PF Circular 76: Valuation Under the Pension Funds Act No 24 of 1956

RAAD OP FINANSIeLE DIENSTE

FINANCIAL SERVICES BOARD

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December 1991

CIRCULAR PF 76: TO ALL INSURERS WHO UNDERWRITE PENSION FUNDS

VALUATION IN TERMS OF THE PENSION FUNDS ACT NO 24 OF 1956

In October 1988 this Office addressed a circular to all insurers

who conducts pension fund business. A copy of which is attached

for your information.

All insurers have already reacted in some way or another to the

requirements set out in paragraph 4 of the said circular, but for

various reasons this Office has been unable to implement the

requirements. This Office now, however, intends to implement the

requirements as soon as possible. If you have not complied with

all the requirements stipulated in paragraph 4 you must supply

the necessary lists as well as proposed valuation dates to this

Office not later than 30 April 1992.

All valuations of funds that were previously not subject to

valuation must be valued on their next review date, but not later

than 31 December 1992. The valuation reports must be submitted

in the prescribed manner and no report should be submitted to

this Office later than 31 December 1993.