Regulatory Alerts2020-03-25
FSCA Communication 10 of 2020 on Section 37C Application
The Financial Sector Conduct Authority (FSCA) published Interpretation Ruling 1 of 2020 to clarify Section 37C of the Pension Funds Act regarding death benefit distributions. The ruling establishes that Section 37C applies to paid-up members and deferred retirees without prior withdrawal elections, allowing retirement funds to finalize required rule amendments. The FSCA is simultaneously proposing statutory changes to National Treasury and evaluating industry submissions to simplify death benefit distributions while withdrawing Information Circular 2 of 2010.
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