Regulatory Alerts2020-03-25
FSCA Interpretation Ruling 1 of 2020 on Section 37C of the Pension Funds Act
The Financial Sector Conduct Authority issued this Interpretation Ruling to clarify Section 37C of the Pension Funds Act, 1956, ensuring it applies to paid-up members, deferred retirees, and unclaimed benefit fund members. The ruling establishes that death benefits are excluded from the deceased estate and override conflicting fund rules, unless a written election to withdraw or transfer occurs before death. Effective upon publication, it supersedes prior guidance and standardizes benefit calculation and distribution across all registered pension funds.
Share