Regulatory Alerts2018-03-31
PF Circular 81: Rule Amendments and Consolidated Rules under the Pension Funds Act, 1956
The South African Financial Services Board issued PF Circular 81 to clarify and standardize the procedural requirements for pension fund rule amendments, consolidated rules, and fund conversions under the Pension Funds Act, 1956. Trustees must submit certified resolutions alongside all amendment applications, clearly mark changes, provide concise reasons for each modification per Regulation 24(a)(iii), and ensure proper authorization by designated fund officers or underwriters. The circular permits combined consolidation with amendments and replacement pages under a single R75 fee, eliminates the need to terminate funds during structural conversions, and mandates strict compliance with these updated administrative protocols by 1 January 1994.