Regulatory Alerts2018-04-01
Mitchell Cotts Pension Fund Surplus Apportionment Scheme under Section 15B
The Registrar of Pension Funds issued this Form A to require the liquidator of the Mitchell Cotts Pension Fund to submit a formal surplus apportionment scheme for the fund's R34.778 million actuarial surplus following its liquidation. The proposed scheme mandates a first-tier distribution prioritizing minimum benefit top-ups, allocating 92.5 percent of the surplus to 5,386 former members and 7.5 percent to 69 pensioners, while explicitly excluding active members and the employer from residual distributions. The application details the liquidator's stakeholder tracing efforts, establishes procedures for handling unclaimed benefits and fund return adjustments, and confirms compliance with Section 15B statutory valuation and consultation requirements.