Information Circular PF 4 of 2013: Service Level Commitment Between the Registrar of Pension Funds and the Retirement Funds Industry

# FINANCIAL SERVICES BOARD

Riverwalk Office Park Block B 41 Matroosberg Road Ashlea Gardens Extension 6  
Pretoria South Africa 0081 PO Box 35655 Menlo Park Pretoria South Africa 0102  
Tel +27 12 428 8000 Fax +27 12 346 6941 E-mail info@fsb.co.za  
Toll free 0800 110443/0800 202087 website:www.fsb.co.za

| ENQUIRIES: | Alta Marais | D. DIALLING NO.: | 012 428 8065 |
|------------|-------------|------------------|---------------|
| OUR REF:   | 12/12/1     | FAX:             | 0123466510    |
| DATE:      | 21 June 2013 | E-MAIL:          | alta.marais@fsb.co.za |

## INFORMATION CIRCULAR PF NO. 4 OF 2013

### SERVICE LEVEL COMMITMENT BETWEEN THE OFFICE OF THE REGISTRAR OF PENSION FUNDS AND THE RETIREMENT FUNDS INDUSTRY

## 1. PURPOSE

1.1 This Service Level Commitment (“SLC”) replaces the SLC published in Information Circular 7 on 5 December 2005.

1.2 The objective of the SLC is to define the roles, responsibilities and time periods of the relevant parties with regard to services rendered by the relevant parties for the benefit of the members of retirement funds.

1.3 Reference to ‘the Act’ shall mean the Pension Fund Act, 1956.

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Board Members: AM Sithole (Chairperson) H Wilton (Deputy Chairperson) Z Bassa JV Mogadime  
Prof PJ Sutherland FE Groepe D Turpin HMH Ratshefola D Msomi I Momoniat O Makhubela (Alternate)  
Executive Officer: DP Tshidi

SABS  
ISO 9001

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## 2. AGREED PERIODS

2.1 The provisions of this SLC shall apply to any submissions received by the Registrar of Pension Funds on or after 1 August 2013.

2.2 The turnaround times relevant to the SLC are set out in ANNEXURE A.

2.3 Upon receipt of a response to queries raised by the Registrar, or where a submission was rejected, the turnaround times contained in this SLC shall apply with effect from the date of the response or in the case of a rejection such date of re-submission.

2.4 Separate arrangements must be made in relation to existing backlogs, bulk applications, special projects and any other extra-ordinary requests. These will not form part of this SLC.

## 3. APPLICATIONS AND ACCOMPANYING FEES

3.1 It is the responsibility of each applicant to ensure that all submissions (covering letters, rules, financial statements, etc) are complete and correct.

3.2 No application will be considered unless payment of the prescribed fees, as per Schedule L, has been made.

3.3 For purposes of practicality and efficiency, the e-mail address and facsimile number of the relevant contact person must be included on the covering letter accompanying an application as well as an e-mail address of either the Principal Officer or Chairperson of the fund.

3.4 Each application or submission will be allocated a case number, which number must be referred to in any subsequent correspondence, enquiries or follow-ups, until the case has been finalised or cancelled.

3.5 Incomplete applications will be returned without any further correspondence, and will be marked “Returned to Sender: Incomplete” or “Returned to Sender: Insufficient Funds”, whichever is applicable.

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## 4. ELECTRONIC SUBMISSION OF APPLICATIONS

4.1 Funds are encouraged to submit applications electronically as provided for on the website of the Financial Services Board (www.fsb.co.za). Electronic submissions will expedite the process.

4.2 The applicable information and related application forms are available on the website under the following links:

“Retirement Funds”  
“Electronic Submissions”  
“FSB Retirement Funds Online System”

Or

http://www.fsb.co.za/Magic94Scripts/mgrqispi94.dll?APPNAME=Web&PRGNAME=FSB_Online_Logon&ARGUMENTS=-N1

4.3 Responses and feedback in relation to applications already lodged with the Registrar may be submitted electronically by making use of the “Response/Feedback” option on the online system.

4.4 Enquiries, which must contain the Registrar’s case number as reference, relating to applications may be e-mailed to the following generic addresses:

| LICENSING AND REGISTRATION | |
|-----------------------------|---|
| Exemptions | penregexempt@fsb.co.za |
| Extensions | penregext@fsb.co.za |
| Registrations | penregrules@fsb.co.za |

| PRUDENTIAL (FINANCIAL STATEMENTS & LIQUIDATIONS) | |
|-----------------------------------------------|---|
| Exemptions | penexemptions@fsb.co.za |
| Extensions | penextensions@fsb.co.za |
| Financials | penfins@fsb.co.za |
| Liquidations | penliq@fsb.co.za |
| Valuators | penvalu@fsb.co.za |

| ACTUARIAL (PENSIONS) | |
|----------------------|---|
| Section 14 - Extensions | section14extensions@fsb.co.za |
| Section 14 - Applications | section14@fsb.co.za |

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## SLC SIGNATORIES ON BEHALF OF THE OFFICE OF THE REGISTRAR OF PENSION FUNDS:

F MOSOMA: HEAD – LICENSING & REGISTRATION

W MOKUPO: HEAD – PENSIONS PRUDENTIAL

C BUITENDAG: HEAD – SURVEILLANCE & ENFORCEMENT

CC AHLERS: HEAD – ACTUARIAL (PENSIONS)

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## ANNEXURE A

### AGREED PERIODS OR TURNAROUND TIMES (CALENDAR DAYS)

| Task | Turnaround for Submissions |
|------|-----------------------------|
| **LICENSING AND REGISTRATION** | |
| New rules (individual rules) | 30 |
| Standard rules | 30 |
| Schedule to standard rules | 30 |
| New special rules | 30 |
| Revised Rules | 75 |
| Consolidated rules | 40 |
| Conversion rules | 90 |
| Amendments | 30 |
| Amendments with reserve accounts | 35 |
| Revised special rules | 30 |
| Amendment to scheduled standard rules | 30 |
| Applications in terms of section 13B | 45 |
| Application for Additional Administrative Functions in terms 13B | 25 |
| Change in shareholding/directorship | 25 |
| Analysis of annual returns | 30 |
| Cancellation of registration in terms of section 27 | 30 |
| Exemptions and extensions | 30 |
| **PRUDENTIAL** | |
| Liquidations for each stage of the process | 30 |
| Applications for exemption from Regulation 28 provisions | 30 |
| Applications for approval of appointment – Auditors and Valuators | 30 |
| **SURVEILLANCE & ENFORCEMENT** | |
| Notice period for the intention to conduct compliance visit as per Section 25 | 30 |
| Request for information preceding an urgent compliance visit | 14 |
| Request for information preceding a routine compliance visit | 30 |
| Initial response on recommendations made by the Registrar following a compliance visit conducted in terms of section 25 | 30 |
| **ACTUARIAL (PENSIONS)** | |
| Applications in terms of section 14 | 45 |
| Applications in terms of section 15B, 15F & 15K | 60 |
| Applications in terms of section 15E | 30 |
| Applications in terms of section 15J | 14 |
| Submissions in terms of section 16 | 60 |
| Applications for approval in terms of section 18 | 60 |
| Applications for valuation exemption | 30 |

| **GENERAL** | |
|-------------|---|
| Appointment of Principal Officer | 20 |
| Extension applications in terms of section 33 | 20 |
| General correspondence, enquiries & complaints | 10 |
| Application in terms of Section 26(2) | 30 |
| Responsible Person in terms of section 13B | 20 |