Regulatory Alerts2018-04-01
Prestolite Pension Fund Surplus Apportionment Scheme under Section 15B
The Liquidator of the Prestolite Pension Fund submits a Section 15B surplus apportionment scheme to the Registrar for approval, proposing to distribute an actuarial surplus of R5.444 million primarily to former members to top up their benefits to minimum statutory levels. The plan allocates 83 percent of the surplus to traced former members, establishes a contingency reserve for untraceable beneficiaries, and details the tracing procedures and stakeholder consultation process conducted over a twelve-week objection period. Any future fund recoveries will be added to the contingency reserve to cover potential claims from excluded members, with no surplus allocated to the employer due to past contribution holidays.
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