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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Who owns the surplus?

Generally, the source of the surplus defines the ownership of it.

Examples:

If pensioner investments were not used to keep pensions in line with inflation, then the surplus created as a result would belong to the pensioners.

If the company is accountable for making good any deficit caused by excess ill-health claims, then a surplus as a result of these claims could belong to the company.