Older Persons Act, 2006
R 385
Government Employees Pension Law, 1996Schedule 1 : Rules of the Government Employees Pension Fund17. Accrued pensionable benefits maintained |
| 17.1 | The real value of the accrued benefits of a member of the Temporary Employees Pension Fund or a previous fund, as represented by such fund's actuarial liability towards such a member and his or her beneficiaries, shall be maintained by adjusting the period of pensionable service standing to the credit of such member on the day preceding the date determined in terms of section 14(1) or 15(1) of the Law by a factor which shall be determined in accordance with accepted actuarial principles and practices, and such adjustment shall have the result that the amount of the relevant actuarial liability of the Fund on the date mentioned above is not less than the amount of the Temporary Employees Pension Fund's or previous fund's relevant actuarial liability on the day preceding that date. |
| 17.2 | In the case of any changes to the Law or rules governing the Fund after the fixed date which affect the benefits of a member or his or her beneficiaries, the real value of the accrued benefits of a member of the Fund, as represented by the Fund's actuarial liability towards such a member and his or her beneficiaries, shall be maintained by adjusting the period of pensionable service standing to the credit of such member on the effective date of such changes by a factor which shall be determined in accordance with accepted actuarial principles and practices and such adjustment shall have the result that the amount of the Fund's relevant actuarial liability on the date with effect from which the changes to the Law or rules referred to above take place is not less than the amount of the Fund's relevant actuarial liability on the day preceding the date with effect from which the changes referred to above take place. |
| 17.3 | Notwithstanding the provisions of rules 17.1 and 17.2, the benefits of a member may be changed in another way by the Board, provided that the real value of the member's benefits, as represented by the actuarial liability towards the member and his or her beneficiaries, is maintained in such change. |
| 17.4 | The Board of Trustees shall obtain a certificate from an actuary appointed by them that the provisions of rule 17.1, 17.2 or 17.3, whichever may apply, will be satisfied. |
| 17.5 | If the adjustment of accrued pensionable service of a member in terms of rule 17.1 or 17.2 causes such a member to have less than ten years of pensionable service to his or her credit when he or she is retired or discharged in circumstances set out in rule 14.1.1, or dies, such a member shall nevertheless qualify for the benefits in terms of rule 14.2, 14.3.3 or 14.5.2, as the case may be. |
[Rule 17.5 substituted by Notice No. 499 of 11 April 1997]
| 17.6 | If the adjustment of accrued pensionable service of a deceased member in terms of rule 17.1 or 17.2 has the result that the total of his or her period of pensionable service and his or her unexpired period of service is less than ten years, benefits shall nevertheless be paid in terms of rule 14.5.3 and 14.5.4. |
[Rule 17.6 substituted by Notice No. 1073 of 8 August 2003]
| 17.7 | In case of an adjustment of a member's pensionable service in terms of rule 17.1 or 17.2, which causes such a member to have more than 55 years of pensionable service to his or her credit, the proviso in rule 14.2.3, which limits the period of pensionable service to 55 years, shall not apply to the said member. |
| 17.8 | The provisions of rules 17.2 to 17.7 shall not be applicable if the employer and the employee organisations conclude an agreement on an alternative method of dealing with changes to the Law or rules. |
[Rule 17.8 inserted by Notice No. 499 of 11 April 1997
