Regulatory Alerts2025-01-31
PFR13 – Pension Fund Member Rights Rules 2024
Issued by the Non-Bank Financial Institutions Regulatory Authority, these rules establish core rights for retirement fund members, mandating equitable access, immediate benefit vesting, and robust protection of accrued assets against sponsor creditors. The regulations require funds to ensure transparent disclosure of fees, investment performance, and annual audited benefit statements while guaranteeing timely, cost-effective pension transfers and pre-retirement counselling. Furthermore, the framework guarantees members fair complaint resolution processes, a twenty-one-day annuity cancellation grace period, and imposes civil penalties for non-compliance.
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