Pension Funds Act, 1956 (Act No. 24 of 1956)

Chapter III : Manner of Administration and Powers of Registered Funds

7B. Exemptions

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(1)The registrar may on written application of a fund and subject to such conditions as may be determined by the registrar—
(a)authorise a fund to have a board consisting of less than four board members if such number is impractical or unreasonably expensive: Provided that the members of the fund shall have the right to elect at least 50% of the board members;
(b)exempt a fund from the requirement that the members of the fund have the right to elect members of the board, if the fund—
(i)has been established for the benefit of employees of different employers referred to in the definition of "pension fund" and "provident fund" as defined in section 1 of the Income Tax Act, 1962 (Act No. 58 of 1962);
(ii)is a retirement annuity fund;
(iii)is a beneficiary fund; or
(iv)is a pension preservation fund or a provident preservation fund as defined in section 1 of the Income Tax Act, 1962.

 

(2)The registrar may withdraw an exemption granted under subsection (1)(a) or (1)(b) if a fund no longer qualifies for such exemption.