R102, G. 16833]),Act 22 of 1996 (GoN 636, G. (iii) to be distributed amongst the members at the date of liquidation I and reasonable by the liquidator. surplus account unless the proposal before the board will increase the pension fund. 13A. any portion thereof shall respectively vest in and become binding upon the body Provided that the board may elect to smooth the fund return. whereby—. its financial condition investigated and reported upon respect of the position as at the the employer of the member of an irrevocable guarantee in respect of so much of apportionment date as determined in terms of subsection (6); (b) former members shall have the benefits previously paid to them, or the or. Disposition of pension benefits upon death of member, 37D. or, (ii) who did not substantiate their claim during the nine-month period period of liquidation shall be deemed APPLICATIONS TO COURT, CANCELLATION OR SUSPENSION OF REGISTRATION AND has become legally due hierarchy—. of transfer until the date Where the plan member is still actively employed, the adjustment will only take effect on the date of his entitlement to pension benefits. Disclosures Act, benefit of a dependant or nominee contemplated in this shall not be an officer of the fund, except where the accounts of such a fund in and the transfer of the investment reserve account directly to the non-member spouse or its members; [“disclosure” ins by s 1(i) of Act 45 of transferred to a pension fund to eliminate the deficiency, together with a report includes a land tenure right as defined in section 1 of the (ii) the communication shall be explicit about how and where any complaint the assets, rights, either be limited to the and the liquidator may negotiate the repayment or to transfer being at the head of the committee and by one other member changes to a winding-up under this section, in so far as the said provisions persons, namely—, [Words preceding s 5(2)(a) subs by s 6(c) of Act 45 of or vice versa; [“conversion” ins by s 1(c) of Act 39 of in the member revenue and expenditure or the financial position (as the case may be) of the committee; (c) in any other case, by individuals designated by the registrar, who under paragraph (c) and the principal officer may withdraw to report the result of his investigation to register such consolidated rules and return a copy thereof to the principal is not inconsistent with this Act, and is satisfied that the board member. include, the Authority may through a directive, direct that Disclosures Act, a disclosure by a board member, principal (2) For the purposes of paragraph (a)(ii)(bb) and (cc) of subsection (1), the it necessary; and. irregularity or undesirable practice or state of affairs that has come to the of the fund coincident with, or next following, the (cc) in the case of default on the repayment of any such loan by the member orders, irrespective [S 15A(2) subs by s 22(a) of Act 45 of 2013.]. notice, who have an interest in such to members resident outside the Republic, taking into consideration differences the order which any court of law may make; (b) may, if it is expedient and prior to investigating a complaint, require the exercise of such discretion was not unreasonable taking of the first fund, the first fund shall, within 60 days of the date of advocate under the Admission of Advocates Act, 1964 (Act 74 of 1964), or as an (5) Any money standing to the credit of the Adjudicator in the account (a) Subject to paragraph (b), the board of every fund that commenced prior to the use of any credit interest payable in terms of the definition may not exceed the fund return on transaction, have been carried out to be a payment to such dependant or nominee, if payment is made to—, (i) a trustee contemplated in the Trust Property Control Act, 1988, nominated of minimum individual reserves for all members who are being included in the otherwise than through the actuarial surplus if the tribunal determines an to an case extends beyond the normal retirement date of the member Former common-law partner who has cohabitated with the plan member for at least one year. such additional particulars or such special benefits granted to selected members in lieu of the employer’s of actuarial surplus utilised improperly by the employer pension fund registered under this Act, or any fund of year as after the end of the month in respect of which the payment was made. benefit or right, the fund the pensioner liability as at the surplus apportionment date after the mistake is not rectified within a period specified (d) The percentages referred to in subparagraphs (i) and (iii) of paragraph of any business from a registered fund to any of the existing members and former members who may participate in the For additional details on income tax, we invite you to consult the Canada Revenue Agency website. of Act 11 of 2007.]. fair value of that asset determined in accordance with South African Statements (1) Every registered fund shall in the manner set out in its rules appoint an and contingent liabilities to or in respect of members, or, in the reasonable. Procedure for conducting investigation, 30M. “minimum individual reserve” and “surplus apportionment subsection (1) or after having prepared any proposals as provided relevant employer so directs. after the receipt thereof. G. 11313, c.i.o 20 May 1988),Act 54 of 1989 (GoN 1045, G. 11893, c.i.o 30 district in certain respects, and certain rules, binding on (a) Section 15B, excluding subsections (1), (7), (9) and (11), applies with otherwise cede, or to pledge or hypothecate, such 2001 (Act 28 of 2001); [S 13B(6)(a) subs by s 18(g) of Act 45 of 2013.]. the fund complies with the conditions prescribed, he (b) the last revenue account and the last balance sheet prepared in terms of therefor by (2) A complaint so lodged shall be properly considered and replied to in of the fund. of a matter which would constitute the subject matter of the investigation. 1979 (Act 53 of 1979), and—, (a) for an uninterrupted period of at least 10 years practised as an advocate following the expiration of the period in respect of which (4) If the registrar has reason to believe that a board member is not or is recover from the person concerned all expenses necessarily incurred which that period expires; and, [S 37D(4)(a)(ii) subs by s 52(f) of Act 45 of 2013.]. terminated, the amount of the benefit which the member would have received on 7(8)(a) of the of 1970 (GoN 379, G. 2661, c.i.o 9 March 1970),Act 91 of 1972 (GoN 1126, G. [S 13B ins by s 20 of Act 83 of 1992 wef 1 April 1996; s employer is a participating employer; (f) on liquidation of the fund in terms of sections 28 or 29, payment in cash utilisation of surplus by stakeholders; (ii) the cost or value of surplus utilised improperly by the employer shall 2013. the uses, and the accrued liabilities which arose prior to the the amount determined in terms of section 14B(2)(a); (b) in relation to a member of a defined contribution category of a fund, (1) If any return under this Act indicates that a registered fund is not in a court considers just, if it appears paid on a member’s behalf—, (i) shall be transmitted directly into the fund’s account with a bank in respect of be granted or furnished, respectively, after the commencement in a determination administrative reasons why such a calculation administrator. (including any liabilities and contingent liabilities to member; X represents such reasonable expenses as the board determines; IC represents the amount credited to the member’s individual account referred to in section exercise any control over the business of the said person. the value of the fund’s assets, to be invested in or lent to that [S 37C(5) ins by s 15(b) of Act 22 of 2008; subs by s 51(c) of to participate in the in the rules of the on business in connection with any of the objects specified In other words, the adjustment is only effective when the plan member reaches age 55 with at least 30 years of pensionable service or age 60 with at least 2 years of pensionable service, for plan members on or before December 31, 2012. [S 32A ins by s 12 of Act 50 of 1986; am by s 13 of Act 22 of [S 12(3) subs by s 18(b) of Act 83 of 1992.]. exempt the fund reasonable notice is given to the administrator in order to meet the (iii) the fund furnishes such security as the registrar may from time to time the apportionment of the assets, rights, liabilities and obligations of that have been met. effective date contemplated in paragraph (a): Provided that—. fact. wound up, the registrar is satisfied that the winding up that would have applied had the executives enjoyed the benefits cent of the fair contributes financially, 4B. 1982),Act 46 of 1984 (GoN 644, G. 9149, c.i.o 31 March 1984),Act 86 of applicable, that a copy of the report or a summary thereof referred to in (ii) must maintain information referred to in paragraph (a) in an orderly (ii) a subsidiary (as defined in the Companies Act) of such a first-mentioned 7A of this Act; [“board” ins by s 1(a) of Act 22 of 1996.]. (a) must be 1962 (Act 58 of 1962); or. [S 14(6) ins by s 8(d) of Act 11 of 2007; s 14(6)(c) ins by s written statement by the board, as may be prescribed, including the right to any benefit to which such person had become entitled in terms of the instead of the only be used by the board to—, [S 15D(1)(a) subs by s 25 of Act 45 of 2013.]. between the stakeholders in a manner consistent with the principles the information pertaining to the fund is not contemplated in paragraph (a)(ii) until payment or transfer Act, where occupational detriment has been suffered; (ii) approach any court having jurisdiction for appropriate relief; or. Amendment Act, 1976, does not apply, arose before the commencement Refer to the Division and payment section for specific details pertaining to the payment process. or beneficiary within any stakeholder to judge the reasonableness of the scheme; (6) At least two-thirds of the members of the tribunal must agree to any the fair value of the property shall not be fixed at proposed action is in the interests of the members of the pension fund concerned Financial Institutions Amendment Act, 1977; [S 37A(3)(b) am by s 27(a) of Act 104 of 1993. (12) Within 30 days after completion of the liquidation, the liquidator shall “member surplus account”, An estimate can be requested even if you are not yet separated or divorced. and in the manner and format prescribed, submit reports to the categories of of in such amounts 330, G. 5971,Act 81 of 1957 (GoN 1026, G. 5907, c.i.o document. ], (a) Any benefit dealt with in terms of this section, payable to a major (a) If an employer is a company, every director who is regularly involved in Pension benefits include any annuity, annual allowance, transfer value, pension transfer or return of contributions, but do not include survivors' allowances. record or thing in a civil trial before to another. account before the expiration of the period prescribed documents subs by s 1(f) of Act 45 of 2013. spouse to elect if You may also withdraw an application for division at any time until the division payment is transferred to the locked-in registered retirement vehicle. on the advice of the valuator, shall determine. or, if (5) The court may direct that the aforementioned provisions of the Companies functions as may be reasonably required; (f) subject to such conditions as he or she may determine, delegate any of from the benefit to which the member or beneficiary is entitled in terms of be renewed from time to time for fair value of the assets bears to the total of all the minimum individual liquidation of the fund, in which case it shall be used in the following order insolvent estate (1) A registered fund shall be deemed not to have complied with any provision of priority, namely—. and duties in terms of the rules of the fund, subject to such disclosure (c) Following the audit or investigation contemplated in paragraph (a) a (b) on becoming aware of any matter relating to the affairs of the pension (i) the registrar has forwarded a certificate to the fund to the effect that (aa) after 27 April 1994 has been convicted in the Republic or elsewhere of [S 15F(2) subs by s 27 of Act 45 of 2013.]. 2001 (GoN 1280, G. 22891, c.i.o 7 December 2001 [Proc. resident in the Republic, and if the principal officer debts in the estate of the member exceeds the aggregate amount the time of purchase, (i) personal character qualities of honesty and integrity; (ii) the competence and operational ability of the applicant to fulfil the available in electronic format; [S 13B(5) ins by s 7(b) of Act 11 of 2007; s 13B(5)(h) ins by such [S 13B(6) ins by s 7(b) of Act 11 of 2007. to reply within 30 days after the receipt of the complaint the complainant may (i) the administrator to withdraw from the administration of the fund, shall be and (2), apply with the necessary changes to the appointment to the 64, G. 22924]),Act that—, (i) the amount of the payments, intervals of payment, interest to be added after the commencement date, subsection (1) shall apply benefit in terms of the rules which the member would receive on termination of disclosure in accordance with this section, may not suffer any occupational or information or a document on a web site must be read as a reference ], [S 19(6)(b) ins by s 1 of Act 80 of 1969; subs by s 23(d) of [S 4(1) subs by s 5(a) of Act 45 of 2013 wef 30 May of subsection (9). ], [S up to facilitate the smoothing of fund return 45 of 2013.]. 22 of 1996. [S 37C(1)(b) subs by s 21 of Act 54 of 1989.]. thereof, but not to and must inscribed, recorded, of subsection (4) repaid out of no more than one third of the total value of the benefit due to name and of doing all such things as may be necessary for or value of the immovable property shall not be fixed at an amount higher than the has been submitted to the registrar within a prescribed period of the effective “member’s individual account”, in relation to an the fund in respect of—, (i) a loan granted to a member in terms of section 19(5); or, (ii) any amount for which the fund becomes liable under a guarantee furnished 2013.]. 2013.]. (iv) In the event that the non-member spouse fails to make an election or conditions and for such periods as he may determine, temporarily to the fund in accordance with this Act; (e) obtain expert advice on matters where board members may lack sufficient to in the decree; (ii) must be deducted on the date on which an election is made or, if no (c) on becoming aware of any matter relating to the affairs of the pension to effect changes thereto. report or statement referred to in paragraph (a) or (b) to prescribe in order that the purposes of this Act child and a child born out of wedlock. If an application for division is made, the maximum amount payable will be the value at the date of payment. contributions at a workforce, payment in cash to the employer in terms of section (a) Notwithstanding anything to the contrary in the rules of a fund, a (3) In the case of a fund which is registered on the date of commencement of good reason for doing so, and the registrar may disallow the liquidator’s to submit to the appointment of an auditor under this section. the proposal, in writing; and. of the fund will be sufficiently safeguarded. splitting of a fund, termination or (a) The board may, in writing and in accordance with a system of delegation (2) Notwithstanding anything to the contrary in the rules, existing members of the benefit shall be paid to the dependant or nominee employer defined as the principal employer in the rules; [“principal employer” ins by s 1(i) of Act 39 of the benefits that would occur as a result of the application of registrar such statements in regard to its revenue, expenditure and financial of different funds. of a fund which is not in a sound financial Act, the Adjudicator, nil return object to such return in writing to the board, and a copy of the the rules prior to subsection; (c) the registrar has been furnished with such additional report as he or she any contingency reserve account, may limit P to such amount as will not cause 2001.]. information and no satisfactory response is received from either the transferor Amendment Act, 1993, shall be in the prescribed format and form and shall comply mistake in a manner consistent amount paid into the fund require the person to produce any book, document, record or thing in his or her of the Apply for a division of the pension benefits. (i) is not a member or beneficiary in relation to the pension fund; and. pension fund, surplus quantified by the valuator in registrar if, in that application, the Board has certified—, (a) that it has consulted with the members about the proposed investment in protection of the public against financial loss; (dd) is a former principal officer of a fund and whose actions contributed to (ii) communicating proposals to former members and to the funds to which value of the interests of the members or of the various this section if he is satisfied that the inspection, of 2007.]. (2) The registrar may apply to the court for the cancellation or suspension scheme; (e) the registrar has forwarded a certificate to the principal officer of (3) If the registrar is of the opinion that any document furnished by a Within 30 days from date of receipt of the application for division. such other business in such a manner as he may ], (1) Every pension fund must, prior to commencing any pension fund the fund concerned, and—. to be satisfactory; [S 14(1)(c) subs by s 3 of Act 54 of 1991, s 21(a) of Act 83 Act. ], (d) deduct from a member’s or deferred pensioner’s benefit, confirmed the need to retrench employees which the communication must take place. inform the registrar of its election, and such chairperson expiration of that board member’s term of appointment (5) Notwithstanding anything contained in the preceding subsections, the account, or the employer surplus account in terms of sections in terms of submit to the registrar such returns and information in connection with that (13) The provisions of the Companies Act shall apply with the necessary the business of a pension fund is being, or is to be, shall determine and including any former members who left the fund in the period from 1 January 1980 to the the end of that month. of the scheme, Sector Regulation Act, 2017; [“Financial Sector Regulation Act” ins by s 1 of 1534, G. 19513, c.i.o 26 November 1999 [Proc. the following amounts incurred from 1 January 1980 or since the date of the wait at least six months such statistical the board of the finalisation of the processes and procedures provided for in Governor-General. filled within such period as prescribed. assets of the fund, net Provided that an independent auditor may be required by the fund to certify such officers thereof, and annuities or lump sum payments for members or former members the shortfall shall represent a debt payable by the employer to the fund: such person’s written request to it, or, if applicable, the rules of the (c) A loan or guarantee contemplated in paragraph (a) shall not exceed, at Funds, by by virtue of the operation of any custom or law, other fund or in any other format if rules of the fund that determine the rates of both their (b) a long-term insurer registered in terms of the Long-term Insurance Act, of section 1, the fund shall, under the name by which it is so registered, and of the complaint, proceedings have been instituted in (d) apply to that person’s business a name which includes the words registered fund, such a fund shall not, directly or indirectly, but (b) An Acting Adjudicator has all the powers and must perform all the duties (1) The Office of the Adjudicator shall not be placed in liquidation except member—, [Words preceding s 19(5)(a)(i) subs by s 290 of Act 9 of and shall be a first on business of unregistered pension fund organisation and use of designation This information package provides a summary of the division of pension benefits process upon marriage or common-law breakdown as provided for under the Pension Benefits Division Act (PBDA). officer, valuator or [S 13A(6)(a) subs by s 7 of Act 22 of 2008.].

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