| (1) | Subject to section 4A and any other law in terms of which a fund is established, the provisions of this Act apply to any pension including a pension fund established or continued in terms of a collective agreement concluded in a council in terms of the Labour Relations Act, 1995 (Act No. 66 of 1995) and registered in terms of section 4. |
| (a) | A pension fund established or continued in terms of a collective agreement contemplated in subsection (1) and not yet registered in terms of section 4, must register in terms of this Act before or on 1 January 2008. |
| (b) | Despite any other provision of this Act, the statutory actuarial valuation of a fund registered in accordance with paragraph (a) must be undertaken at the end of the first financial year following registration or such other date approved by the registrar. |
| (2A) | All beneficiary funds established on or after the commencement date of the Financial Services Laws General Amendment Act, 2008, must register in terms of this Act. |
| (3) | A pension fund contemplated in subsection (2) or (2A) must, pending registration in terms of this Act, the registrar with such statistical information as may be requested by the registrar. |
| (a) | The provisions of this Act, other than section three and subsections (1) and (2) of section four, shall not apply in relation to a pension fund if the head office of the association which carries on the business of that fund, or, as the case may be, of every employer who is a party to such fund, is outside the Republic, if— |
| (i) | the registrar is satisfied that the of the fund applicable to members resident in the Republic are not less favourable than those applicable to members resident outside the Republic, taking into consideration differences in the conditions of service; |
| (ii) | the registrar is satisfied that adequate arrangements exist for ensuring the financial soundness of the fund; and |
| (iii) | the fund furnishes such security as the registrar may from time to time require for the of any benefits which may become payable to members resident in the Republic who are South African citizens, or otherwise satisfies the registrar that it will be able to pay such benefits. |
| (b) | The registrar may from time to time require any person carrying on the business in the Republic of a pension fund referred to in paragraph (a), to submit to the registrar such returns and information in connection with that business as the registrar may specify, and if at any time the registrar is no longer satisfied as regards any of the matters specified in paragraph (a) he may advise the person accordingly by notice transmitted to him by registered post, and thereupon the provisions of this Act shall apply in relation to such fund. |
| (a) | The registrar may, where practicalities impede the strict application of a specific provision of this Act, exempt any fund from, or in respect of, such provision on conditions determined by the registrar. |
| (aA) | Any exemption in terms of paragraph (a) may apply to funds generally or be limited in its application to a particular fund or kind of fund, which may, for the purposes of this subsection, be defined in relation to either a category or type of fund or in any other manner. |
| (b) | The registrar may, subject to the Promotion of Administrative Justice Act, 2000 (Act No. 3 of 2000), at any time by notice on the official web site withdraw, wholly or in part and on any ground which he or she deems sufficient, any exemption granted under paragraph (a). |
[Section 2(5)(a) and (b) amended by section 2 of Act No. 45 of 2013]
