FSCA Communication 57 of 2020 Standardised Application Forms for Retirement Fund Extensions under Section 279 of the FSRA

FSCA COMMUNICATION 57 OF 2020 (RF)
APPLICATION FORMS FOR USE BY RETIREMENT FUNDS AND RETIREMENT FUND BENEFIT ADMINISTRATORS IN APPLICATIONS FOR EXTENSIONS IN TERMS OF
SECTION 279 OF THE FINANCIAL SECTOR REGULATION ACT, 2017

1. Purpose
   The purpose of this Communication is to inform Retirement Funds and Retirement Fund Benefit Administrators of the templates to be used for purposes of applications for extension in terms of section 279 of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017) (FSRA) from a period contemplated in the Pension Funds Act, 1956 (Act No. 24 of 1956) (PFA).
2. Templates for use in applications for extension in terms of section 279 of the
   FSRA
   2.1 To ensure consistency across Retirement Funds and Retirement Fund Benefit
   Administrators and in order to streamline the application processes, the Financial Sector Conduct Authority (Authority) has developed standardised forms for use by Retirement Funds and Retirement Fund Benefit Administrators when applying for an extension in terms of section 279 of the FSRA for any period contemplated in the PFA.
   2.2. The relevant forms to use, as annexed to this Communication, including the relevant
   regulatory references applicable to each form, and the department to which it has to be addressed are set out in the table below.
   Section of the PFA
   Prescribed
   Period for compliance
   Responsible
   Department in the
   Retirement Funds
   Division
   Form to be completed
   Section 12(2) 60 days Reviews & Authorisations FORM I
   Section 14(1) 180 days Prudential Supervision FORM II
   Section 14(2)(b) 60 days Prudential Supervision FORM II
   Section 14(8)(b)(III) 180 days Prudential Supervision FORM II

Section 15(1) 6 months Prudential Supervision FORM I
Section 16(2) 12 months Actuarial Services FORM I
Section 18(1) or (1A) 3 months Actuarial Services FORM I
Section 31(1) 12 months Reviews & Authorisations FORM I
Submission of Annual
Reports 6 months
Insurers & Retirement
Fund Benefit
Administrators
FORM I
Notification of
Termination of
Administration
Agreements
30 days
Insurers & Retirement
Fund Benefit
Administrators
FORM I
Report confirming the transfer of records following termination 14 days Insurers & Retirement Fund Benefit Administrators FORM I Other1 FORM I
2.3 All forms must submitted online via the Retirement online system portal on the
Authority’s website or by clicking on the following link www.fsca.co.za
3. Enquiries
For more information regarding this Communication contact the Retirement Funds Supervision Division of the Authority at Mamiki.Motale@fsca.co.za OLANO MAKHUBELA COMMISSIONER FINANCIAL SECTOR CONDUCT AUTHORITY Date of publication: 14 December 2020 1 Other extension applications for any period contemplated in the Pension Funds Act not specified in the table above should be completed on Form I with full details of the requested extension, the applicable time periods and due dates clearly set out in the form.

FORM I – REQUEST FOR EXTENSION
[To be completed and signed by duly authorised officials of the fund (i.e. the principal officer of the fund and another member of the board) In the case of a 13B extension application the Responsible Person / Key Person of the Benefit Administrator should sign.] Fund name / Benefit Administrator name : ………………………………………….(12/8/………)

1. Indicate the type of extension applied for:
   (Delete the rows from the table that are not applicable to the extension request.) Prescribed Period Section of the Act Effective Date: Due Date:
   Date until which extension is requested
   60 days Section 12(2)
   6 months Section 15(1)
   12 months Section 16(2)
   3 months Section 18(1) or (1A)
   12 months Section 31(1)
   13B Administrators
   6 months Submission of
   Annual Reports
   30 days
   Notification of
   Termination of
   Administration
   Agreements
   14 days
   Report confirming the transfer of records following termination

2. Indicate the party responsible for the delay:
   ……………………………………………………………………………………..………………………….……

3. Reason the fund or administrator is unable to meet the prescribed deadline:
   ………………………………………………………………………………………..……………….…………… ………………………………………………………………………………………..……………….……………

4. Motivation for the number of additional days being requested (include project plan):
   ………………………………………………………………………………………..……………….…………… ………………………………………………………………………………………..……………….……………

5. Where a previous extension was already granted, provide the reasons the original project plan
   was not implemented timeously:
   ………………………………………………………………………………………..……………….…………… ………………………………………………………………………………………..……………….……………

6. Where extensions are required for the period in terms of sections 15(1) of the Act, the following
   needs to be included in the submission:
   a. Are there any contributions in arrears in terms of section 13A? If so, kindly provide details:
   …………………………………………………………………………………………………… b. Does the Fund have adequate fidelity cover? Kindly provide the expiry date of such policy:
   ……………………………………………………………………………………………..……
   (Delete if not applicable)
   PRINCIPAL OFFICER/AUTHORISED
   REPRESENTATIVE/RESPONSIBLE
   PERSON/KEY PERSON
   MEMBER OF THE BOARD
   FULL NAME IN PRINT FULL NAME IN PRINT
   DATE DATE

FORM II – SECTION 14 EXTENSIONS
Section 14: Transfer of business from the ……………………….. (transferor fund) (12/8/ ………….)
to the …………………………….. (transferee fund) (12/8/………….) as at …………………………….. (insert effective date) [To be completed and signed by duly authorised officials of either the transferor or transferee fund (i.e. the principal officer of the fund and another member of the board). However, if section 14(2)(b) applies, both funds must sign the form] Date of request:

1. Indicate the type of extension applied for:
   (Delete the rows from the table that are not applicable to the extension request.) Period Section of the Act Effective Date / Approval Date:
   Due Date /
   Payment Date:
   Date until which extension is requested
   180 days Section 14(1)
   *60 days Section 14(2)(b)
   180 days Section 14(8)(b)(iii)
   *State the case number of the approved section 14 here: __________________

2. The details, where available, of the transfer can be summarised as follows:
   Number transferring:
   Accrued liability
   / share of fund
   Number remaining after the transfer:
   Active members
   Pensioners
   Deferred pensioners
   Unclaimed benefits
   Total:

3. Indicate the party responsible for the delay:
   ...................................................................................................................................................
   .............................................................................................................................

4. Have previous extensions been granted on this transfer? If so list the dates and case
   numbers of the previous extensions that were granted:
   ...................................................................................................................................................
   .............................................................................................................................

5. Detailed motivation for the extension request:
   ...................................................................................................................................................
   ...........................................................................................................................

6. Declaration of no prejudice suffered:
   ...................................................................................................................................................
   ...........................................................................................................................

7. We declare that the above information is correct and complete.
   ON BEHALF OF TRANSFEREE FUND (DELETE IF NOT APPLICABLE):
   PRINCIPAL OFFICER/AUTHORISED
   REPRESENTATIVE MEMBER OF THE BOARD
   FULL NAME IN PRINT FULL NAME IN PRINT
   DATE DATE
   ON BEHALF OF TRANSFEROR FUND (DELETE IF NOT APPLICABLE):
   PRINCIPAL OFFICER MEMBER OF THE BOARD
   FULL NAME IN PRINT FULL NAME IN PRINT
   DATE DATE