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South Africa
NATIONAL LEGISLATION OVERVIEWS
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Pension Funds Act, No. 24 of 1956

Long title

To provide for the registration, incorporation regulation and dissolution of pension funds and for matters incidental thereto.

Table of contents
SECTION TITLE
CHAPTER I. ADMINISTRATION AND APPLICATION OF ACT AND INTERPRETATION OF TERMS
1.
 Definitions
1A.
 Relationship between Act and Financial Sector Regulation Act [...inserted by Act 2017_009_290_20170822 Sch4]
1B.
 Regulatory instruments [...inserted by Act 2017_009_290_20170822 Sch4]
2. Application of Act
3. ... [...repealed by Act 2017_009_290_20170822 Sch4 - was entitled "Registrar and Deputy Registrar of Pension Funds"]
3A. ... [...inserted by Act 1988_051_004_19880520]  [...deleted by Act 1990_097_029_19900711]
3B. ... [...inserted by Act 1991_054_002]  [...repealed by Act 2013_045_004_20140116] 
CHAPTER II. REGISTRATION AND INCORPORATION
4. Registration of pension funds
4A. Registration of pension funds to which State contributes financially [...inserted by Act 1991_119_002_19910710]
4B. Effect of registration of pension fund referred to in section 4A [...inserted by Act 1991_119_002_19910710]
4C. Transfer to pension fund referred to in section 4A of its assets held by another [...inserted by Act 1991_119_002_19910710] 
5. Effect of registration of pension fund
6. Allocation of assets and liabilities between pension fund organization and other associated business
CHAPTER III. MANNER OF ADMINISTRATION AND POWERS OF REGISTERED FUNDS
7. Registered office 
7A. Board of fund [...inserted by Act 1996_022_002_19960419]
7B.. Exemptions [...inserted by Act 1996_022_002_19960419]
7C. Objects of board [...inserted by Act 1996_022_002_19960419]
7D. Duties of board [...inserted by Act 1996_022_002_19960419]
7E. Application of certain sections [...inserted by Act 1996_022_002_19960419]
7F. Liability of board member [...inserted by Act 2013_045_011_20140116]
8. Principal officer and deputy principal officer [...Title amended by Act 2013_045_012_20140116 - was entitled "..."] 
9. Appointment of auditor
9A. Appointment of a valuator [...inserted by Act 2013_045_014_20140116]
9B. Protection of disclosures [...inserted by Act 2013_045_015_20140116]
10. Business which may be carried on
11. Rules [...Title amended by ... - was entitled "Requirements for rules"] 
12. Amendment of rules
13. Binding force of rules
13A. Payment of contributions and certain benefits to pension funds [...inserted by Act 1984_086_015_19840718]
13B. Restrictions on administration of pension funds [...inserted by Act 1992_083_02019920701] 
14. Amalgamation and transfers
14A. Minimum benefits [...inserted by Act 2001_039_003_20011205]
14B. Determination of member's individual account, minimum individual reserve nd minimum pension increase [...inserted by Act 2001_039_003_20011205]
CHAPTER IV. DOCUMENTS TO BE DEPOSITED WITH REGISTRAR
15. Account
15A. Rights to use of actuarial surplus [...inserted by Act 2001_039_004_20011205]
15B. Apportionment of existing surplus [...inserted by Act 2001_039_004_20011205]
15C. Apportionment of future surplus [...inserted by Act 2001_039_004_20011205]
15D. Utilisation of surplus for benefit of members [...inserted by Act 2001_039_004_20011205]
15E. Utilisation of surplus for benefit of employer [...inserted by Act 2001_039_004_20011205]
15F. Existing employer reserve accounts [...inserted by Act 2001_039_004_20011205]
15G. Right to share in surplus accounts on exit [...inserted by Act 2001_039_004_20011205]
15H. Use of contents of any surplus accounts to fund deficits [...inserted by Act 2001_039_004_20011205]
15I. Application of surplus accounts on liquidation of fund [...inserted by Act 2001_039_004_20011205]
15J. Use of employer surplus to prevent job losses [...inserted by Act 2001_039_004_20011205]
15K. Specialist tribunal [...inserted by Act 2001_039_004_20011205]
16. Investigations by a valuator
17. ... [... repealed by Act 2013_045_030_20140116]
18. Fund not in a sound financial condition
18A. Business rescue [...inserted by Act 2013_045_032_20140116]
19. Investments
20. Requirements in regard to documents to be deposited with registrar
21. Registrar may require additional particulars in case of certain applications and returns
22. Inspection of documents
23. Effect of registrar's certificate on documents
CHAPTER V. ENQUIRIES BY REGISTRAR, APPLICATIONS TO COURT, CANCELLATION OR SUSPENSION OF REGISTRATION AND DISSOLUTION OF FUNDS
24. Enquiries
25. ... [...repealed by Act 2017_009_290_20170822 Sch4 - was entitled "Inspections and on-site visits"]
26. Registrar may intervene in management of fund
27. Cancellation or suspension of registration
28. Voluntary dissolution of fund
28A. Remuneration of liquidator [...inserted by Act 1997_094_004_19971217]
29. Winding-up by the court
29A. Winding-up of unregistered pension fund [...inserted by Act 2013_045_040_20140116]
30. Special provisions relating to liquidation of funds
CHAPTER VA. CONSIDERATION AND ADJUDICATION OF COMPLAINTS
30AA. Ombud scheme [...inserted by Act 2017_009_290_20170822 Sch4]
30A. Submission and consideration of complaints [...inserted by Act 1996_022_003_19960419]
30B. Establishment of Office of Pension Funds Adjudicator [...inserted by Act 1996_022_003_19960419]
30C. Appointment of Adjudicator [...inserted by Act 1996_022_003_19960419]
30D. Main object of Adjudicator [...inserted by Act 1996_022_003_19960419]
30E. Disposal of complaints [...inserted by Act 1996_022_003_19960419]
30F. Opportunity to comment [...inserted by Act 1996_022_003_19960419]
30G. Parties to complaint [...inserted by Act 1996_022_003_19960419]
30H. Jurisdiction and prescription [...inserted by Act 1996_022_003_19960419]
30I. Time limit for lodging of complaints [...inserted by Act 1996_022_003_19960419]
30J. Procedure for conducting investigation [...inserted by Act 1996_022_003_19960419]
30K. Legal representation [...inserted by Act 1996_022_003_19960419]
30L. Record of proceedings [...inserted by Act 1996_022_003_19960419]
30M. Statement by Adjudicator regarding determination [...inserted by Act 1996_022_003_19960419]
30N. Interest on amount awarded [...inserted by Act 1996_022_003_19960419]
30O. Enforceability of determination [...inserted by Act 1996_022_003_19960419]
30P. Access to court [...inserted by Act 1996_022_003_19960419]
30Q. Powers of Adjudicator [...inserted by Act 1996_022_003_19960419]
30R. Funds of Adjudicator [...inserted by Act 1996_022_003_19960419
30S. Remuneration and terms and conditions of employment of Adjudicator and employees [...inserted by Act 1996_022_003_19960419]
30T. Accountability [...inserted by Act 1996_022_003_19960419]
30U. Report of Adjudicator [...inserted by Act 1996_022_003_19960419]
30V. Offences and penalties [...inserted by Act 1996_022_003_19960419]
30W. ...  [...inserted by Act 1996_022_003_19960419]  [...repealed by Act 2008_022_012 - was entitled "..."]
30X. Liquidation [...inserted by Act 1996_022_003_19960419]
30Y. Adjudicator proceedings [...inserted by Act 1996_022_003_19960419]
CHAPTER VI. GENERAL AND MISCELLANEOUS
31. Carrying on business of unregistered pension fund organization and use of designation "pension fund"
32. Registrar may require unregistered funds to furnish information
32A. Power of registrar in respect of communications  [...inserted by Act 1986_050_012_19860528]
33. ... [...repealed by Act 2017_009_290_20170822 Sch4 - was entitled "Registrar may extend certain periods"]
33A. ... [...inserted by Act 2007_011_024_20070829] [...repealed by Act 2017_009_290_20170822 Sch4 - was entitled "Directives"]
34. ... [...repealed by Act 2017_009_290_20170822 Sch4 - was entitled "Annual report by registrar"]
35. Right to obtain copies of or to inspect certain documents
36. Regulations
37. Penalties  [...Title amended by Act 2013_045_049_20140116 - was entitled "..."]
37A. Pension benefits not reducible, transferable to executable [...inserted by Act 1976_101_024_19760723]
37B. Disposition of pension benefits upon insolvency [...inserted by Act 1976_101_024_19760723]
37C. Disposition of pension benefits upon death of member [...inserted by Act 1976_101_024_19760723]
37D. Fund may make certain deductions from pension benefits [...inserted by Act 1977_094_014_19770701]
38. Exemption from Act 57 of 1988
39. ... [...repealed by Act 1998_052_073_19980923 - was entitled "..."]
40. Act in certain respects, and certain rules, binding on State
40A. Delegation and assignment [...inserted by Act 2007_011_029_20070829]
40B. Retrospectivity [...inserted by Act 2007_011_029_20070829]
40C. Scrutiny of Regulations [...inserted by Act 2007_011_029_20070829]
41. Short title and Commencement date
 
Legislation Text Access Point
Versions
[To check whether a version has commenced, and how it was commenced, please see the Timeline for the Act, and the Annotated Text for the version.]		 Access Official Gazette PDF  Request Subscription Fee Subscriber Access
As unamended Act 1956_024_000_19560311 EXT.LINK REQ.INFO LINK
As amended by Act 1957_081_000_19570709 .  N/A REQ.INFO LINK
As amended by Act 1959_080_000_19590706 .  N/A REQ.INFO LINK
As amended by Act 1962_068_000_19620620 .  N/A REQ.INFO LINK
As amended by Act 1966_058_000_19661028 .  N/A REQ.INFO LINK
As amended by Act 1968_065_000_19680626 .  N/A REQ.INFO LINK
As amended by Act 1969_080_000_19690625 .  N/A REQ.INFO LINK
As amended by Act 1970_023_000_19700309 .  N/A REQ.INFO LINK
As amended by Act 1972_091_000_19720628 .  N/A REQ.INFO LINK
As amended by Act 1976_101_000_19760723 .  N/A REQ.INFO LINK
As amended by Act 1977_094_000_19770701 .  N/A REQ.INFO LINK
As amended by Act 1978_080_000_19780621 .  N/A REQ.INFO LINK
As amended by Act 1979_103_000_19790713 .  N/A REQ.INFO LINK
As amended by Act 1980_099_000_19800801 .  N/A REQ.INFO LINK
As amended by Act 1982_082_000_19820609 .  N/A REQ.INFO LINK
As amended by Act 1984_046_000_19840330 .  N/A REQ.INFO LINK
As amended by Act 1984_086_000_19840718 .  N/A REQ.INFO LINK 
As amended by Act 1986_050_000_19860528 .  N/A REQ.INFO LINK
As amended by Act 1988_051_000_19880520 .  N/A REQ.INFO LINK
As amended by Act 1989_009_000_19890315 .  N/A REQ.INFO LINK
As amended by Act 1989_053_000_19890526 .  N/A REQ.INFO LINK
As amended by Act 1989_054_000_19890526 .  N/A REQ.INFO LINK
As amended by Act 1990_064_000_19900629 .  N/A REQ.INFO LINK
As amended by Act 1990_097_000_19900711 .   N/A REQ.INFO LINK
As amended by Act 1991_054_000_19910419 .  N/A REQ.INFO LINK
As amended by Act 1991_119_000_19910710 .  N/A REQ.INFO LINK
As amended by Act 1992_041_000_19920415 .  N/A REQ.INFO LINK
As amended by Act 1992_083_000_19920701 .  N/A REQ.INFO LINK
As amended by Act 1993_007_000_19930507 .  N/A REQ.INFO LINK
As amended by Act 1993_104_000_19930701 .  N/A REQ.INFO LINK
As amended by Act 1995_066_000_18851213 .  N/A REQ.INFO LINK
As amended by Act 1996_022_000_19960419 .  N/A REQ.INFO LINK
As amended by Act 1996_088_000_19961122 .  N/A REQ.INFO LINK
As amended by Act 1996_104_000_19961127 .  N/A REQ.INFO LINK
As amended by Act 1997_094_000_19971217 .  N/A REQ.INFO LINK
As amended by Act 1998_052_000_19980923 .  N/A REQ.INFO LINK
As amended by Act 1998_099_000_19981127 .  N/A REQ.INFO LINK
As amended by Act 2001_039_000_20011205 .  N/A REQ.INFO LINK
As amended by Act 2001_065_000_20011206 .  N/A REQ.INFO LINK
As amended by Act 2007_011_000_20070829 .  N/A REQ.INFO LINK
As amended by Act 2007_035_000_20080108 .  N/A REQ.INFO LINK
As amended by Act 2008_022_000_20080930 .  N/A REQ.INFO LINK
As amended by Act 2008_060_000_20090108 .  N/A REQ.INFO LINK
As amended by Act 2013_045_000_20140116 .  N/A REQ.INFO LINK
As amended by Act 2017_009_000_20170822 .  N/A REQ.INFO LINK
As amended by Act 2022_012_000_20221209 . N/AREQ.INFOLINK
As amended by ... N/A REQ.INFO LINK

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