Labour Relations Act, 1995 (Act No. 66 of 1995)Bargaining Council for the South African Road Passenger (SARPBAC)Rules Retirement Fund (Provident)Definitions |
In these RULES, unless inconsistent with the context, words defined in the ACT bear the meanings assigned to them in the ACT and, where applicable, all words and expressions indicating the masculine gender include the feminine and words signifying the singular include the plural, and vice versa. The following words and expressions shall have the following meanings and are indicated in capital letters throughout:
The Pension Funds Act, No 24 of 1956 as amended and the regulations and directives framed thereunder;
An account maintained by the ADMINISTRATOR in respect of each MEMBER in terms of Rule B 2.2;
Such company, registered as an administrator in terms of Section 13B of the ACT, as may be appointed by the BOARD OF TRUSTEES from time to time to administer the FUND;
The day specified in the SCHEDULE;
The sum of a MEMBER'S MONTHLY PENSIONABLE SALARY for the preceding 12 months;
A pension fund (excluding an APPROVED PRESERVATION PENSION FUND) registered in terms of the ACT and approved by the COMMISSIONER;
An APPROVED PENSION FUND recognised as a preservation fund, registered in terms of the ACT and approved by the COMMISSIONER;
An APPROVED PROVIDENT FUND recognised as a preservation fund, registered in terms of ACT and approved by the COMMISSIONER;
A provident fund (excluding a preservation provident fund) registered in terms of the ACT and approved by the COMMISSIONER;
A retirement annuity fund registered in terms of the ACT and approved by the COMMISSIONER
An APPROVED PROVIDENT FUND established to manage unclaimed benefits, recognised as a preservation fund, registered in terms of the ACT and approved by the COMMISSIONER;
The auditor appointed by the BOARD OF TRUSTEES in terms of these RULES;
The managing body of the FUND appointed in terms of Rule B 1.2;
Those EMPLOYEES described in the SCHEDULE and advised to the FUND in writing by the EMPLOYER;
Those EMPLOYEES described in the SCHEDULE and advised to the FUND in writing by the EMPLOYER;
The day specified in the SCHEDULE, but in relation to an EMPLOYER who enters the FUND after the said date, "COMMENCEMENT DATE" shall mean the date on which the EMPLOYER enters the FUND;
The Commissioner for the South African Revenue Service appointed in terms of the Income Tax Act, No 58 of 1962;
The South African Road Passenger Bargaining Council;
The meaning assigned thereto in terms of the ACT;
A person in the permanent and full-time service of the EMPLOYER:
| (i) | who is not employed for a predetermined period; and |
| (ii) | whose remuneration does not consist solely of fees and allowances; |
An organisation which:
| (i) | is party to the COUNCIL, or falls within the registered scope of the COUNCIL agreements as extended to non-parties, and |
| (ii) | does not already participate in a retirement fund for its CATEGORY 1 EMPLOYEES, and |
| (iii) | comes to participate in the FUND by arrangement with the FUND, |
and where the context so requires, "EMPLOYER" shall mean, for any MEMBER, the EMPLOYER employing the MEMBER;
The final salary specified in the SCHEDULE;
The period specified in the SCHEDULE;
The fund specified in the SCHEDULE;
A person whose membership of the FUND terminated during the 12 months preceding the TERMINATION DATE;
The death benefit indicated as such in the SCHEDULE;
The income continuation benefit scheme operated by the COUNCIL for the benefit of the MEMBERS;
An independent board member who is not in the employ of the EMPLOYER nor controlled nor in common control with the EMPLOYER, the COUNCIL, the ADMINISTRATOR or any other service provider and does not provide any other services to the EMPLOYER, the COUNCIL, the ADMINISTRATOR or the FUND;
The insurer(s) registered in terms of the Long-term Insurance Act, No 5 of 1965;
The insurer(s) registered in terms of the Long-term Insurance Act, No 5 of 1965;
| (i) | the liquidator appointed by the BOARD OF TRUSTEES; or |
| (ii) | a trustee appointed by the REGISTRAR in terms of section 26(2) of the ACT; or |
| (iii) | an authorised representative appointed by the REGISTRAR whose appointment has been approved by the REGISTRAR in terms of section 28(2) of the ACT; |
A person who is a member of the FUND in terms of Rule A 1;
In respect of each MEMBER the amount in the MEMBER'S NET EMPLOYER CONTRIBUTIONS ACCOUNT less any deduction made as permitted in terms of Section 37D of the ACT.
The MEMBER'S SHARE shall at least be equal to the PRESCRIBED MINIMUM BENEFIT;
The basic monthly salary/wage which the MEMBER receives from the EMPLOYER and any other emoluments specified by the EMPLOYER which is deemed to be pensionable; provided that MONTHLY PENSIONABLE SALARY will be determined on joining the FUND and a change in MONTHLY PENSIONABLE SALARY will take effect in the manner set out in the SCHEDULE;
The net contributions indicated as such in the SCHEDULE;
An account maintained by the ADMINISTRATOR in respect of each MEMBER in terms of Rule B 2.1;
The age specified as such in the SCHEDULE;
The office period for TRUSTEES as referred to in Rule B 1.2 and specified in the SCHEDULE;
The policy referred to in Rule B 1.3.3;
The PRESCRIBED MINIMUM BENEFIT provided for in terms of Section 14A of the ACT;
The person appointed as such in terms of Rule B 1.3.8;
The Registrar of Pension Funds, appointed in terms of the ACT;
These rules and any amendment thereto from time to time, as registered by the REGISTRAR and approved by the COMMISSIONER;
The schedule of benefits described in these RULES;
The unattached insurance benefits (if any) provided by the separate insurance scheme(s) operated by the COUNCIL for the benefit of the MEMBERS. The premiums payable by an EMPLOYER are channelled via this FUND to the separate insurance scheme;
The effective date of:
| (i) | liquidation as set out in the Board Resolution in terms of which the: |
| (a) | EMPLOYER'S participation in the FUND; or |
| (b) | entire FUND |
should be terminated in terms of Rule B 3 and Section 28 of the ACT; or
| (ii) | transfer as documented in the transfer application made to transfer: |
| (a) | a portion of the MEMBERS in the employ of the EMPLOYER; or |
| (b) | all the MEMBERS in the employ of the EMPLOYER; or |
| (c) | the entire FUND |
The road passenger transport trade as defined in the scope of the COUNCIL;
A member of the BOARD OF TRUSTEES;
A registered trade union as defined in the Labour Relations Act, No 66 of 1995 that is a party to the COUNCIL or falls within the registered scope of the COUNCIL;
An actuary approved as a valuator by the REGISTRAR.