Financial Services Board Act, 1990 (Act No. 97 of 1990)NoticesLevies for Financial Institutions, 20203. Levy on pension funds |
(1)
| (a) | The levy, in respect of a pension fund registered or provisionally registered in terms of the Pension Funds Act, but excluding a retirement annuity fund, pension preservation fund, provident preservation fund and a commercial umbrella fund, is an amount of R1 317.02 plus an additional amount of R15.58 per member of such fund and in respect of every other person who receives regular periodic payments from such fund (excluding any member or such person, whose benefit in the fund remained unclaimed and beneficiaries), or R3 017 755, whichever total amount is the lesser. |
| (b) | The levy, in respect of a commercial umbrella fund, pension preservation fund and provident preservation fund registered or provisionally registered in terms of the Pension Funds Act is an amount of R1 317.02, plus an additional amount of R15.58 per member of such fund and in respect of every other person who receives regular periodic payments from such fund (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 30 September of the levy year. |