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

Regulations

Part VII : General

Purchase

23.	No registered fund shall change its registered address unless the procedure prescribed in its rules for the amendment of the rule pertaining to the registered address has been followed and the amendment of the rule has been registered by the Registrar.

24.

(a)	Within sixty days from the date of the passing of a resolution for the alteration or rescission of any rule or for the adoption of any additional rule the principal of the fund shall submit to the Registrar –

[Words preceding regulation 24(a)(i) amended by Notice No. R. 2324 of 1993]

(i)	two copies of the resolution adopted together with a certificate signed as explained in regulation 20 to the effect that the resolution has been adopted in accordance with the provisions of the rules of the fund.

[Regulation 24(a)(i) amended by Notice No. R. 2324 of 1993]

(ii)

if the alteration or rescission of or addition to the rules affects the financial condition of the fund, a certificate by a valuator as to the financial soundness of the alteration, rescission or addition or, if no valuator has been employed, a certificate by an actuary that the provisions of regulation 2 shall continue to apply;

[Regulation 24(a)(ii) amended by Notice No. R. 2324 of 1993]

(iii)

a statement explaining the necessity for the alteration or rescission of or addition to the rules; and

[Regulation 24(a)(iii) amended by Notice No. R. 201 of 1993]

(iv)	the applicable fees set out in Schedule L.

[Regulation 24(a)(iv) amended by Notice No. R. 2324 of 1993]

(b)

No alteration or rescission of or addition to the rules shall be valid before registration by the Registrar in terms of section twelve (4) of the Act; and such alteration, rescission or addition shall take effect either as from the date determined by the fund concerned, or if no such date has been so determined, as from the date of the registration thereof.

(c)	On the submission of a scheme for an amalgamation or transfer contemplated in section 14 of the Act, the applicable fees set out in Schedule L shall be payable by the transferee fund or other person taking transfer, as the case may be.

[Regulation 24(c) amended by Notice No. R. 2324 of 1993]

(d)	The principal officer shall, within six months after the end of the fund's financial year, inform the members of the fund, in summarised form, of all alterations to, rescissions of or additions to the rules of the fund which have been registered during that financial year.

[Regulation 24(d) inserted by Notice No. R. 2324 of 1993]

25.

(a)

Subject to the provisions of section 35 of the Act, any person may upon payment of the applicable fees set out in Schedule L, between 09:00 and 12:00 and between 14:00 and 15:30 on Mondays to Fridays (excluding public holidays), inspect at the Office of the Registrar any document in the Schedule and may make a copy thereof or take an extract therefrom, or obtain from the said Registrar a copy of or an extract from any such document.

(b)	The said fees shall be paid in any manner other than by means of revenue or postage stamps.

[Regulation 25 amended by Notice No. R. 2324 of 1993]

26.

Any person who has failed to make a return or to transmit or deposit a scheme, report, account, statement or other document within the time prescribed in the appropriate provisions of the Act or within any extended period allowed by the Registrar in terms of section thirty-three (1) of the Act, shall, without derogation from the provisions of section thirty-seven (1) of the Act, thereafter be permitted to furnish such return or to transmit or deposit such scheme, report, account, statement or other document subject to the payment of a penalty of R50 for every day during which he has remained in default.

[Regulation 26 amended by Notice No. R. 1020 of 1998]