Pension Funds Act (Act 24 of 1956)NoticesDirective PF No. 3 : Surplus Apportionment Schemes and Nil Returns (Sections 15B, 15E, 15F, 15J and 15K)Board Notice 22 of 2009 |
Board Notice 22 of 2009
16 February 2009
GG 31904
Financial Services Board
PURPOSE
| (1) | This Directive is issued in terms of section 33A of the Pension Funds Act, 1956, as amended. |
| (2) | It sets out the conditions of the Registrar of Pension Funds in respect of the provisions embodied in sections 15B, 15E, 15F, 15J and 15K of the Act and provides clarification in respect of other actuarial surplus issues. |
| (3) | This Directive takes effect on the date of issue. |
| (4) | The Registrar requires that any submissions made after 1 APRIL 2009 must be in the prescribed format as outlined in this Directive. |
REFERENCES & DEFINITIONS
| (5) | The following references are used throughout the Directive: |
| "Act" | Pension Funds Act, 1956, as amended |
| "Registrar" | Registrar of Pension Funds |
| "SARS" | South African Revenue Services |
| "LRA" | Labour Relations Act, No. 66 of 1995 |
| "SAD" | Surplus Apportionment Date |
| "FMR" | Former member representative |
| (6) | The following defines commonly used terminology in the Forms to the Directive: |
"First tier distribution" is where actuarial surplus exists which is sufficient only for allowing partial or full minimum benefit top-ups of pensioners and former members.
"Residual distribution" is where sufficient actuarial surplus exists for apportionment to all stakeholders after allowing for full minimum benefit top-ups of pensioners and former members.