Government Employees Pension Law, 1996Annexure 1 : Government Employees Pension Law, 199618. Implementation of scheme to restore financial soundness of Fund |
| (1) | If an actuarial valuation of the Fund reveals that the Fund is not in a sound financial position, the Board shall after having considered proposals by the actuary who performed such valuation, implement a scheme or arrangement aimed at restoring the Fund to a sound financial position. |
| (2) | No scheme or arrangement shall be implemented under subsection (1) if it adversely affects the benefits which are or will be received by pensioners or members from the Fund or other matters of mutual interest or if it increases the rate of contributions to the Fund, unless such scheme or arrangements has been agreed to after negotiations in terms of any law applying in respect of labour relations arrangements in the Public Service, including Education and negotiations in accordance with any labour relations arrangements applicable to the South African Police Service, the South African National Defence Force and the State Security Agency with regard to their conditions of service. |
[Subsection (2) substituted by section 53 of the General Intelligence Laws Amendment Act, 2013 (Act No. 11 of 2013)]