Regulatory Alerts2018-03-31
Information Circular PF 3 of 2013
The Registrar of Pension Funds issued this circular to guide boards of defined benefit funds on apportioning future actuarial surplus between members and employers under Section 15C of the Pension Funds Act, 1956. It mandates that boards evaluate stakeholder interests, risk exposure, and reasonable benefit expectations rather than automatically allocating surplus to employers, especially when fund rules are silent. The guidance further specifies that solvency reserves, actuarial valuation conservatism, and pension increase policies must be weighed to ensure equitable surplus distribution and fund stability.
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