Regulatory Alerts2022-11-02
FSCA Communication 31 of 2022: Draft Exemption for Pension Funds from Board Notice 75
The Financial Sector Conduct Authority has published a draft notice proposing to exempt qualifying pension funds from specific conditions in Board Notice 75 of 2009, thereby facilitating their exemption from Section 28 of the Pension Funds Act. The proposed amendment raises the membership threshold for liquidation eligibility from fifty to one hundred members, allowing funds with larger income disparities or distressed participating employers to bypass the full liquidation process while maintaining compliance with remaining Board Notice requirements. This regulatory change aims to reduce administrative costs and liquidation timelines for small funds, with public comments invited until 14 December 2022 to finalize the exemption framework.
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