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South Africa
NATIONAL LEGISLATION OVERVIEWS
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Pension Funds Amendment Act, No. 22 of 1996

Long title

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.

Table of contents

SECTION TITLE
1. Amendment of section 1 of Act 24 of 1956...
2. Insertion of certain sections in Act 24 of 1956
3. Insertion of Chapter VA in Act 24 of 1956
4. Amendment of section 37A of Act 24 of 1956...
5. Amendment of section 37C of Act 24 of 1956...
6. Substitution of expression in Act 24 of 1956
7. Short title

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