignation and Severance Matters for Private School Teachers and Staff”. The Committee is tasked to review, supervise and evaluate the operation of the pension fund. Under Article 3 in this Regulation regarding its estabilishment, the Committee’s tasks are:

1. Reviewing plans of contributions and payments, management, and utilization of the Fund;
2. Reviewing annual plans for designated operations regarding contributions and payments, custody, and utilization of the Fund;
3. Reviewing annual budgets and final accounts for the Fund;
4. Evaluating fiduciary financial organizations’ performance; and
5. Supervising other business related to the Fund.