Regulatory Alerts2018-03-31
Added · Updated
PF Circular 132: Withdrawal of Pension Fund Circulars
The South African Financial Services Board issued PF Circular 132 to immediately withdraw twelve pension fund directives addressing surplus allocation, regulatory exemptions, and fund transfers. The superseded circulars, covering PF numbers 111 to 128, previously provided administrative guidance on voluntary dissolution, improper surplus utilization, Regulation 36 applications, and employer surplus deployment. Approved administrators, privately administered funds, and pension insurers must discontinue reliance on these outdated provisions and comply with current statutory requirements.
FINANCIAL SERVICES BOARD
Rigel Park 446 Rigel Avenue South Erasmusrand Pretoria 0181 South Africa
PO Box 35655 Menlo Park Pretoria 0102 South Africa
Tel +27 12 428 8000 Fax +27 12 347 0221 E-mail info@fsb.co.za
Toll free 0800 110443 Internet http://www.fsb.co.za
| ENQUIRIES: | Alta Marais | D. DIALLING NO.: | 012 428 8065 |
|---|---|---|---|
| OUR REF.: | 12/12/1 | FAX: | 012 347 0874 |
| DATE: | 21 July 2009 | E-MAIL: | altam@fsb.co.za |
To all approved administrators, privately administered funds and insurers who underwrite pension funds
CIRCULAR PF NO. 132
WITHDRAWAL OF PENSION FUND CIRCULARS
The following Pension Fund Circulars are hereby withdrawn with immediate effect:
| Circular PF No.: | Description | Date Issued |
|---|---|---|
| 111 | Voluntary Dissolution of a fund in terms of section 28 of the Pension Funds Act | 4 July 2002 |
| 113 | Clarification of the treatment of past surplus utilised improperly as defined in section 15B(6) of the Pension Funds Act | 24 April 2003 |
| 114 | Information required on submission of a surplus apportionment scheme | 28 June 2004 |
| 115 | Clarification of issues regarding the application of regulation 36, applications for valuation exemption in terms of regulation 2, small surpluses and deficits | 28 June 2004 |
| Circular PF No.: | Description | Date Issued |
|---|---|---|
| 118 | Disposition of amounts payable to former members in terms of an apportionment scheme approved by the registrar | 28 June 2004 |
| 120 | Section 14 of the Pension funds Act (Act no. 24 of 1956) – Amalgamations and Transfers | 31 May 2005 |
| 121 | General Guidance on Surplus Schemes | 13 May 2005 |
| 122 | Clarification of issues regarding the application of Regulation 36, applications for valuation exemption in terms of Regulation 2, small surpluses and deficits in respect of bulk applications | 5 May 2005 |
| 123 | Section 14 – Full transfers & surplus | 12 July 2005 |
| 124 | Surplus & funds registered after 7 March 2002 | 2 November 2005 |
| 125 | Use of employer surplus to prevent job losses (section 15J of the Pension Funds Act) | 28 February 2006 |
| 128 | Surplus schemes & surplus utilised improperly | 10 October 2006 |
Yours sincerely
JA BOYD
FOR: REGISTRAR OF PENSION FUNDS
Board Members AM Sithole (Chairperson) H Wilton (Deputy Chairperson) T Mokgabudi Prof M Ncube Z Bassa JV Mogadime M Phetla-Lekhetha J Cross Prof PJ Sutherland BM Hawksworth
Executive Officer DP Tshidi
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