Pensions

         We provide technical support to the Registrar of Pension Funds by:

• Ensuring new rules are financially sound.
• Ensuring that rule amendments are financially sound.
• Ensuring that conversions (from defined benefit to defined contribution) are financially sound and satisfy member’s rights and reasonable benefit expectations.
• Ensuring that section 14 transfers accord full recognition to the rights and reasonable benefit expectations of members and leave both the transferor fund and transferee fund financially sound.
• Grant or refuse exemption from Sections 9A and 16.
• Scrutinising actuarial valuation reports to ensure compliance with the Pension Funds Act, Pension Fund Circulars and professional guidance notes.
• Where a fund is not financially sound, check that the scheme submitted will establish financial soundness within a reasonable period.
• We consider applications in terms of section 15B of the Pension Funds Act and nil schemes as set out in Pension Fund Circulars that are provided to industry. The Registrar must be satisfied that these schemes are reasonable and equitable and accords full recognition to the rights and reasonable expectations of all stakeholders in respect of service prior to the period for the submission of various reports.
• Grant extensions in terms of section 33 of the Pension Funds Act.
• Approve the basis of liquidation as reasonable.
• Approve the appointment of an actuary as a valuator (in association with the Actuarial Society of South Africa), ensuring that the applicant has required professional standing, experience and ability to communicate.
• Confirm, as a service to SARS, the calculation of retirement fund tax.
• Accompany the Pensions Department on on-sites and other compliance visits.

         Provide support to stakeholders by:

• Advise fund trustees, or their consultants on actions to take in order to satisfy the FSB’s requirements in terms of the Pension Funds Act.
• Investigate complaints, which might have an actuarial involvement (usually at the request of the legal department or pensions department).
• Participate in various industry associations.

         Develop an appropriate regulatory environment

• Develop or revise practice notes that will assist the industry or the Pensions department in meeting the requirements of the Board.  

         Maintain professional standards.

         Manage relationships with senior officials in industry associations.

         Provide technical training to the Pensions Department on request.

         Provide technical support to the Pension Funds Adjudicator on request.