Regulatory Alerts2018-03-31
PF Circular 70: Compliance with Regulation 28 of the Pension Funds Act, 1956
The Registrar of Pension Funds issued PF Circular 70 to enforce Regulation 28 of the Pension Funds Act, 1956, by introducing Statement 14 for the annual reporting of investment portfolios and auditor reviews. Self-administered funds must submit this statement alongside annual financial returns for years ending after 1 October 1989 and obtain valuator certificates for all insurance policies to finalize auditor reports. The directive further specifies that insurance policies be reported at book values against designated balance sheet items, with linked policies valued at underlying market assets, while explicitly excluding certified policy values from total asset calculations for investment limit compliance.
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