Financial Services Board Act, 1990 (Act No. 97 of 1990)NoticesLevies for Financial Institutions, 20195. Levy on retirement annuity funds |
(1)
| (a) | The levy, in respect of a retirement annuity fund referred to in paragraph 3(1), is an amount of R1 278.66, plus an additional amount equal to 0.0097% of the value of the assets of the fund. |
| (b) | Where the appointment of a liquidator of a fund is approved by the Authority after 30 June of the levy year, the levy for the fund is payable in full for the levy year. |
(2)
| (a) | The value of the assets of a retirement annuity fund is the value of those assets of the fund determined at the time of the valuation thereof by the insurer for the purpose of determining its liabilities excluded in paragraph 10(2)(b) from the definition of "liabilities ", as well as any other assets held by the fund to enable it to meet its obligations towards its members. |
| (b) | he calculation of the levy referred to in subparagraph (1) is based on the value of assets as reflected in the latest statistics furnished to the Authority in terms of any law as at 30 June of the levy year. |
| (c) | 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 value of the assets for the members to be transferred. |
| (3) | The calculation of the value of the assets of a retirement annuity fund must include the value of a contract, if any, in which a long-term insurer, in return for the payment of a premium, undertakes to provide policy benefits for the purpose of funding in whole or in part the liability of a retirement annuity fund to provide benefits to its members in terms of its rules. |
| (4) | The levy referred to in subparagraph (1) which is payable by a retirement annuity fund must be paid not later than 31 August of the levy year. |