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act22of1996.pdf | 1.36 MB |
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