Regulatory Alerts2024-11-12
FSCA Conduct Standard Amendment of 2024 to FSRA Conduct Standard No. 1 of 2019 (PFA) on Conditions for Amalgamations and Transfers
The Financial Sector Conduct Authority amends FSRA Conduct Standard No. 1 of 2019 to prescribe detailed conditions for pension fund amalgamations and transfers under Section 14 of the Pension Funds Act. The amended standard mandates electronic applications, specifies actuarial surplus handling, and requires boards and valuators to certify that transfers are reasonable, equitable, and protect member benefit expectations. It further establishes clear procedural timelines for member communication, objection handling, and distinct compliance pathways for retrospective, prospective, unclaimed benefit, and agterskot transfers.
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