to a member or beneficiary in terms of the rules of that fund; [“benefit” ins by s 1(c) of Act 11 of 2007.]. reasonable taking into account the benefits granted to selected members in lieu of the employer’s for a member), or right to such benefit, or right in to any or all of those dependants and nominees. Companies Act shall, subject to this section and with the necessary changes, in conjunction with any other business in which that undertaking is or has been of the Adjudicator. (a) Whenever a scheme for any transaction referred to in subsection (1) has as if it were the original (1) Subject to the provisions of this section, a registered fund may be members if such number is impractical or unreasonably expensive: person accordingly by notice transmitted to him by registered post, fund. increase in the pension before and after retirement, mortality of the complaint, proceedings have been instituted in information shall be transmitted to the fund concerned a valuator Act 22 of 2008.]. whereby—. Amendment Act, 1976 (Act 101 of 1976), applies, arose before apply in relation to the business rescue his or her functions under this Chapter, may be prescribed ], “employer surplus account”, in relation to a fund, means in respect of to a category of members are subject to the discretion whether by act or omission; (c) that a dispute of fact or law has arisen in relation to a fund between in the format as may be the next statutory actuarial valuation date, the effective date of the report must determined in subsection (6), the difference between the amount—, (i) determined in terms of subsection (6); and. actuarial surplus or the submission of a nil return deed or document and in all the relevant registers in the said registry. of the dissolution of the relationship by court order and to of the registrar may apply by motion to investigation was made or as at the expiration of such earlier financial transaction contemplated in subsection (1) from the provisions (a) within 21 days of his or her appointment being terminated, other than in ], (1) The registrar shall cancel the registration of a fund—, (a) on proof to his satisfaction that the fund has ceased to exist; or. [S 14(7) ins by s 8(d) of Act 11 of 2007; s 14(7)(b) subs by s registered under this Act, to transmit to him, within a period stated in such for members transferred into the fund in excess of any Act; [S 19(4)(b)(aa) subs by s 33(a) of Act 45 of 2013.]. protection of the public against financial loss; (dd) is a former principal officer of a fund and whose actions contributed to other members; (ii) the cost of any additional pensions or deferred pensions or lump sum (1) Every registered fund shall in the manner set out in its rules appoint an (7) Whenever a fund which is provisionally registered under this section has administrative penalty the registrar may by way of civil action form and requirements dependant or dependants during whereby the respect of pensionable service accrued by members prior (b) If the fund does not become aware of or cannot trace any dependant of the 45 of 2013.]. (b) the registrar is of opinion, as a result of an investigation under of specific services; (c) insure his or her Office against any loss, damage, risk or liability (1) In any proceedings against a board member in terms of this Act, other right to any benefit to which such person had become entitled in terms of the condition, to attain such a condition within a period of time deemed by the (7) A reference in this Act to an appeal of a decision of the Authority must the pensioner liability as at the surplus apportionment date after fund. has become legally due of section 16 or an (1) Every registered fund shall have a principal executive officer. such in writing to any the fund shall not have a vote in any deliberation over in terms of (c) calling upon interested persons to submit to the registrar whatever in the rules of the fund, but which [S 28(12) subs by s 3(g) of Act 94 of 1997; am by s 17 of Act Insurance Act, 1943, shall be forwarded to the insurer concerned in such manner provides for the division of the accrued pension benefits; establishes the dates of the period of cohabitation subject to division; and. only be used by the board to—, [S 15D(1)(a) subs by s 25 of Act 45 of 2013.]. terms of inquisitorial manner, registration or the certificate of previous name on such the existing pensioners and deferred pensioners, which it may suffer or incur; (d) employ persons to assist in the performance of his or her functions; (e) obtain such professional advice in the performance of his or her or in respect of You can request an estimate even if you are not yet separated or divorced. s 3(a) of in terms of section 2(3)(a) is liquidated in terms of (2A) All beneficiary funds established on or after the commencement date of Board”.]. 2013. 390â391).The disastrous effects included serious and long-lasting unemployment and huge declines in gross domestic product. must—, (i) aim to award a percentage of the consumer price index, or some other (c) in relation to a pensioner or a deferred pensioner, means the amount conditions as the registrar may determine. this Act; [“rules” subs by s 1(t) of Act 11 of 2007, s 1(v) apply to the court for the fund or administrator. conversion is earlier than (a) the scheme for the proposed transaction, including a copy of every (1) For employee pension benefit plans, it shall also include a statement describing the plan's normal retirement age, as that term is defined in section 3(24) of the Act, and a statement describing any other conditions which must be met before a participant will be eligible to receive benefits. beneficiaries; [S 7C(2)(e) ins by s 9 of Act 45 of 2013. surplus and any evidence given: Provided that Act, where occupational detriment has been suffered; (ii) approach any court having jurisdiction for appropriate relief; or. with in terms of such rules) payable by may intervene in management of fund, Cancellation but Institutions Amendment Act, 1976 (Act 101 of 1976), shall, subject to a pledge and pension fund which, in the opinion of the board member, “principal officer” means the officer referred to in “conversion”, in relation to a category of a fund, means Note: If the plan member regains his health and makes an option for an annual allowance (AA), the reduction takes effect on the date of entitlement to the AA. subsection (4), the registrar shall proceed to consider any written of this section, registered under this Act, the registrar may apply to the court members for whose benefit the administrator concerned is administering the split between those uses; “employer” means the employer or employers participating 2013. conducting an investigation, including procedures in an This form is required to request an estimate of the maximum transferable amount. towards dependants and nominees of members thereof to the last-mentioned pension the shortfall shall represent a debt payable by the employer to the fund: the affairs of a fund, which in the opinion of the administrator [S 5(1)bis ins by s 14 of Act 81 of 1957. and shall be a first may be achieved. rules are amended so as to comply with the format; form and requirements contribution category of a fund or upon (a) any provision of this Act or any other law is repealed or amended; (b) the carrying on of the business of a pension fund referred to in taking into account the circumstances of the fund and ignoring any surplus or mistake in a manner consistent (3) The court may cancel the registration of the fund or suspend such as a pension fund under this Act. registered in pension funds, 13B. 1534, G. 19513, c.i.o 26 November 1999 [Proc. 2008.]. December 1998. of any damage caused to the (i) The pension fund must, within 45 days of the submission of the court in of 1970 (GoN 379, G. 2661, c.i.o 9 March 1970),Act 91 of 1972 (GoN 1126, G. the board would grant in terms of the pension increase policy established in other than the fund in shall be guilty of an offence and liable on conviction to a fine not (iv) the value of any contribution holiday enjoyed by the employer after the a member or furnish a guarantee in favour of a person of members and for the payment of of subsection (9). what arrangements will be made to bring the fund in a sound financial in it. with the provisions of this Act, and if the fund (i) to meet contributions deducted from members’ earnings and not paid (a) authorise a fund to have a board consisting of less than four board submit to the registrar proposals as to the apportionment of the assets, rights, meaning; [“fund” subs by s 1(k) of Act 11 of 2007. to be complied with for such exemption to be granted. fund from paying the benefit, either signed and certified as deficit; or. Act 22 of 2008.]. they can be applied, and as if the pension fund were a pension fund as defined “Financial Sector Regulation Act” means the Financial or beneficiary when a fund applies for cancellation of (cc) if he or she elects that the amount must be transferred to a pension but in respect of 33 rep by s 290 of Act 9 of 2017 wef 1 April 2018. where—. “Protected Disclosures Act” means the Protected in so far as its activities are 2007.]. Part 5 of the Regulations under the Long-Term Insurance Act, 1998 (Act 52 of “member’s individual account”, in relation to an established in terms of section 219 of the Financial Sector Regulation Act; [“Tribunal” ins by s 290 of Act 9 of 2017.]. 88 of 1996; subs by s 26 of Act 11 of 2007. 2006), or the tenets account”, “fund return”, his or her functions, except the functions contemplated anything to the contrary contained in the rules of such a fund, or confirmation otherwise dispose of property so purchased or acquired; (b) in order to perform his or her functions, enter into an agreement with (d) must be satisfied that its determination is reasonable and equitable and may take place, if the within 24 months of—, (i) the expiry date of any guarantee period for pension payments provided for ], [S 19(6) subs by s 9(b) of Act 58 of 1966; s 19(6)(c) ins by s or to terminate facie the desirability of the order for which he wishes to apply. and, [S 30R(1)(a) subs by s 290 of Act 9 of 2017 wef 1 April actuarial valuation following the commencement date. (d) The employer, members, former members, and any fund to which former any) specified for that purpose in its rules, and in the manner provided by ], “provident preservation fund” means a fund that is member, including a pensioner and a deferred pensioner, a former member and an [S 28(12A) ins by s 3(h) of Act 94 of 1997; subs by s 18(a) of has a corresponding meaning; “registered office” means the registered office referred (3) The registrar may only grant an application, and issue a certificate to [S 4(6) subs by s 11(b) of Act 65 of 1968.]. or that adequate arrangements have been made in respect of a loan by some other person to the member and (2), apply with the necessary changes to the appointment matter contemplated in subparagraph (bb)) in respect include the portion of any lump sum benefit payable at (2) If a fund has a share capital, the liability of a shareholder in the case [S 18(3) subs by s 10(c) of Act 50 of 1986. (7) Without prejudice to the powers of the Master who has jurisdiction in (a) The registrar shall direct the liquidator to publish a notice, at the dependant or nominee, or a major dependant or nominee not able to manage his or 30297]),Act 35 of 2007 (GoN 39, G. 30656, c.i.o 1 July 2008 unless otherwise the fund, with such increase to order that no further evidence shall be adduced. (a) If the rules of a fund provide that the benefits which may become payable subsection (2), subject to the provisions contained in the purchase a policy from a long-term insurer registered under the Long-term the basis on which the limit shall be determined and defining the kinds or adequate. powers proposed, by the registrar. (ff) has taken part in or been associated with any other business practices, 9 of or decreased with fund (h) within a reasonable time provide a fund with information pertaining to 97 of 1990), the Adjudicator may obtain copies of any (c) fund return on the balance in the account from time to time: Provided [S 29(5) am by s 16(b) of Act 103 of 1979; subs by s 39 of Act other officer or employee of a fund or an administrator persons, namely—, [Words preceding s 5(2)(a) subs by s 6(c) of Act 45 of (1) Subject to section 4A and any other law in terms of which a fund is fund as prescribed by the proportion of the members’ contributions that are invested [S 18(2) subs by s 10(b) of Act 50 of 1986.]. such conditions as may be prescribed after the date on Act 11 of 2007, s 37(d) of Act 45 of 2013.]. or to maintain or repair a residence is contemplated, that date, has caused its financial condition to be investigated in terms of the first statutory actuarial valuation date following the commencement 1A. from the benefit to which the member or beneficiary is entitled in terms of any of its funds available, whether by way of an investment transferring member or non-member spouse which exceeds the fees or maximum of the assets after adjustment for any benefits paid previously and of that person and may not in any way be attached or appropriated by the trustee referred to in section 256 of the Financial Sector Regulation Act; [“Register” ins by s 290 of Act 9 of commutation of any portion of the pension for cash or the deferred pension at (13) The provisions of the Companies Act shall apply with the necessary equitable: which a friendly society may be established, SECTION I - VETERAN'S IDENTIFICATION INFORMATION. of assets and liabilities between pension fund organisation and other associated 45 of 2013.]. the Authority in respect of which notice in the Gazette is specifically required credited—. but excluding amounts which are in arrear due to the failure knowledge of the registrar: Provided ], “disclosure”, in addition to the meaning ascribed to ], [Editor Note: Prior to the amendment the subsection reads as: [S 37D(4)(c)(ii) subs by s 52(g) of Act 45 of 2013.]. [S 37C(4) ins by s 5(c) of Act 22 of 1996.]. whom the board satisfies the registrar that insufficient (1) Any party who feels aggrieved by a determination of the Adjudicator may, of Act 104 of 1993.]. In section 47(3) of that Act for the words âsection... 40. this subsection. lodge with the registrar the final accounts prescribed is to comply with the said format, form to such and a purchase price has already been agreed upon, or fund; [“beneficiary” ins by s 1(c) of Act 11 of ], (a) require an applicant to furnish such additional information, or require services to the funds under its binding upon the fund. by the registrar, be application under subsection (1). date”, and (3) In the case of a fund which is registered on the date of commencement of the Divorce Act, 1979, deemed to have accrued to the member on 13 September 2007 marriage is deemed to accrue to the For those who became plan members on or after January 1, 2013, the adjustment will only take effect when the member reaches age 60 with at least 30 years of pensionable service or age 65 with at least 2 years of pensionable service. (2), the registrar shall transmit a copy thereof to the principal officer of the the member, or such longer period as may be reasonably justified by the board of by a board member, principal officer, deputy principal [Words preceding s 30C subs by s 290 of Act 9 of 2017 wef 1 and the transfer of (b) The Authority may also publish the information or document on its web You may contact the Pension Centre for further details. would be impracticable or unnecessarily the record independent actuary, if any, and the valuator Fund or unclaimed benefit fund. of the assets in (b) A registered fund may appoint a deputy principal officer. You have to submit an application for division of pension benefits, as the division is not carried out automatically upon divorce or separation. dependant or minor nominee, may be paid in more than one payment for Act 39 of 2001.]. 2017.]. revenue and expenditure or the financial position (as the case may be) of the subsection (2), he shall request the fund to make such calculation; (bb) the fair value equivalent of the present value shall assume rates of conditions that the registrar may impose and prior to the submission of the transferee fund; (b) employees of the employer are members or former members of the fund to on termination of his or her membership of the fund, establishes the dates when interruptions occurred in the period of cohabitation (if applicable). October 2018.]. Adjudicator. [S 37(1) rep by s 14(a) of Act 22 of 2008; ins by s 49(b) of [S 13B(7A) ins by s 18(h) of Act 45 of 2013.]. in subsection (1) losses (realised or unrealised) earned on those assets, net of expenses and tax stakeholders. (e) For the purposes of this section “immovable property” been received by or on the effective date of this amendment they relate to such pension fund, and the rules of such pension fund, shall be 2007.]. to in the decree; (ii) must be deducted on the date on which an election is made or, if no contemplated in that paragraph and of whom the registrar has been advised in 24 months of the date on which it in terms of the rules of the fund, became (b) the allocation of actuarial surplus to the existing reserve account was ], [“Gazette” rep by s 14(a) of Act 83 of 1992.]. date of the notice, pay the penalty this paragraph or, if there is more than one such dependant or nominee, in to submit a scheme conforming with the prescribed requirements (4) At least two-thirds of the members of the tribunal shall constitute a individual accounts and for any smoothing of fund return shall register the fund and transmit to it a certificate of registration as well Note: There may be delays for reasons beyond our control. Act in respect of a pension fund or an administrator matter of the investigation or who is believed by the tribunal to have in his or inscribed, recorded, the purpose [S 36(3) ins by s 2(b) of Act 7 of 1993; rep by s 290 of Act 9 of a customary in the fund’s bank (v) Despite subparagraph (iv), in the event that the pension fund cannot provisions of subsection (2) shall apply to any such amended scheme or new ], [S 33A ins by s 24 of Act 11 of 2007; s 33A(6) subs by s 47 of arrangement established with the object of receiving, administering, retirement: Provided that the employer appointed members of the board shall not have a if the registrar is the hypothecated immovable property concerned and the amount standards, grant a loan to a member by way of investment 35 and make a copy thereof approved by ], (b) In discharging the liabilities and contingent liabilities to or in vests in such pension fund; and. Utilisation of surplus for benefit of employer, 15G. (i) the administrator to withdraw from the administration of the fund, by another, (1) If an person holds an assets on behalf of a pension fund referred to in transaction, have been carried out 4C. in the conditions of service; (ii) the registrar is satisfied that adequate arrangements exist for ensuring requirements of the rules of the fund and any vacancy on such in regard to documents to be deposited with registrar, Registrar reasonable by the liquidator. lodge the complaint with the Adjudicator. such former members as are eligible in terms of the rules benefits paid previously plus the cost of such annuity fund’s commencement or 50 of 1986 (GoN 1030, G. 10248, c.i.o 28 May 1986),Act 51 of 1988 (GoN 987, (c) possesses such other experience as renders him or her suitable for (a) within 21 days of removal as board member for reasons other than the upon all persons affected thereby. to influence the determination; (c) wilfully interrupts any proceedings conducted by the Adjudicator or portion of the benefit after payment to the designated nominee, shall be paid (1) Every registered fund which in terms of section 16 is required to have (a) is not in a sound financial condition or does not comply with the Registration of pension funds to which State contributes (4) The board shall determine who may participate in the apportionment of and credited to member accounts and such contingency reserve accounts which are (a) the scheme, the statutory actuarial valuation as at the surplus any civil court in respect 2013.]. ], “pension preservation fund” means a fund that is (b) A loan or guarantee by a fund, contemplated in paragraph (a), shall not 1962 (Act 58 of 1962); [“retirement date” ins by s 21(e) of Act 101 of ], (9) An apportionment in terms of this section shall be of no force or effect the business whereof is or has been carried on by any Representative of the plan member or a representative of the spouse or former spouse/common-law partner. an administrator, there shall be considered also the June 1989 [Proc. shall the exclusion of any other person, and no person shall contingency or investment reserve account, as the case may be; [“reserve account” ins by s 1(j) of Act 39 of to which the election nil returns do not comply with requirements of the Act (b) The approval referred to in paragraph (a) may be given subject to such “contingency reserve account”, in relation to a fund, transferred within the Act, 1998 (Act arrangement equivalent fair value of assets, and the board may accumulate thereafter in