Regulatory Alerts2025-03-28
FSCA Communication 4 of 2025 (RF) - Conditions for Amalgamations and Transfers under the Pension Funds Act
The Financial Sector Conduct Authority prescribes detailed conditions and amended procedural requirements for pension fund amalgamations and transfers under Section 14 of the Pension Funds Act. The standard mandates standardized application formats, rigorous actuarial surplus handling, and comprehensive member communication including thirty-day objection periods and benefit comparisons. It further establishes distinct certification obligations for fund boards and valuators, alongside specific procedural pathways for retrospective, prospective, unclaimed benefit, and post-transfer asset adjustments.
Share