Regulatory Alerts2018-03-31
Information Circular 2 of 2010: Section 37C Death Benefit Clarification
The Registrar of Pension Funds clarifies that Section 37C of the Pension Funds Act does not apply to withdrawal or retirement benefits that accrued before a member's death, as these retain their original legal nature. Consequently, pension funds must amend their governing rules within six months to ensure compliance with this interpretation. The Registrar further confirms that no administrative fees will be charged for implementing these necessary rule amendments.
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