IRF

Pension Fund Regulatory Issues

Applicable Legislation, Regulations and Board Notices

Pension Funds Act 24 of 1956 and Regulations

Board Notices
These can be found at http://www.fsb.co.za under ‘Retirement Funds

Pension Fund Circulars and Directives
Circulars by the FSB are made up of Interpretation Notes; PF Circular and Information Circulars.

Latest Interpretation Notes

Interpretation Note 1 of 2010 – Minimum Pension Increases
Interpretation Note 2 of 2010 – Fund Return and processing mismatches
Interpretation Note 3 of 2010 – Reserve Accounts in Rules

Latest PF Circulars

PF Circular 117 – Valuation at the surplus apportionment date to determine the amount to be apportioned between stakeholders, the establishment of contingency reserve accounts and changes of method or assumptions
PF Circular 129 – Proceeds of the investigation into secret profits made by a service provider of a fund
PF Circular 130 – Good Governance of Retirement Funds

Latest Information Circulars

Information Circular 1 of 2010 – Regulation 28-Exemption in respect of investments held outside the Republic
Information Circular 2 of 2010 – Section 37C-Payment of Death Benefits
Information Circular 3 of 2010 – Clarification in respect of the approval of entities providing administration services and/or giving advice to South African Pension Funds

Submissions and Responses

Submissions to the Financial Services Board (FSB):

1112 – submission on BN on Valuation exemptions - Download

1116 – submission on the consumer Protection Act - Download

1005-Submission on Service Level Commitment between the office of the Registrar of Pension Funds and the Retirement Funds Industry (‘Draft’ Information Circular PF No.1 of 2010)

1006-Submission on Interpretation Note 1 of 2010, Minimum Pension Increase

1007-Submission on Interpretation Note 2 of 2010, Reserve Account in Rules

1027-Submission on Section 8, Appointment of a Principal Officer and duties to report irregularities and termination of appointment

1029-Submission on Treating Customers Fairly

Responses:
The submissions come about, a lot of the times, as a result of discussions had at the quarterly Legal and Technical meetings thus has the FSB provided a cumulative response to queries raised at one such meeting.

Submissions to National Treasury

1019-Submission of Draft Regulation 28
1026-Submission on withdrawal from a retirement annuity fund upon emigration
1028-Submission on the Draft Taxation Laws Amendment Bill,2010

Submission to the Department of Trade and Industry
1012-Submission on the Draft Companies Regulations, 2010

Documents for Comment
Draft Omnibus Bill FINANCIAL SERVICES GENERAL AMENDMENT BILL 2012

Draft_Omnibus_Bill_FINANCIAL_SERVICES_LAWS_GENERAL_AMENDMENT_BILL_2012.PDF