Regulatory Alerts2018-03-31
PF Circular 53: Fidelity Guarantee Insurance Requirements for Pension Funds
The Registrar of Pension Funds requires all self-administered pension funds to reassess and adjust their fidelity guarantee insurance coverage following evidence that previous limits may be insufficient. Each fund must consult its auditor to determine adequate coverage levels and submit an annual auditor certification confirming policy sufficiency alongside its yearly financial statements. This directive updates prior guidelines that recommended a maximum cover of R100,000, mandating ongoing auditor verification to ensure adequate protection against employee dishonesty.
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