Regulatory Alerts2018-04-01
Lucas South Africa Pension Fund Surplus Apportionment Scheme under Section 15B
The Liquidator of the Lucas South Africa Pension Fund has submitted a Section 15B surplus apportionment scheme to the Registrar for approval to distribute R9.064 million in actuarial surplus exclusively to former members as a proportional top-up to minimum benefit levels. Given the fund's liquidation status and insufficient surplus to fully cover all 2,075 former members, the allocation prioritizes traceable beneficiaries while establishing contingency reserves for unclaimed benefits and future asset recoveries. The scheme underwent a mandatory twelve-week consultation period and remains subject to Registrar approval before funds are allocated or future recoveries are distributed according to the proposed tiered structure.
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