Pension Funds Act, 1956 (Act No. 24 of 1956)NoticesMinimum Skills and Training Requirements for Board Members of Pension Funds, 20203. Assessment |
| (1) | A board member must complete the Trustee Training Toolkit— |
| (a) | tutorials, case studies and formative (initial) assessments; and |
| (b) | summative (final) assessment. |
| (2) | Subject to sub-paragraph (4), the Trustee Training Toolkit summative (final) assessment referred to in sub-paragraph (1)(b) must be completed under the supervision of the principal officer or chairperson of the board, who must ensure that the relevant board member completes the assessment without assistance. |
| (3) | The principal officer or chairperson of the board under whose supervision a Trustee Training Toolkit summative (final) assessment (including any additional module referred to in sub-paragraph (6)) was completed, must sign a declaration that will automatically be generated upon completion of the Trustee Training Toolkit confirming that the relevant board member completed the assessment without assistance and under the supervision of the principal officer or chairperson of the board. |
| (4) | In instances where it is impractical for the principal officer or chairperson to supervise the board member as contemplated in sub-paragraph (2), the board member may complete the Trustee Training Toolkit summative (final) assessment without supervision, subject to such board member— |
| (a) | completing a declaration stating that the board member completed the Trustee Training Toolkit summative (final) assessment without assistance; and |
| (b) | providing such declaration to the Authority on request. |
| (5) | A fund must— |
| (a) | retain a copy of the signed declaration referred to in sub-paragraphs (3) and (4)(a); |
| (b) | promptly provide a copy of the signed declaration referred to in sub-paragraph (3) to the relevant board member; and |
| (c) | promptly provide a copy of the signed declaration referred to in sub-paragraph (3) and (4)(a) to the Authority on request. |
| (6) | When the Trustee Training Toolkit is amended by the Authority to include additional modules, the Authority may determine, by notice on the website of the Authority, dates by which board members must complete the additional modules. |
| (7) | When the Trustee Training Toolkit is amended by the Authority to include additional modules, a board member must complete the additional modules in the manner contemplated in sub-paragraphs (2) and (5). |