Pension Transfers

South Africa

Home 2001 Submission Roger Wellsted Chief Actuary Case Study Who owns Surplus Regulation 15 Media Coverage Pension Fund Bill Reserve Value Defined Letter to Actuaries Liability

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See Annexure A of the Bill ... page 22

             Link to Bill ....   www.info.gov.za/view/DownloadFileAction?id=67300

With the benefit of hindsight it was not fair to have given transferring or retrenched members no share of this provision against a fall in the stock market. Having decided this, it is necessary to legislate in order to give them any share, because,

*     once a member is paid his benefit, the member loses any right to any further

claim against the fund; former members have no rights in terms of the Act as

it is currently written;

*     secondly, most of the transfers had occurred more than three years ago, and, even though members may now feel that they did not get what was promised in whatever agreement was signed between the union and the employer, they would be unsuccessful in claiming anything through the courts because their claim would have become prescribed.

 

NOTICE 248 OF 2001

NATIONAL TREASURY

PUBLICATION OF THE PENSION FUNDS SECOND AMENDMENT BILL, 2001

The Minister of Finance intends tabling the Pension Funds Second Amendment Bill, 2001 in Parliament during February

2001. The Bill is published in the Government Gazette in accordance with Rule 241(c) of the Rules of the National Assembly.