Find an Act
Why Acts
Acts Store
News Centre
Advertise
Login
Toggle navigation
Find an Act
Why Acts
Acts Store
News Centre
Advertise
Login
Table of Contents
Pension Funds Act, 1956 (Act No. 24 of 1956)
Introduction
Act
Chapter I : Administration and Application of Act and Interpretation of Terms
1. Definitions
1A. Relationship between Act and Financial Sector Regulation Act
1B. Regulatory instruments
2. Application of Act
3. [Repealed] Registrar and Deputy Registrar of Pension Funds
3A. [Repealed]
3B. [Repealed] Pension Funds Advisory Committee
Chapter II : Registration and Incorporation
4. Registration of pension
4A. Registration of pension funds to which State contributes financially
4B. Effect of registration of pension fund referred to in section 4A
4C. Transfer to pension fund referred to in section 4A of its assets held by another
5. Effect of registration of pension fund
6. Allocation of assets and liabilities between pension fund organization and other associa
Chapter III : Manner of Administration and Powers of Registered Funds
7. Registered Office
7A. Board of fund
7B. Exemptions
7C. Object of board
7D. Duties of board
7E. Application of certain sections
7F. Liability of board member
8. Principal officer and deputy principal officer
9. Appointment of auditor
9A. Appointment of a valuator
9B. Protection of disclosures
10. Business which may be carried on
11. Rules
12. Amendment of rules
13. Binding force of rules
13A. Payment of contributions and certain benefits to pension funds
13B. Restrictions on administration of pension funds
14. Amalgamations and transfers
14A. Minimum benefits
14B. Determination of member's individual account, minimum individual reserve and minimum p
Chapter IV : Documents to be Deposited with Registrar
15. Accounts
15A. Rights to use of actuarial surplus
15B. Apportionment of existing surplus
15C. Apportionment of future surplus
15D. Utilisation of surplus for benefit of members
15E. Utilisation of surplus for benefit of employer
15F. Existing employer reserve accounts
15G. Right to share in surplus accounts on exit
15H. Use of contents of any surplus accounts to fund deficits
15I. Application of surplus accounts on liquidation of fund
15J. Use of employer surplus to prevent job losses
15K. Specialist tribunal
16. Investigations by a valuator
17. [Repealed] Modifications where investigations by a valuator are unnecessary
18. Fund not in a sound financial condition
18A. Business rescue
19. Investments
20. Requirements in regard to documents to be deposited with registrar
21. Registrar may require additional particulars in case ofcertain applications and returns
22. Inspection of documents
23. Effect of registrar's certificate on documents
Chapter V : Enquiries by Registrar, Applications to Court, Cancellation or Suspension of Registration and Dissolution of Funds
24. Enquiries
25. [Repealed] Inspections and on-site visits
26. Registrar may intervene in management of fund
27. Cancellation or suspension of registration
28. Voluntary dissolution of fund
28A. Remuneration of liquidator
29. Winding-up by the court
29A. Winding-up of unregistered pension fund
30. Special provisions relating to liquidation of funds
Chapter VA : Consideration and Adjudication of Complaints
30AA. Ombud scheme
30A. Submission and consideration of complaints
30B. Establishment of Office of Pension Funds Adjudicator
30C. Appointment of Adjudicator
30D. Main object of Adjudicator
30E. Disposal of complaints
30F. Opportunity to comment
30G. Parties to complaint
30H. Jurisdiction and prescription
30I. Time limit for lodging of complaints
30J. Procedure for conducting investigation
30K. Legal representation
30L. Record of proceedings
30M. Statement by Adjudicator regarding determination
30N. Interest on amount awarded
30O. Enforceability of determination
30P. Access to court
30Q. Powers of Adjudicator
30R. Funds of Adjudicator
30S. Remuneration and terms and conditions of employment of Adjudicator and employees
30T. Accountability
30U. Report of Adjudicator
30V. Offences and penalties
30X. Liquidation
30Y. Adjudicator proceedings
Chapter VI : General and Miscellaneous
31. Carrying on business of unregistered pension fund organization and use of designation "
32. Registrar may require unregistered funds to furnish information
32A. Power of registrar in respect of communications
33. [Repealed] Registrar may extend certain periods
33A. [Repealed] Directives
34. [Repealed] Report by registrar
35. Right to obtain copies of or to inspect certain documents
36. Regulations
37. Penalties
37A. Pension benefits not reducible, transferable or executable
37B. Disposition of pension benefits upon insolvency
37C. Disposition of pension benefits upon death of member
37D. Fund may make certain deductions from pension benefits
38. Exemption from Act 57 of 1988
39. [Repealed]
40. Act in certain respects, and certain rules, binding on State
40A. Delegation and assignment
40B. Retrospectively
40C. Scrutiny of Regulations
41. Short title and date of commencement
Regulations
Notice R. 98 of 1962
Definitions
Part I : Requirements for Exemption in terms of Section 2(3)(a) of the Act and Related Matters
Part II : Documents and Particulars required under Section 4(2) and Conditions which must be Complied with under Section 4(4)
Part III : Financial Statements and statistics to be furnished by Funds and Insurers
Part IV : Reports by Valuator and Statements of Assets and Liabilities
Part V : Signing of Documents
Part VI : Auditors
Part VII : General
28. Asset spreading requirements
Preamble
(1) Definitions
(2) Principles
(3) Asset limits
(4) Look-through
(5) Borrowing
(6) Securities lending
(7) Derivative instruments
(8) Reporting
(9) Exemptions
Table 1
Table 2
29. Accounts in terms of section 28(4) and 28(12) of Act
30. Rules and amendments thereof
31. Registers to be kept by pension funds
32. Application for registration as administrator
[Repealed] 33. Requirements in terms of section 13A of Act
34. Minimum pension increase for pensioner who was a deferred pensioner prior to retirement
35. Establishment of Contingency Reserve Accounts
36. Surplus apportionment dates for funds which are valuation exempt
37. Default investment portfolio(s)
38. Default preservation and portability
39. Annuity strategy
40. Application of Regulations 37 to 39
Schedules
[Repealed] Schedule A
[Repealed] Schedule B
[Repealed] Schedule C
[Repealed] Schedule D
[Repealed] Schedule E
[Repealed] Schedule F
[Repealed] Schedule G
[Repealed] Schedule H
[Repealed] Schedule I
Schedule J : Form of Summary of Report of Valuator
Schedule K
Annexure A
Annexure B
Annexure C
Annexure D
Schedule L : Prescribed Fees
Schedule M : Application for Approval as an Administrator in terms of Section 138 of the Pension Funds Act, 1956
Schedule N : Report of the Accounting Person
Schedule O : Report of the Auditor
Notices
Rate of Interest in respect of Interest Payable on Amounts and Values
Notice No. 397 of 2010
Minimum Skills and Training Requirements for Board Members of Pension Funds, 2020
Notice No. 760 of 2020
1. Definitions
2. Prescribed requirement
3. Assessment
4. Short title, commencement and transitional arrangements
Board Notices
Directive PF No. 3 : Surplus Apportionment Schemes and Nil Returns(Sections 15B, 15E, 15F, 15J and 15K)
Board Notice 22 of 2009
Section I : General Information relating to Surplus Apportionment Schemes and Nil Returns
Section II : Information Required and Documents that Constitute a Submission in terms of Section 15B
Section III : Information Required and Documents that Constitute a Submission in terms of Sections ot
Annexures
Forms A - D (15B), Form E (15E), Form F (15F), Form J (15 J)
Directive PF No. 4 : Voluntary Dissolution or Partial Dissolution of a Fund (Section 28)
Board Notice 75 of 2009
Annexures
Form A : Application to Act as a Liquidator of Pension Funds
Form B : Application by the Board of a Fund for the Approval of a Liquidator of Section
Form C : Application by the Liquidator to be Appointed to a Fund or Participating Emplo
Form D : Application from Exemption in terms of Section 28(17) of the Act
Form E : Declaration by Members and Beneficiaries
Form F : Application for Partial Exemption in terms of Section 28(7A) of the Act
Form G : Declaration by the Liquidator
Form H : Application for Interim Payments in terms of Section 28(12A) of the Act
Form I : Application for De-Registration or Confirmation of the Completion of the Parti
Form J : Application for the Cancellation of the Registration of a Fund
Notice on Report by a valuator in relation to a Statutory Actuarial Valuation, 2010
Board Notice 149 of 2010
1. Definitions
2. Format and submission
3. Executive summary
4. Substance of the report
5. Summary of a report for participating employers
6. Deviation from the format prescribed
7. Short title
Annexure
Form of Summary of Report by Valuator
Notice on Valuation Exemption, 2014
Board Notice 59 of 2014
1. Definition
2. Format and submission
3. Conditions for valuation exemption
4. Withdrawal of valuation exemption
5. Short title
Annexures
Annexure A
Annexure B
Annexure C
Annexure C (page 1)
Annexure C (page 2)
Annexure C (page 3)
Annexure C (page 4)
Annexure C (page 5)
Annexure C (page 6)
Annexure C (page 7)
Annexure C (page 8)
Annexure C (page 9)
Annexure C (page 10)
Annexure C (page 11)
Annexure C (page 12)
Annexure C (page 13)
Annexure C (page 14)
Annexure C (page 15)
Annexure C (page 16)
Annexure C (page 17)
Annexure C (page 18)
Prescribed Financial Statements Applicable to the Different Categories of Funds
Board Notice 77 of 2014
1. Definition
2. Exemption from section 15(1) of the Act
3. Financial statements
Notice on the Appointment of a Valuator, 2014
Board Notice 154 of 2014
1. Definition
2. Format and submission
3. Period prescribed under section 9A(3) of the PFA
4. Affidavit by an actuary to be recognised as a valuator
5. Short title
Annexures
Annexure A : Notification of the appointment of ...
Annexure B : Declaration by the appointed valuator
Annexure C : Notification of the termination of the ...
Annexure D : Affidavit by an actuary applying ...
"board
means the board of a fund contemplated in
section 7A
of this Act;
Join our mailing list!
Best Selling Products
Maintenance Act, 1998
R 385
Division of Revenue Act, 2011
R 385
Constitutional Court Complementary Act, 1995
R 385
Latest Articles
Employer Responsibilities re vaccination in the workplace
Do we need to enhance disclosures in SA audit reports?
POPIA: Code of Conduct for BASA
Popular Acts
You need a subscription to continue.
Get 1 month of unlimited access for only R120.
View Subscription Plans
Already a subscriber?
Log in
Maintenance Act, 1998
