Government Employees Pension Law, 1996Annexure 1 : Government Employees Pension Law, 199630. Protection of rights of members of previous funds, Temporary Employees Pension Fund and Associated Institutions Pension Fund |
[Annexure 1 Section 30 Heading substituted by section 17(a) 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]
| (1) |
| (a) | Where a member of a previous fund becomes a member of the Fund, the member's benefits in the Fund on the date determined in terms of section 14(1) in respect of that previous fund shall satisfy the condition that the real value of the accrued benefits of such member on that date as represented by the Fund's actuarial liability towards the member and his or her beneficiaries, shall not be less than the real value of the accrued benefits of such member in that previous fund immediately before that date, as represented by the actuarial liability of that previous fund towards the member and his or her beneficiaries, in accordance with a certificate from an actuary appointed by the Board. |
| (b) | Consistent actuarial bases shall be applied in the calculation of the actuarial liability values referred to in subparagraph (a). |
| (2) | The provisions of subsection (1) shall apply mutatis mutandis to a member of the Temporary Employees Pension Fund or the Associated Institutions Pension Fund who becomes a member of the Fund in terms of section 15, and in any such application references in subsection (1) to a previous fund and date determined by the Minister in terms of section 14(1) shall be construed as references to the Temporary Employees Pension Fund or the Associated Institutions Pension Fund, as the case may be, and the date determined in terms of section 15(1) respectively. |
[Annexure 1 Section 30(2) substituted by section 17(b) 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]