| (1) | Notwithstanding anything to the contrary in any other law contained, the Minister may from time to time, after consultation with the Minister responsible for higher education and training, make regulations providing— |
[Words preceding paragraph 2(1)(a) substituted by section 2(a) of the Financial Matters Amendment Act, 2023 (Act No. 09 of 2023), Notice No. 3651, GG48917, dated 7 July 2023 - effective 14 July 2023 per Notice No. 3683, GG48962 dated 14 July 2023 (section 21(2))]
| (a) | for a pension scheme for persons in the service of associated institutions; |
| (b) | for the establishment of a pension fund for such a scheme; |
| (c) | [Section 2(1)(c) deleted by section 1 of the Pension Laws Amendment Act, 1986 (Act No. 106 of 1986), Notice No. 1963, GG10452, dated 19 September 1986] |
| (d) | for the investment of amounts standing to the credit of such fund; |
| (e) | for the periodical valuation of the assets and liabilities of such fund by an actuary who is a Fellow of an institute, faculty, society or chapter of actuaries approved by the Minister; |
| (f) | for any matter which may be prescribed under this Act; and |
| (g) | generally for the better achievement of the objects and purposes of this Act. |
[Section 2(1) substituted by section 2(1) of the Pension Laws Amendment Act, 1972 (Act No. 97 of 1972), Notice No. 1183, GG3605, dated 5 July 1972 - deemed to have come into operation on the first day of August, 1963 (section 2(2))]
| (2) | Without prejudice to the generality of the provisions of sub-section (1) such regulations may— |
| (a) | make provision for persons who immediately prior to the specified date were in the service of an associated institution and who— |
| (ii) | are members of any pension or provident fund or other scheme (other than a provident fund referred to in sub-paragraph (i)) established for their benefit by any associated institution referred to in paragraph (f), (g) or (h) of the definition of "associated institution" in section one, |
to be released from all obligations towards and to relinquish all rights and privileges in respect of any such fund or scheme and to become members of and contribute to the fund, if they so elect;
| (aA) | make provision for persons who are contributors to the Provident Fund for Associated Institutions established by section 3 of the Associated Institutions Provident Fund Act, 1971 (Act No. 11 of 1971), to be released from all obligations towards and to relinquish all rights and privileges in the said provident fund and to become members and contribute to the fund, if they so elect; |
[Section 2(2)(aA) inserted by section 1(a) of the Pension Laws Amendment Act, 1980 (Act No. 97 of 1980), Notice No. 1525, GG7150, dated 1 August 1980]
| (b) | prescribe the conditions subject to which persons— |
| (i) | referred to in sub-paragraph (i) or (ii) of paragraph who elect in terms of the regulations to become members of and contribute to the fund; |
| (ii) | who are in the service of an associated institution on the specified date but who are not members of any fund or scheme referred to in paragraph (a) on that date; |
| (iii) | who are appointed to the service of an associated institution on or after the specified date, |
may become members of and shall contribute to the fund;
| (c) | prescribe the rate at which contributions shall be paid to the fund by persons who become contributors thereto; |
| (d) | prescribe the basis on which and the manner in which contributions and any other amounts shall be paid to the fund by a council or from moneys appropriated by Parliament for the purpose; |
| (e) | prescribe the benefits payable from the fund; |
| (f) | prescribe the amount which shall be transferred to the fund from the technical colleges provident fund or the university institutions provident fund in respect of a member of such a fund who elects in terms of the regulations to become a member of and contribute to the fund; and |
| (g) | provide for the cession to the Director-General on behalf of the fund of any policy of assurance which formed part of the provision made for a member of the technical colleges provident fund or the university institutions provident fund in terms of the regulations governing such fund, if such member elects in terms of the regulations to become a member of and contribute to the fund, and prescribe the conditions subject to which such cession shall take place; |
[Section 2(g) substituted by section 2(b) of the Financial Matters Amendment Act, 2023 (Act No. 09 of 2023), Notice No. 3651, GG48917, dated 7 July 2023 - effective 14 July 2023 per Notice No. 3683, GG48962 dated 14 July 2023 (section 21(2))]
| (h) | prescribe the conditions on which a member who is seconded for employment in respect of which he is not liable to contribute to the fund, may continue to contribute to the fund. |
[Section 2(2)(h) inserted by section 1(b) of the Pension Laws Amendment Act, 1980 (Act No. 97 of 1980), Notice No. 1525, GG7150, dated 1 August 1980]
| (i) | prescribe the circumstances in which, the procedure according to which and the basis and conditions on which the interest of a member in the fund, including his rights and obligations in terms of the fund, may be transferred to any other pension fund. |
[Section 2(2)(i) inserted by section 1 of the Pension Laws Amendment Act, 1990 (Act No. 117 of 1990), Notice No. 1619, GG12639, dated 13 July 1990]
