Pension Funds Act, 1956 (Act No 24 of 1956)RegulationsDefinitions |
In these regulations "the Act" or "the Pension Funds Act, 1956, means the Pension Funds Act, 1956 (Act No. 24 of 1956), and any word or expression to which a meaning has been assigned in the Act shall bear such meaning, and—
"accounting person"
in relation to an administrator, means an auditor registered in terms of the Public Accountants' and Auditors' Act, 1991 (Act No. 80 of 1991), or an accounting officer contemplated in the Close Corporations Act, 1984 (Act No. 69 of 1984), or such other person approved by the registrar;
[Definition inserted by regulation 2 of Notice No. 1838 of 1995]
means a strategy, as determined by a board, setting out the manner in which a member’s retirement savings may be applied, with the member’s consent, to provide an annuity or annuities by the fund or to purchase an annuity on behalf of the member from an external provider, which annuity or annuities may either be in the name of the member or in the name of the fund and which complies with the requirements of regulation 39 and any conditions that may be prescribed from time to time;
[Definition inserted by regulation 1(a) of Notice No. R. 863 of 2017]
has the meaning assigned to it in section 1 of the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002);
[Definition inserted by regulation 1(a) of Notice No. R. 863 of 2017]
means an investment portfolio(s) in which the retirement funding contributions of a member must be invested unless the fund has been instructed by the member in writing to invest them in another investment portfolio provided in terms of the investment policy statement of the fund or options available to members of the fund, and which portfolio(s)—
| (a) | complies with the requirements set out in regulation 37; |
| (b) | may differ in composition from member to member depending on: |
| (i) | the age or likely date of retirement from service of each member; |
| (ii) | the value of the retirement savings of the member in that fund, |
| (iii) | the actual or expected retirement funding contributions of the member; or |
| (iv) | any other factor reasonably considered by the board to be appropriate in respect of that member; and |
| (c) | complies with any conditions that may be prescribed; |
[Definition inserted by regulation 1(a) of Notice No. R. 863 of 2017]
means a member who has left the service of his employer or has otherwise terminated his contributions and has a paid-up benefit in the fund concerned;
"foreign fund"
means a fund referred to in section 2(2) of the Act;
"insurer"
means a person that is registered as a long-term insurer in terms of the Long-term Insurance Act, 1998 (Act No. 42 of 1998);
[Definition substituted by regulation 2(a) of Notice No. R. 491 of 2006]
means an identifiable portfolio of assets whether those assets are—
| (a) | owned by the fund; and/or |
| (b) | owned by an insurer which has issued to the fund a policy in terms of which policy benefits are directly or indirectly based on the returns on the investment of those assets; and/or |
| (c) | assets held by a collective investment scheme or pooled fund of which the fund or an insurer contemplated in part (b) is a unit-holder, |
in which the fund has invested retirement funding contributions and/or has decided to include in the range of investment options in which retirement funding contributions may be invested;
[Definition inserted by regulation 1(b) of Notice No. R. 863 of 2017]
has the meaning assigned to it in section 1 of the Income Tax Act, 1962 (Act No 58 of 1962);
[Definition inserted by regulation 1(b) of Notice No. R. 863 of 2017]
means the Long-term Insurance Act, 1998 (Act No. 52 of 1998);
[Definition inserted by regulation 1(b) of Notice No. R. 863 of 2017]
means a person registered as a long-term insurer in terms of the Long-term Insurance Act;
[Definition inserted by regulation 1(b) of Notice No. R. 863 of 2017]
means a deferred pensioner;
[Definition inserted by regulation 1(b) of Notice No. R. 863 of 2017]
means a certificate issued by a fund in terms of regulation 38 in respect of a paid-up member which records, in a format which may be prescribed, at least the following:
| (a) | the name, address, registration number and contact details of the pension or provident fund; |
| (b) | the name, address and contact details of the pension or provident fund administrator; |
| (c) | the name, address, ID number, tax number, fund membership number and most recent contact details of the member in respect of whom the certificate is issued; |
| (d) | the date at which the member in respect of whom the certificate is issued became a paid-up member, and the date on which the certificate was issued; |
| (e) | the value of the member’s individual account or member’s individual reserve in respect of whom the certificate is issued, at the date on which such a member became paid-up; |
| (f) | the investment portfolios in which such retirement savings are invested; and |
| (g) | any other information which may be prescribed. |
means a collective investment undertaking, including investment compartments of a collective investment undertaking, constituted in any legal form, including in terms of a contract, by means of a trust, or in terms of statute, which–
| (a) | raises capital from one or more investors, to facilitate the participation or interest in, subscription, contribution or commitment to a fund or portfolio, with a view to investing it in accordance with a defined investment policy for the benefit of the investors; and |
| (b) | does not require approval as a collective investment scheme in terms of the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002); |
"person or persons managing the business of the fund or trustee or trustees"
includes the committee, committee of management, board of trustees or similar body managing the business of the fund or controlling the fund;
"principal officer"
means the principal executive officer referred to in section 8 of the Act, who may be a member of a body managing the affairs of the fund or controlling the fund; and
"privately administered fund"
means a fund other than an underwritten fund;
[Definition substituted by regulation 2(b) of Notice No. R. 491 of 2006]
means the disclosure and explanation, in a clear and understandable language, including risks, costs and charges, of:
| (a) | the available investment portfolios; |
| (b) | the terms of the fund’s annuity strategy; |
| (c) | the terms and process by which a fund, handles preserved benefits in terms of regulation 38; and |
| (d) | any other options made available to members; |
[Definition inserted by regulation 1(c) of Notice No. R. 863 of 2017]
in a defined contribution category of a fund, means that part of the contributions or transfer values paid to the fund by or in respect of a member, which are applied towards retirement savings in terms of the rules of the fund;
[Definition inserted by regulation 1(c) of Notice No. R. 863 of 2017]
in a defined contribution category of a fund, means the member’s individual account;
[Definition inserted by regulation 1(c) of Notice No. R. 863 of 2017]
means a fund referred to in regulation 1 of these Regulations;
[Definition inserted by regulation 2(c) of Notice No. R. 491 of 2006]