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South
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NATIONAL LEGISLATION OVERVIEWS
NATIONAL LEGISLATION OVERVIEWS
Pension Funds Amendment
Act, No.
94 of 1997
Long title
To amend the Pension Funds Act, 1956, in relation to the payment of contributions to pension funds and the payment of benefits or rights to benefits from one pension fund to another in certain circumstances, and to provide for the levying of interest on certain payments that are received late; to prohibit a pension fund from investing in or lending to the business of its members’ employer any assets of that fund in excess of five per cent of its total assets or a greater percentage allowed by the registrar but not exceeding 10 per cent of its total assets, and to extend that prohibition to any subsidiary or holding company of such an employer that is a company; to extend the provisions governing the procedure applicable to the voluntary dissolution of a pension fund upon its total termination, to the case where a pension fund is partially terminated due to a participating employer’s withdrawal from the fund, and, in appropriate cases and subject to prescribed conditions, to empower the registrar of pension funds to exempt pension funds from the provisions of section 28(6) and (7) and provide for the registrar to authorize the liquidator of a pension fund to make provisional payments to members and beneficiaries before completion of the liquidation; to make provision for the remuneration of the liquidator of a pension fund; to repeal section 19 of the Financial Institutions Amendment Act, 1992; and to provide for incidental matters.
Table of contents
Legislation Text Access Point
Long title
To amend the Pension Funds Act, 1956, in relation to the payment of contributions to pension funds and the payment of benefits or rights to benefits from one pension fund to another in certain circumstances, and to provide for the levying of interest on certain payments that are received late; to prohibit a pension fund from investing in or lending to the business of its members’ employer any assets of that fund in excess of five per cent of its total assets or a greater percentage allowed by the registrar but not exceeding 10 per cent of its total assets, and to extend that prohibition to any subsidiary or holding company of such an employer that is a company; to extend the provisions governing the procedure applicable to the voluntary dissolution of a pension fund upon its total termination, to the case where a pension fund is partially terminated due to a participating employer’s withdrawal from the fund, and, in appropriate cases and subject to prescribed conditions, to empower the registrar of pension funds to exempt pension funds from the provisions of section 28(6) and (7) and provide for the registrar to authorize the liquidator of a pension fund to make provisional payments to members and beneficiaries before completion of the liquidation; to make provision for the remuneration of the liquidator of a pension fund; to repeal section 19 of the Financial Institutions Amendment Act, 1992; and to provide for incidental matters.
Table of contents
| SECTION | TITLE |
| 1. | Substitution of section 13A of Act 24 of 1956 |
| 2. | Amendment
of section 19 of Act 24 of 1956 |
| 3. | Amendment
of section 28 of Act 24 of 1956 |
| 4. | Insertion
of section 28A in Act 24 of 1956 |
| 5. | Repeal
of section 19 of Act 83 of 1992 |
| 6. | Short title and commencement |
Legislation Text Access Point
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