Regulatory Alerts2018-03-31
PF Circular 127: Surplus Submissions for Section 14 Transfers, Unclaimed Benefits, and Unmanaged Funds
The Financial Services Board of South Africa issued Circular PF 127 to clarify surplus submission obligations for pension funds that have effectively ceased operations or lack proper governance. The directive exempts specific deregistered, fully transferred, or unclaimed benefit funds from submitting surplus apportionment schemes provided they meet defined historical cutoff dates or classification standards. Additionally, funds without a properly constituted board must formally apply to the Registrar to appoint an authorized representative who will submit nil schemes and process the fund's deregistration.
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