Regulatory Alerts2020-04-16
FSCA Communication 21 of 2020: Extension for Pension Fund Valuation Report Submissions
The Financial Sector Conduct Authority extends the statutory submission deadline for pension fund valuation reports to 30 September 2020 for entities with financial year-ends between 30 June and 31 August 2019. This targeted relief addresses operational disruptions caused by the COVID-19 lockdown and complements previous regulatory arrangements. Regulated pension funds must adhere to these revised timelines while maintaining compliance with all other statutory reporting obligations under the Pension Funds Act.
1 FSCA COMMUNICATION 21 OF 2020 (RF) 16 April 2020 IMPACT OF COVID-19 ON COMPLIANCE WITH PENSION FUND VALUATION SUBMISSION REQUIREMENTS
- BACKGROUND 1.1 The Financial Sector Conduct Authority (the Authority) acknowledges the impact of the COVID-19 on South Africa in general and the financial services industry specifically. The Authority is aware of the challenges the regulated entities might face in complying with various regulatory requirements. 1.2 The Authority communicated various arrangements in respect of submission of statutory returns in FSCA Communication 9 of 2020 (Communication 9). This is a further communication dealing specifically with the submission of valuation reports for pension funds.
- SUBMISSION OF PENSION FUND VALUATION REPORTS IN TERMS OF SECTION 16 OF THE PENSION FUNDS ACT 2.1 Paragraph 2.6 of Communication 9 communicated a 3-month extension for the submission of valuation reports, with financial years ending 30 September 2019 to 31 March 2020. However, it did not address valuation reports that are due during the current COVID-19 lock-down period. 2.2 The Authority will also be extending the period for submission of valuation reports with a financial year end between 30 June 2019 and 31 August 2019. The extended submission dates that will be provided for are set out in column 3 of the table below: Financial Year-end Submission date Extended submission date 30 June 2019 31 June 2020 30 September 2020 31 July 2019 30 July 2020 30 September 2020 31 August 2019 31 August 2020 30 September 2020
2 3. CONTACT For more information regarding this Communication please send an e-mail to Giulia Tognon at giulia.tognon@fsca.co.za.