Pension Funds Amendment Act 22 of 1996

The Pension Funds Amendment Act 22 of 1996 intends:

• to amend the Pension Funds Act, 1956, so as
• to amend, insert, substitute or delete certain definitions and expressions;
• to provide for boards to manage pension funds;
• to make provision for the object of such boards;
• to regulate the duties of boards;
• to provide for the exemption of pension funds from certain provisions of the Act;
• to regulate the application of certain provisions of the Act to certain pension funds;
• to regulate the submission of complaints to, and the consideration thereof by, pension funds or employers who participate in such funds;
• to establish the Office of the Pension Funds Adjudicator;
• to provide for the disposal of complaints by a Pension Funds Adjudicator;
• to make provision for access to a court;
• to provide for certain powers of the Adjudicator, and the funds of the Adjudicator;
• to make provision for the terms and conditions of employment of the Adjudicator and his or her employees;
• to provide for the accountability of income and expenses of the Adjudicator;
• to provide that the Adjudicator shall submit an annual report to the Minister of Finance;
• to make provision for certain offences and penalties;
• to limit the liability of the Adjudicator;
• to regulate the manner by which the Office of the Adjudicator shall be liquidated;
• to limit the reduction of pension benefits in respect of arrear contributions owed to a pension fund; and
• to further regulate the disposition of pension benefits upon the death of a member of a pension fund; and
• to provide for matters incidental thereto.

Commencement

19 April 1996