| (4.1) |
For each fund that is valuation exempt at the date of publication of this notice, the date on which the valuation exemption for a fund will terminate ('the exemption termination date'), as shown in Annexure C, has been determined as follows: |
| (4.1.1) |
If a date on which the valuation exemption would expire was specified by the registrar in writing, that will be the fund's exemption termination date; and |
| (4.1.2) |
If valuation exemption was granted to a fund and no expiration date was specified by the registrar, the exemption termination date will be the date, following 1 January 2015, on which will expire the earliest of the period of three, six, nine or twelve years since the effective date from which the exemption was granted, |
provided that, if, after the valuation exemption was granted, the date on which the fund's financial year end falls each year was amended in terms of its rules, the exemption termination date will be the fund's financial year end immediately before what would otherwise have been its exemption termination date, or, if that date has already passed, its next financial year end.
| (4.2) |
The board must notify the registrar without delay and in writing, providing full particulars, if at any time following the registrar's granting of valuation exemption: |
| (4.2.1) |
a fund fails to comply with any of the conditions in paragraph 3; or |
| (4.2.2) |
a fund, by virtue of its board, principal officer, chairperson, auditor, administrator or any other person acting in an advisory capacity is of the opinion that the fund no longer complies with any of the conditions in paragraph 3; or |
| (4.2.3) |
a fund that is valuation exempt submits any rule amendment which, once registered, would cause the fund to no longer qualify for valuation exemption; or |
| (4.2.4) |
a fund no longer requires valuation exemption. |
| (4.3) |
The registrar may, subject to the Promotion of Administrative Justice Act, 2000 (Act No. 3 of 2000), at any time by notice on the official web site withdraw, wholly or in part and on any ground which he or she deems sufficient, any valuation exemption. |
| (4.4) |
The registrar may withdraw a fund's valuation exemption after: |
| (4.4.1) |
receiving the notification referred to in paragraph 4.2; or |
| (4.4.2) |
where the registrar becomes aware of facts that demonstrate that the fund is no longer eligible for valuation exemption. |
| (4.5) |
As a consequence of the registrar withdrawing a valuation exemption: |
| (4.5.1) |
the valuation exemption granted to the fund will cease on the date it is withdrawn; |
| (4.5.2) |
the fund must within 90 days from the date of the registrar's withdrawal of the valuation exemption appoint a valuator in terms of section 9A of the PFA; and |
| (4.5.3) |
the fund must submit a statutory actuarial valuation report in terms of section 16 of the PFA as at the date of the fund's financial year end following the withdrawal of such exemption. |
Older Persons Act, 2006
