Regulatory Alerts2024-03-04
FSCA Communication 7 of 2024 (RF): Final Interpretation Ruling on Section 37C Application
The Financial Sector Conduct Authority (FSCA) issued this communication to publish its final Interpretation Ruling 1 of 2024, which withdraws the 2020 ruling and clarifies Section 37C of the Pension Funds Act. The updated interpretation mandates that benefits vesting upon a member's death remain subject to Section 37C, while those already payable before death via written instruction are excluded. It further establishes that unclaimed benefits and members of unclaimed funds fall outside Section 37C, resolving prior misinterpretations regarding paid-up and deferred retiree benefits.
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