Section VIII(B)(1)(C)
1. The following Retirement Funds:
| (a) |
A Pension Fund (including an umbrella Pension Fund) as defined in section 1 of the Income Tax Act, 1962; |
| (b) |
A Provident Fund (including an umbrella Provident Fund) as defined in section 1 of the Income Tax Act, 1962; |
| (c) |
A Pension Preservation Fund as defined in section 1 of the Income Tax Act, 1962; |
| (d) |
A Provident Preservation Fund as defined in section 1 of the Income Tax Act, 1962; |
| (e) |
A Retirement Annuity Fund as defined in section 1 of the Income Tax Act, 1962; |
provided that such fund is not a Non-Reporting Financial Institution under Section VII(B) and—
| (i) |
is approved by the Commissioner for SARS and registered by Financial Services Board as a fund under section 1 of the Income Tax Act, 1962; |
| (ii) |
is subject to regulation by the Financial Services Board under the Pension Funds Act, 1956; |
| (iii) |
does not have a single beneficiary with a right to more than five per cent of the fund’s assets except where the fund is being wound down in a manner regulated by the Pension Funds Act, 1956, or amalgamated in a manner regulated by the Financial Services Board with another retirement fund that is a Non-Reporting Retirement Fund under this paragraph; |
| (iv) |
provides information reporting to SARS as and when required, including obtaining a tax directive from SARS prior to the payment by the fund of a lump sum benefit as defined in section 1 of the Income Tax Act, 1962, to a member or beneficiary of the fund; and |
| (v) |
is generally exempt from tax on investment income. |
Administration of Estates Act, 1965
