Regulatory Alerts2018-03-31
PF Circular 61: Amendments to the Pension Funds Act and New Fee Requirements
The Financial Institutions Office issued PF Circular 61 to notify self-administered pension funds and insurers of amendments to the Pension Funds Act, 1956. The circular mandates increased registration fees of R26.00 for new funds and R5.00 per resolution for rule amendments, while stipulating that all fund applications must include the prescribed fees to avoid being returned. Additionally, a new section 13A requires employers to deposit member and employer contributions into the fund within seven days following the month to which they relate.
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