Former Sonesta Beach head bellman Raymond Russell was denied access yet again to the Hotels Pension Fund financial statements last week, he told The Royal Gazette yesterday.

Mr. Russell, a labour activist who said he is not covered by the fund, said he has been trying to see the financial statements for some nine months.

In an interview with The Royal Gazette several weeks ago, Hotel Pensions Fund Board President Calvin White declined to produce financial statements for the fund. Employees investing in the fund are given individual financial statements annually, he said, and those interested in the overall health of the fund can go to the Hotel Pensions Board office on Dundonald Street and ask to see financial statements.

Mr. Russell, however, disputed those claims, saying Mr. White does not send out statements and would not allow him to see the statements when he visited the office. When he visited the office last week, he said, Mr. White told him the statements were not yet ready.

Though Mr. Russell is not covered by the fund, he said Mr. White had allowed him to see the financial statements on a number of previous occasions.

Several weeks ago he declined to reveal how the money in the pension fund was invested (for example, in private equity or global funds) or who is managing it.

The fund is worth some $65 million, he said. With about 2,500-3,000 active participants and 650-700 pensioners, the highest pension currently being paid is about $1,200 per month. The lowest, Mr. White said, is about $50.

The Hotel Pensions Board also administers the Restaurant Pension Fund. Previously it was responsible for the Construction Pension Fund, however that fund, Mr. White said, was now the responsibility of his company - Maximum Pension Services.

Pensions Commission ex-officio member and assistant financial secretary Peter Sousa declined to speak to The Royal Gazette last week regarding any specific cases.

At its most basic level, the role of the Pensions Commission is to ensure compliance with the Act, to educate the public on their rights and obligations regarding pensions, and to register plans, he said.

Six months after the end of the financial year for a pension that fund must submit its financial statements to the Commission, he said. In special cases the Commission can grant additional time.

If a fund is not in compliance, the Commission can work to persuade it of the importance of complying - a method which has always worked in the past.

Should any fund ever be unwilling to comply, however, the Pensions Commission does have the power to compel them to do so, he said.

Mr. White did not return calls from The Royal Gazette last week.