Pension Funds Act, 1956 (Act No. 24 of 1956)Chapter IV : Documents to be Deposited with Registrar15C. Apportionment of future surplus |
| (1) | The rules may determine any apportionment of actuarial surplus arising in the fund after the surplus apportionment date between the member surplus account, the employer surplus account or directly for the benefit of members and former members subject to the uses specified in section 15D(1). |
[Section 15C(1) amended by section 24(a) of Act No. 45 of 2013]
| (2) | If the rules are silent on the apportionment of actuarial surplus arising after the surplus apportionment date, any apportionment between the member surplus account, the employer surplus account or directly for the benefit of members and former members, subject to the uses specified in section 15D(1), shall be determined by the board taking into account the interests of all the stake-holders in the fund: Provided that, notwithstanding anything to the contrary in the rules, neither the employer nor the members may veto such apportionment. |
[Section 15C(2) amended by section 24(b) of Act No. 45 of 2013]