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Pension Funds Amendment Act, No. 22 of 1996
To amend the Pension Funds Act, 1956, so as to amend, insert, substitute or delete certain definitions and expressions; to provide for boards to manage pension funds; to make provision for the object of such boards; to regulate the duties of boards; to provide for the exemption of pension funds from certain provisions of the Act; to regulate the application of certain provisions of the Act to certain pension funds; to regulate the submission of complaints to, and the consideration thereof by, pension funds or employers who participate in such funds; to establish the Office of the Pension Funds Adjudicator; to provide for the disposal of complaints by a Pension Funds Adjudicator; to make provision for access to a court; to provide for certain powers of the Adjudicator, and the funds of the Adjudicator; to make provision for the terms and conditions of employment of the Adjudicator and his or her employees; to provide for the accountability of income and expenses of the Adjudicator; to provide that the Adjudicator shall submit an annual report to the Minister of Finance; to make provision for certain offences and penalties; to limit the liability of the Adjudicator; to regulate the manner by which the Office of the Adjudicator shall be liquidated; to limit the reduction of pension benefits in respect of arrear contributions owed to a pension fund; and to further regulate the disposition of pension benefits upon the death of a member of a pension fund; and to provide for matters incidental thereto.
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