Regulatory Alerts2018-03-31
PF Circular 89: Amendments to Regulations 28 and 30 of the Pension Funds Act
The South African Financial Services Board issued PF Circular 89 to notify administrators of amendments to Regulations 28 and 30 of the Pension Funds Act, 1956, which took effect upon publication in October 1996. The revised regulations mandate fair value accounting for investment comparisons, align unit trust investments with insurance policy asset distribution rules, and incorporate excluded policy values into deposit percentage calculations. Additionally, the amendments permit pension funds to allocate up to 10 percent of assets offshore with South African Reserve Bank approval, subject to fair value requirements and a newly published list of recognized exchanges.
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