Regulatory Alerts2018-03-31
PF Circular 3: Fidelity Guarantee Insurance for Privately Administered Pension Funds
The Registrar of Pension Funds requires privately administered pension funds to obtain fidelity guarantee insurance covering officer negligence and dishonesty. This circular announces a newly agreed standard policy available through Insurance Associations and urges funds without coverage to secure it immediately. The Office recommends calculating minimum coverage at five percent of total assets, while noting that R100,000 serves as a sufficient maximum limit.
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