Regulatory Alerts2018-03-31
PF Circular 131: Withdrawal of Historical Pension Fund Circulars
The South African Financial Services Board issued PF Circular 131 to formally withdraw twenty-six historical pension fund circulars with immediate effect. The withdrawn directives, originally issued between 1961 and 2004, covered outdated regulatory approvals under Section 19 of the Pension Funds Act, investment restrictions, actuarial surplus apportionment, and statutory pension increase timing. This consolidation eliminates obsolete guidance for approved administrators, privately administered funds, and pension fund insurers, ensuring compliance is now governed by current legislation and updated regulatory frameworks.
FINANCIAL SERVICES BOARD
Rigel Park 446 Rigel Avenue South Erasmusrand Pretoria South Africa
P O Box 35655 Menlo Park Pretoria South Africa 0102
Tel + 27 (0)12 428-8000 Fax +27 (0)12 347-0221 E-mail info@fsb.co.za
Toll free 0800110443 Internet http://www.fsb.co.za
ENQUIRIES: Alta Marais
OUR REF: 12/12/1
DATE: 5 December 2007
D. DIALLING NO.: 012 428 8065
FAX: 012 347 0874
E-MAIL: altam@fsb.co.za
(To all approved administrators, privately administered funds and insurers who underwrite pension funds)
CIRCULAR PF NO. 131
WITHDRAWAL OF PENSION FUND CIRCULARS
The following Pension Fund Circulars are hereby withdrawn with immediate effect:
| Circular PF No.: | Description | Date Issued |
|---|---|---|
| 2 | Investments outside the Republic | September 1961 |
| 7 | Payment of Pension Benefits to dependants of Bantu Members | July 1964 |
| 25 | (A) Approval in terms of Section 19 (1) (h)<br>(B) Investments in units of Unit Trust Schemes<br>(C) Investments in fixed assets | December 1974 |
| 43 | Approval in terms of Section 19 (1) (i) | February 1980 |
| 45 | Approval in terms of Section 19 (1) (h) & (i) | September 1980 |
| 46 | Approval in terms of Section 19 (1) (i) | January 1981 |
| 47 | Approval in terms of Section 19 (1) (h) | February 1981 |
| 48 | Approval in terms of Section 19 (1) (h) | May 1981 |
| 49 | Approval in terms of Section 19 (1) (h) & (i) | September 1981 |
| 50 | Approval in terms of Section 19 (1) (h) & (i) | December 1981 |
| 52 | Approval in terms of Section 19 (1) (h) | February 1982 |
| 54 | Approval in terms of Section 19 (1) (h) & (i) | September 1982 |
| 55 | Approval in terms of Section 19 (1) (h) | October 1982 |
| 56 | Approval in terms of Section 19 (1) (h) | November 1982 |
| 57 | Irregular practice with the sale and purchase of securities and the disclosure of book profits and / or losses thereon. | February 1983 |
| 62 | Approval in terms of Section 19 (1) (h) | November 1984 |
| Circular PF No.: | Description | Date Issued |
|---|---|---|
| 63 | Approval in terms of Section 19 (1) (h) | April 1985 |
| 102 | Trading off-market in listed securities | December 1998 |
| 104 | Utilisation by retirement funds of the free shares acquired through demutualization | July 1999 |
| 112 | Primary enhancement in respect of the apportionment of actuarial surplus referred to in section 15B (b) of the pension funds act, 1956 | April 2003 |
| 116 | Timing of the first statutory minimum pension increase, pension liabilities at the surplus apportionment date, and subsequent statutory minimum pension increases. | June 2004 |
Yours sincerely
JA BOYD
DEPUTY EXECUTIVE OFFICER AND
DEPUTY REGISTRAR OF PENSION FUNDS
Board Members: Dr CDR Rustomjee (Chairperson) Mr AM Sithole (Deputy Chairperson) Mr BM Hawksworth Ms JV Mogadime Ms LM Mojele Ms AMM Mokgabudi Prof PJ Sutherland Ms HS Wilton Board Secretary: SB Makgalemele Executive Officer: RJG Barrow