RegAlertRule · FSCA · 3 Nov 2022
FSCA Communication 32 of 2022 on Submission of Actuarial Valuation Reports
The Financial Sector Conduct Authority (FSCA) requires registered pension funds to submit a standardized spreadsheet alongside their actuarial valuation reports. This mandatory summary document, accessible on the FSCA website and filed through the Retirement Online system, streamlines regulatory review by consolidating key financial position data. The requirement takes effect on 1 January 2023 for funds with defined contribution members, enabling faster assessment turnaround times.
FSCA COMMUNICATION 32 OF 2022 (RF)
Submission of actuarial valuation reports in terms of section 16(1) of the Pension Funds Act, 1956 (Act No. 24 of 1956)
1. Background and Purpose
1.1 Section 16(1) of the Pension Funds Act, 1956 (Act No. 24 of 1956) (PFA) requires that
“a registered fund shall, once at least in every three years, cause its financial condition to be investigated and reported upon by a valuator, and shall deposit a copy of such a report with the Authority…”.
1.2 The Financial Sector Conduct Authority (FSCA) wishes to implement a process to
expediate and streamline the consideration of submitted valuation reports. This process will enable the FSCA to expeditiously consider the change in financial position, resulting in faster turnaround times.
1.3 The purpose of this Communication is therefore to request funds to submit information,
through a spreadsheet, which summarises the financial position of the fund together with the valuation report.
1.4 Funds will still be able to submit application for exemptions from submitting valuation
reports, until further notice.
2 Request on submission of Actuarial Valuation Report
2.1 In addition to the duly signed statement from the board, the duly signed certificate in
terms of section 16(8) of the PFA and the actuarial valuation report, funds are requested to submit a spreadsheet which summarises the financial position information of the fund.
2.2 The spreadsheet is available on the FSCA’s website at www.fsca.co.za (‘Fund_name
(Valuation_Date).xlsm’).
2.3 This spreadsheet does not replace the fund’s actuarial valuation report. The purpose of
the spreadsheet is to streamline the process of consideration of the submitted valuation report.
2.4 The submission of the spreadsheet must be made on the FSCA Retirement Online
system.
3. Effective date
It is requested that the spreadsheet be submitted together with all valuation reports that are submitted on the system after 1 January 2023 for funds that include a defined contribution category of members.
4. Enquiries
For further information regarding this Communication, please contact Ms Giulia Tognon at giulia.tognon@fsca.co.za. OB MAKHUBELA DIVISIONAL EXECUTIVE: RETIREMENT FUNDS SUPERVISION Date of publication: 3 November 2022
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The links and the sentences they come from (1)
- Issued under
- Pension Funds Act, 1956 (Act No. 24 of 1956)1956 · ZA-LAW
“Section 16(1) of the Pension Funds Act, 1956 (Act No. 24 of 1956) (PFA) requires that “a registered fund shall, once at least in every three years, cause its financial condition to be investigated and reported upon by a valuator, and shall…”
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