Pension Funds Act, 1956 (Act No. 24 of 1956)Chapter IV : Documents to be Deposited with Registrar15F. Existing employer reserve accounts |
| (1) | On or after the commencement date, the board may apply to the registrar to transfer all or some of the credit balance in an existing reserve account as defined in the rules to the employer surplus account. |
| (2) | The registrar may approve such transfer if the registrar is satisfied that— |
| (a) | the allocation of actuarial surplus to such account was negotiated between the stake-holders in a manner consistent with the principles underlying sections 15B and 15C. |
| (b) | the allocation of actuarial surplus to the existing reserve account was reasonable and equitable. |
[Section 15F(2) amended by section 27 of Act No. 45 of 2013]
| (3) | Any remaining portion of the credit balance in an existing reserve account shall be treated as actuarial surplus to be distributed in terms of section 15B. |