PF Circular 61: Amendments to the Pension Funds Act and New Fee Requirements

Finnncinl I~lstit~~tions Office ~rivnte1.a~X13O PIlElDI1IA October 19811 CIRCULAB PF. NO. 61 (To a11 self-administered pension Funds and insurers who underwrite pension funds). FINANCIAL INSTITUTIOE18 IV.IENDXEI!T ACT, ID. 86 OF 19E4

1. Attarition is drawn, to the an!endlnentc of the Pension Funds Act, 1Y56, . . ' contained in sections ih to 19 of'tlre abovementioned Act ul~ich, with thf 'exception of section'' 17 'which 'tooh effect on 1 k;ay 1.98!+, came . . into operation' 01, the date of p~~blicationof Government Gazettc Ho. 5313 of 18 July 1984. a , ,
2. ?he more important effecto. of he nrlleridinenLs are briffly suma~ari.sea hereunoer 4 . . I .. . , ,... 1 .L.1 The ice to be paid for the rsgistration of a neia pension, fund in . . ..... . .. trrms of 'section O(? j of the Act has been' changed frcm "one pound" to a fee "prescribed By regulation". ' ' . . , . . 1 '! . . ,... ,. , . , , ? .I.? A hew prngrnph (b~) 'iks been nddcd to section 36 of t!~e Act empower￾ing the Ninister to nlalcc regulati.ono - .: . , . . . . , . , '. . ,: , , . . 3, prescribing macters in ndditior~ to 'iiose contemplated in any' . . other provi.sion of this, Act, in respect of which fees sholl. i)e paynhlc 2nd the fcepayable in respect pi each such matter".

2.1.; In accordance with ?he aniendn~cut to section 4(2) a~ld t!ie ilcr.: section 36(hA), read irr cnnjunctioi~ with L.iw existiny, :;eccions 3b:aj anu . . . . 36(c), new regulations were publ.i.shed j.11 Goveri~n~cnt G:lzctte lio. 5437 (Itep,ulation GnzetLe t<o. 3749) on 28 ScpLemi>cr 1984. The new fees ore effective frorn tile date ot publication of tile said reculations anrl t!le Iollowille chanfles nre of *i.atc irn:>c~rtence: (a] Legi.stration fees for llev funds increared from I<2,00 to I<2G,00 payable by cheque, postal order, etc., but not by means of revenue or postage stamps. (b) l~~&i~tration of ;~lne~idmcuL& to rules of Csnds and registration of rcviscd rules are at present Lrec of charge, b:lt unuer the ne1i repulations will cosl: R5,00 pel- resolution (irrespective of the number of amendments involved) payable by means ot revenue The other new fees in respect of, Tor cxample, inspection ~f documents, copits ol docrinicuts, appear Lor inTor11latio.p in-' the orlnexurr to ullis circul:~r and arc also pnynble by means of revenue .. . s ta~iip s. , '' . .. I. Fu~ids are cautionccl thnt all npplicntions Tor the registration of new fands, of amenr!ments to rules of funrls, and of revi.sed rules w5ich are not acco1,ipnniea by the nc:: prescrihcd fees ;:ill br! returned by unregistered mail. 2.2 Aner~ section 13A 113s been inserter: i:~ the Act in terins of which pcnr;ia!~ fund colltribution?; payaole ln respect of any n!cmber of tlbd . . f:~nd (i. .e. thc ent;rloycrs' contribt~tiolls nnd, where applico!>le; tlle

merli)ers' contrib:~tic~ns) 111 ! I it to tll,! fund, normally lby thc ?.nlploycr, tln a pi or scvcn days after Che expiration -. --- - -. of l:l~e_lle~.iotl i rr:,?ncct of 1i!tici; t11c cn,~trii,:lt ion . en I, anrl tl~c pl I. i!lc l>l.~!;i.nr?sn oi Clir [und r;!zQ not lntcr th;ul the I in 01.. i:ilc d2y or1 r::>icli 1 T:IIICI rrceived tllc c(IL~!:~-;I~:II:~~o!I, .. (:~.~,a:~i!: . - . . . -.. . -. t:,~ ec>r~tri.l~ul:i<~~~~ i.1) 1~11~ IW:~!I~<:~ of the fund wit11