Government Employees Pension Law, 1996Annexure 1 : Government Employees Pension Law, 199615. Transfer to Fund of members and pensioners of Temporary Employees Pension Fund and Associated Institutions Pension Fund |
[Annexure 1 Section 15 Heading substituted by section 14 of the Financial Matters Amendment Act, 2023 (Act No. 9 of 2023), Notice No. 3651 of GG48917, dated 7 July 2023 - effective 14 July 2023 per Commencement Notice No. 3683 of GG48962, dated 14 July 2023]
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| (1) | All members and pensioners of the Temporary Employees Pension Fund and the Associated Institutions Pension Fund who are employed in the service of the employer and all pensioners of that Fund who at time of their retirement were employed in such service shall with effect from a date determined by the Minister become members or pensioners of the Fund. |
| (2) | The Temporary Employees Pension Fund and the Associated Institutions Pension Fund shall, in respect of members and pensioners of that Fund who in terms of subsection (1) become members and pensioners of the Fund, pay to the Fund an amount, whether in cash or in specie, equal to the funding percentage of that fund multiplied by the actuarial obligation of that fund in respect of such members or pensioners on the date determined in terms of subsection (1) in respect of them, plus interest thereon calculated at the bank rate from that date until the date on which the amount is paid to the fund. |
| (3) | For purposes of this section— |
| (a) | "actuarial obligation" means the obligation of the Temporary Employees Pension Fund and the Associated Institutions Pension Fund in respect of the members or pensioners concerned on the date determined in terms of subsection (1), as calculated by an actuary; |
| (b) | "bank rate" means the rate determined from time to time in terms of section 10(2) of the South African Reserve Bank Act, 1989 (Act No. 90 of 1989); and |
| (c) | "funding percentage" means the market value of the net assets of the Temporary Employees Pension Fund and the Associated Institutions Pension Fund as on the date determined in terms of subsection (1), expressed as a percentage of the calculated aggregate actuarial obligation. |
[Annexure 1 Section 15 substituted by section 14 of the Financial Matters Amendment Act, 2023 (Act No. 9 of 2023), Notice No. 3651 of GG48917, dated 7 July 2023 - effective 14 July 2023 per Commencement Notice No. 3683 of GG48962, dated 14 July 2023]