Pension Funds Amendment Act 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  • to delete outdated provisions;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)