NOTICE TO RETIREMENT FUNDS, ADMINISTRATORS AND PARTICIPATING EMPLOYERS

Friday, April 21, 2017
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The Registrar of Pension Funds has published a draft Information Circular entitled “Clarification on the cancellation of registration of a fund in terms of section 27(1)”.

The draft Circular seeks to provide clarity on the requirements for the cancellation of the registration of a retirement fund in terms of section 27(1) of the Pension Funds Act, as well the termination of a participation of an employer in an umbrella fund.

The draft Circular indicates, among other things, that an employer cannot simply withdraw its participation in an umbrella fund. Rather, an application would be required for the registered special rules applicable to that participating employer to be withdrawn.

A copy of the draft Circular can be viewed here. Comments on the draft Circular need to be submitted by 15 May 2017 to Alta.Marais@fsb.co.za.

For further information please contact Deirdre Phillips