Regulatory Alerts2018-03-31
PF Circular 108: Pension Funds Amendment Act 1997 Regulations and Notices
The Financial Services Board of South Africa issued this circular to implement amendments to the Pension Funds Act, 1956, introducing Regulation 33 alongside new rules governing fund investments, partial terminations, and liquidator remuneration. Employers and administrators must now remit contributions within seven days of month-end, submit detailed monthly statements within fifteen days, and comply with strict monitoring protocols and penal interest charges for delays. The directive additionally authorizes up to ten percent fund asset investment in participating employers, codifies procedures for partial terminations upon employer withdrawal, and establishes phased compliance deadlines extending through November 2001.
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