Pension Funds Act, 1956 (Act No 24 of 1956)

Regulations

Definitions

Purchase

In these regulations "the Act" or "the Pension Funds Act, 1956, means the Pension Funds Act, 1956 (Act No. 24 of 1956), and any word or expression to which a meaning has been assigned in the Act shall bear such meaning, and—

"accounting person"

in relation to an administrator, means an auditor registered in terms of the Public Accountants' and Auditors' Act, 1991 (Act No. 80 of 1991), or an accounting officer contemplated in the Close Corporations Act, 1984 (Act No. 69 of 1984), or such other person approved by the registrar;

[Definition inserted by regulation 2 of Notice No. 1838 of 1995]

"annuity strategy"

means a strategy, as determined by a board, setting out the manner in which a member’s retirement savings may be applied, with the member’s consent, to provide an annuity or annuities by the fund or to purchase an annuity on behalf of the member from an external provider, which annuity or annuities may either be in the name of the member or in the name of the fund and which complies with the requirements of regulation 39 and any conditions that may be prescribed from time to time;

[Definition inserted by regulation 1(a) of Notice No. R. 863 of 2017]

"collective investment scheme"

has the meaning assigned to it in section 1 of the Collective Investment Schemes Control Act, 2002 (Act No. 45 of 2002);

[Definition inserted by regulation 1(a) of Notice No. R. 863 of 2017]

"default investment portfolio"

means an investment portfolio(s) in which the retirement funding contributions of a member must be invested unless the fund has been instructed by the member in writing to invest them in another investment portfolio provided in terms of the investment policy statement of the fund or options available to members of the fund, and which portfolio(s)—

(a)	complies with the requirements set out in regulation 37;

(b)	may differ in composition from member to member depending on:

(i)	the age or likely date of retirement from service of each member;

(ii)	the value of the retirement savings of the member in that fund,

(iii)

the actual or expected retirement funding contributions of the member; or

(iv)	any other factor reasonably considered by the board to be appropriate in respect of that member; and

(c)	complies with any conditions that may be prescribed;

[Definition inserted by regulation 1(a) of Notice No. R. 863 of 2017]

"deferred pensioner"

means a member who has left the service of his employer or has otherwise terminated his contributions and has a paid-up benefit in the fund concerned;

"foreign fund"

means a fund referred to in section 2(2) of the Act;

"insurer"

means a person that is registered as a long-term insurer in terms of the Long-term Insurance Act, 1998 (Act No. 42 of 1998);

[Definition substituted by regulation 2(a) of Notice No. R. 491 of 2006]

"investment portfolio"

means an identifiable portfolio of assets whether those assets are—

(a)	owned by the fund; and/or

(b)	owned by an insurer which has issued to the fund a policy in terms of which policy benefits are directly or indirectly based on the returns on the investment of those assets; and/or

(c)	assets held by a collective investment scheme or pooled fund of which the fund or an insurer contemplated in part (b) is a unit-holder,

in which the fund has invested retirement funding contributions and/or has decided to include in the range of investment options in which retirement funding contributions may be invested;