PI-PF-CIR-03-2015 – Request for Extensions

[Logo: NAMFISA NAMIBIA FINANCIAL INSTITUTIONS SUPERVISORY AUTHORITY]

23 September 2015

TO: Principal Officers of all registered Pension Funds CC: Chairperson: RFIN

CIRCULAR: PI/PF/CIR/03/2015

EFFECTIVE DATE: 23 September 2015

SUBJECT: REQUESTS FOR THE EXTENSION OF SPECIFIED PERIODS

1 Introduction
1.1 This Circular is issued by virtue of NAMFISA’s functions and powers and those of its CEO in his capacity as the Registrar of Pension Funds in terms of the Namibia Financial Institutions Supervisory Authority Act, 2001 (Act No. 3 of 2001) (“the NAMFISA Act”) and is applicable to all pension fund organizations registered under the Pension Funds Act, 1956 (Act No. 24 of 1956) (“the PF Act”).

1.2 The purpose of this Circular is to guide the industry with regard to requests for the extension of certain periods as envisaged in the PF Act.

2 The current practice
The industry has made it a common practice to request for the extension of specified periods which are prescribed in the PF Act after such periods have expired or within a very short time before such periods expire.

3 The law
3.1 Section 33 of the PF Act provides as follows:

“(1) Where any person is obliged in terms of any provision of this Act to perform any act within a specified period, the registrar may, at the request of such person, in any particular case extend that period from time to time.

(2) The registrar may in special circumstances extend any such specified period after it has expired.”

4 Conclusion
4.1 The Registrar has the discretion, which must in any event be exercised judiciously, to extend any specified period within which a certain act is required to be performed in terms of the provisions of the PF Act. Thus, the Registrar must be satisfied that the request for the extension of a specified period is justified.

4.2 It is only in special circumstances that the Registrar may extend any such specified period within which a certain act is required to be performed in terms of the provisions of the PF Act after the said period has expired.

5 The Circular
5.1 In light of the service level commitment, a request for an extension that does not reach the Registrar within a reasonable time before the expiration of the period prescribed in the PF Act must in any event be accompanied by special circumstances.

5.2 The Registrar will henceforth not extend any specified period within which certain acts must be performed in terms of the provisions of the PF Act after the said period has expired unless special circumstances are demonstrated to the Registrar. Moreover, administrative penalties will be imposed for late submissions as contemplated in Regulation 26 of the regulations under the PF Act until an extension is granted by the Registrar in accordance with section 33 of the PF Act.

5.3 In order to facilitate the process for the consideration of requests for extensions by the Registrar, Principal Officers of all registered funds are further requested to make use of “Annexure A” to this Circular to request for an extension in terms of section 33 of the PF Act.

The Registrar therefore requires full cooperation and support in this process by all industry players and stakeholders at large.

Should you require more clarity on this Circular, kindly contact the Manager of the Pension Funds Department at telephone number 061-290 5166.

[Signature]
Kenneth S. Matomola
Registrar of Pension Funds

“Annexure A”

Request for extension
Section 33 of the Pension Funds Act, Act no. 24 of 1956

1 The .................................................................................... Fund (registration number: .............................) hereby applies, in terms of section 33 of the Pension Funds Act, for the extension of the period indicated below:

Section of the Act¹	Period²	Year-end/ valuation date³	Due date for submission	Date until which extension is required

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

3 Motivation for the request for the extension:
......................................................................................................................................................

4 If the request for the extension is made in terms of section 33(2), kindly demonstrate the special circumstances relevant to this request:
......................................................................................................................................................

¹ Please insert the section of the Act in terms of which the period is specified.
² Please indicate the specified period.
³ Please insert date if applicable to the extension request.

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Principal Officer

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Full name in print

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Date

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Member of the Board of Trustees

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Full name in print

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Date