Files
| Attachment | Size |
|---|---|
| a11-07ocr.pdf | 710.06 KB |
11 of 2007
The Pension Funds Amendment Act 11 of 2007 intends:
- to amend the Pension Funds Act, 1956, so as:
- to clarify, define or further define certain expressions, to clarify certain provisions in line with their practical application;
- to update references to legislation and institutions;
- to delete outdated provisions;
- to clarify the provisions on the determination and apportionment of actuarial surplus in a pension fund;
- to provide for the application of the said Act to certain funds;
- to provide for the obligations and proper conduct of an administrator of a pension fund and the sanctions for misconduct;
- to regulate the amalgamation or transfer of the business of a registered fund;
- to provide for the granting of a minimum pension increase to pensioners;
- to extend and clarify the provisions on deductions that may be made from pension benefits;
- to further define and clarify the powers and functions of the Pension Funds Adjudicator;
- to extend the regulatory powers of the registrar; and
- to provide for administrative penalties for non-compliance with the said Act; and
- to provide for matters connected therewith.
Commencement
13 September 2007 (Gazette 30297 of 13 September 2007)
