Financial Services Board Act, 1990 (Act No. 97 of 1990)NoticesLevies for Financial Institutions, 20194. Levy on administrators |
| (1) | The levy, in respect of an administrator approved in terms of section 13B of the Pension Funds Act, is an amount of R8,162.33, plus an additional amount of R636.31 per pension fund referred to in paragraph 3(1) under the administration of the administrator and an amount of R0.77 per member and in respect of every other person who receives regular periodic payments from such fund, but excluding any member or such person, whose benefit in the fund remained unclaimed and beneficiaries. |
(2)
| (a) | The calculation of the levy referred to in subparagraph (1) is based on the number of members and other persons as reflected in the latest statistics furnished to the Authority in terms of any law as at 30 June of the levy year. |
| (b) | If a transfer of members is in process and not finalised on 30 June of the levy year, the transferor fund must pay the levy in respect of the members to be transferred. |
| (c) | Where the appointment of a liquidator of a fund is approved or where a fund has been exempted from section 28 of the Pension Funds Act by the Authority after 30 June of the levy year, the levy for the fund is payable in full for the levy year. |
| (3) | The levies referred to in subparagraph (1) must be paid not later than 31 August of the levy year. |