Regulatory Alerts2018-03-31
Information Circular 2 of 2014 Annexure: List of Funds Affected by Withdrawal of Valuation Exemptions
The Financial Services Board has issued this annexure to announce the withdrawal of valuation exemptions for specific pension funds under Section 2(5)(b) of the Pension Funds Act, 1956. It provides a schedule detailing the exact termination dates for each exemption, which are determined by original registrar stipulations or automatically expire three to twelve years after grant, adjusted for financial year-end changes. Fund administrators are required to cross-check their records against the published schedule and formally report any discrepancies to the Deputy Registrar.
FINANCIAL SERVICES BOARD
Riverwalk Office Park Block B 41 Matroosberg Road Ashlea Gardens Extension 6 Pretoria South Africa 0081 PO Box 35655 Menlo Park Pretoria South Africa 0102 Tel +27 12 428 8000 Fax +27 12 346 6941 E-mail info@fsb.co.za Toll free 0800 110443/0800 202087 Website: www.fsb.co.za
| ENQUIRIES: | Alta Marais | D. DIALLING NO.: | 012 428 8065 |
| OUR REF: | 12/1/1 | FAX: | 012 346 6510 |
| DATE: | 24 February 2014 | E-MAIL: | Alta.Marais@fsb.co.za |
INFORMATION CIRCULAR PF 2 OF 2014 – ANNEXURE
LIST OF FUNDS AFFECTED BY THE REGISTRAR’S INTENTION TO WITHDRAW VALUATION EXEMPTIONS IN TERMS OF SECTION 2(5)(b) OF THE PENSION FUNDS ACT, 1956
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This Annexure must be read with Information Circular 2 of 2014 which was issued on 31 January 2014.
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For each fund which is currently valuation exempt, the attached schedule shows the effective date from which the valuation exemption was granted and the date as at which the valuation exemption will terminate.
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The basis on which the date on which the valuation exemption for a fund will terminate (‘the exemption termination date’) has been determined is the following:
3.1 If, when a valuation exemption was granted to a fund, a date on which the exemption would expire was specified by the registrar in writing, that will be the fund’s exemption termination date; and
3.2 If valuation exemption was granted to a fund and no expiration date was specified by the registrar, the exemption termination date will be the date, following the date of publication of the notice, on which will expire the earliest of the period of three, six, nine or twelve years since the date on which the exemption was granted,
Board Members: AM Sithole (Chairperson) H Wilton (Deputy Chairperson) Z Bassa JV Mogadime Prof PJ Sutherland FE Groepe D Turpin HMH Ratshefola D Msomi I Momoniat O Makhubela (Alternate) Executive Officer: DP Tshidi
provided that, if, after the valuation exemption was granted, the date on which the fund’s financial year end falls each year was amended in terms of its rules, the exemption termination date will be the fund’s financial year end immediately before what would otherwise have been its exemption termination date, or, if that date has already passed, its next financial year end.
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Funds which have been granted valuation exemptions are requested to–
4.1 check their records in relation to the dates on which, and periods for which, they were granted those exemptions; and
4.2 advise this office in writing of any differences in those records and those in the records on which this office relied in compiling the attached schedule.
Yours faithfully
[Signature]
ROSEMARY HUNTER DEPUTY REGISTRAR OF PENSION FUNDS
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