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Labour Relations Act, 1995 (Act No. 66 of 1995)

Bargaining Council for the South African Road Passenger (SARPBAC)

Rules Retirement Fund (Provident)

Definitions

 

In these RULES, unless inconsistent with the context, words defined in the ACT bear the meanings assigned to them in the ACT and, where applicable, all words and expressions indicating the masculine gender include the feminine and words signifying the singular include the plural, and vice versa. The following words and expressions shall have the following meanings and are indicated in capital letters throughout:

 

ACT

The Pension Funds Act, No 24 of 1956 as amended and the regulations and directives framed thereunder;

 

ADDITIONAL CONTRIBUTIONS ACCOUNT

An account maintained by the ADMINISTRATOR in respect of each MEMBER in terms of Rule B 2.2;

 

ADMINISTRATOR

Such company, registered as an administrator in terms of Section 13B of the ACT, as may be appointed by the BOARD OF TRUSTEES from time to time to administer the FUND;

 

ANNIVERSARY  DATE

The day specified in the SCHEDULE;

 

ANNUAL PENSIONABLE SALARY

The sum of a MEMBER'S MONTHLY PENSIONABLE SALARY for the preceding 12 months;

 

APPROVED PENSION FUND

A pension fund (excluding an APPROVED PRESERVATION PENSION FUND) registered in terms of the ACT and approved by the COMMISSIONER;

 

APPROVED PRESERVATION PENSION FUND

An APPROVED PENSION FUND recognised as a preservation fund, registered in terms of the ACT and approved by the COMMISSIONER;

 

APPROVED PRESERVATION PROVIDENT FUND

An APPROVED  PROVIDENT  FUND recognised  as a preservation fund, registered in terms of ACT and approved by the COMMISSIONER;

 

APPROVED PROVIDENT FUND

A provident fund (excluding a preservation provident fund) registered in terms of the ACT and approved by the COMMISSIONER;

 

APPROVED RETIREMENT ANNUITY FUND

A retirement annuity fund registered in terms of the ACT and approved by the COMMISSIONER

 

APPROVED UNCLAIMED BENEFIT PROVIDENT PRESERVATION FUND

An APPROVED PROVIDENT FUND established to manage unclaimed benefits, recognised as a preservation fund, registered in terms of the ACT and approved by the COMMISSIONER;

 

AUDITOR

The auditor appointed by the BOARD OF TRUSTEES in terms of these RULES;

 

BOARD OF TRUSTEES

The managing body of the FUND appointed in terms of Rule B 1.2;

 

CATEGORY 1 EMPLOYEES

Those EMPLOYEES described in the SCHEDULE and advised to the FUND in writing by the EMPLOYER;

 

CATEGORY 2 EMPLOYEES

Those EMPLOYEES described in the SCHEDULE and advised to the FUND in writing by the EMPLOYER;

 

COMMENCEMENT DATE

The day specified in the SCHEDULE, but in relation to an EMPLOYER who enters the FUND after the said date, "COMMENCEMENT DATE" shall mean  the  date  on which the EMPLOYER enters the FUND;

 

COMMISSIONER

The Commissioner for the South African Revenue Service appointed in terms of the Income Tax Act, No 58 of 1962;

 

COUNCIL

The South African Road Passenger Bargaining Council;

 

DEPENDANT

The meaning assigned thereto in terms of the ACT;

 

EMPLOYEE

A person in the permanent and full-time service of the EMPLOYER:

(i) who is not employed for a predetermined period; and
(ii) whose remuneration does not consist solely of fees and allowances;

 

EMPLOYER

An organisation which:

(i) is party to the COUNCIL, or falls within the registered scope of the COUNCIL agreements as extended to non-parties, and
(ii) does not already participate in a retirement fund for its CATEGORY 1 EMPLOYEES, and
(iii) comes to participate in the FUND by arrangement with the FUND,

and where the context so requires, "EMPLOYER" shall mean, for any MEMBER, the EMPLOYER employing the MEMBER;

 

FINAL SALARY

The final salary specified in the SCHEDULE;

 

FINANCIAL YEAR

The period specified in the SCHEDULE;

 

FUND

The fund specified in the SCHEDULE;

 

FORMER MEMBER

A person whose membership of the FUND terminated during the 12 months preceding the  TERMINATION DATE;

 

GROUP INSURANCE BENEFIT

The death benefit indicated as such in the SCHEDULE;

 

INCOME CONTINUATION BENEFIT SCHEME

The income continuation benefit scheme operated by the COUNCIL for the benefit of the MEMBERS;

 

INDEPENDENT TRUSTEE

An independent board member who is not in the employ of the EMPLOYER nor controlled nor in common control with the EMPLOYER,  the COUNCIL, the ADMINISTRATOR or any other service provider  and does not provide any other services to the EMPLOYER, the COUNCIL, the ADMINISTRATOR  or the FUND;

 

INSURER

The insurer(s) registered in terms of the Long-term Insurance Act, No 5 of 1965;

 

LIQUIDATOR

The insurer(s) registered in terms of the Long-term Insurance Act, No 5 of 1965;

(i) the liquidator appointed by the BOARD OF TRUSTEES; or
(ii) a trustee appointed by the REGISTRAR in terms of section 26(2) of the ACT; or
(iii) an authorised representative appointed by the REGISTRAR whose appointment has been approved by the REGISTRAR in terms of section 28(2) of the ACT;

 

MEMBER

A person who is a member of the FUND in terms of Rule A 1;

 

MEMBER'S SHARE

In respect of each MEMBER the amount in the MEMBER'S NET EMPLOYER CONTRIBUTIONS ACCOUNT less any deduction made as permitted in terms of Section 37D of the ACT.

 

The MEMBER'S SHARE shall at least be equal to the PRESCRIBED MINIMUM BENEFIT;

 

MONTHLY PENSIONABLE SALARY

The basic monthly salary/wage which the MEMBER receives from the EMPLOYER and any other emoluments specified by the EMPLOYER which is deemed to be pensionable; provided that MONTHLY PENSIONABLE SALARY will be determined on joining the FUND and a change in MONTHLY PENSIONABLE SALARY will take effect in the manner set out in the SCHEDULE;

 

NET EMPLOYER CONTRIBUTIONS

The net contributions indicated as such in the SCHEDULE;

 

NET EMPLOYER CONTRIBUTIONS ACCOUNT

An account maintained by the ADMINISTRATOR in respect of each MEMBER in terms of Rule B 2.1;

 

NORMAL RETIREMENT AGE

The age specified as such in the SCHEDULE;

 

PERIOD OF OFFICE

The office period for TRUSTEES as referred to in Rule B 1.2 and specified in the SCHEDULE;

 

POLICY

The policy referred to in Rule B 1.3.3;

 

PRESCRIBED MINIMUM BENEFIT

The PRESCRIBED MINIMUM BENEFIT provided for in terms of Section 14A of the ACT;

 

PRINCIPAL  OFFICER

The person appointed as such in terms of Rule B 1.3.8;

 

REGISTRAR

The Registrar of Pension Funds, appointed in terms of the ACT;

 

RULES

These rules and any amendment thereto from time to time, as registered by the REGISTRAR and approved by the COMMISSIONER;

 

SCHEDULE

The schedule of benefits described in these RULES;

 

SEPARATE INSURANCE   BENEFITS

The unattached insurance benefits (if any) provided by the separate insurance scheme(s) operated by the COUNCIL for the benefit of the MEMBERS. The premiums payable by an EMPLOYER are channelled via this FUND to the separate insurance scheme;

 

TERMINATION DATE

The effective date of:

(i) liquidation  as set out in the  Board Resolution in terms of which the:
(a) EMPLOYER'S participation in the FUND; or
(b) entire FUND

should  be terminated  in terms of  Rule B 3 and Section 28 of the ACT; or

(ii) transfer as documented in the transfer application made to transfer:
(a) a portion of the MEMBERS in the employ of the EMPLOYER; or
(b) all  the MEMBERS in  the  employ  of  the EMPLOYER; or
(c) the entire FUND

 

TRADE

The  road passenger transport  trade  as defined  in the scope of the COUNCIL;

 

TRUSTEE

A member of the BOARD OF TRUSTEES;

 

UNION

A registered trade union as defined in the Labour Relations Act, No 66 of 1995 that is a party to the COUNCIL or falls within the registered scope of the COUNCIL;

 

VALUATOR

An actuary approved as a valuator by the REGISTRAR.