Regulatory Alerts2023-08-14
FSCA Communication 20 of 2023 (RF) on Section 37C Application
The Financial Sector Conduct Authority issued a draft Interpretation Ruling clarifying that Section 37C of the Pension Funds Act does not apply to unclaimed benefit fund members, thereby correcting an error in the previous ruling regarding death benefit distributions. This draft replaces Interpretation Ruling 1 of 2020 and confirms that unclaimed benefits are already accrued and payable, removing the requirement for a subsequent triggering event like death. Stakeholders must submit comments via the published template to FSCA.RFDstandards@fsca.co.za by 26 September 2023.
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