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LOCAL AUTHORITIES EMPLOYEES (PENSION SCHEMES) ACT (CHAPTER 29:09)
LOCAL AUTHORITIES EMPLOYEES (PENSION SCHEMES) ACT
Acts 11/1978, 41/1978 (s. 44), 15/1981 (s. 66), 6/1985 (s. 67), 8/1988 (s. 164).
ARRANGEMENT OF SECTIONS
- Short title.
- Local Authorities Pension Fund.
- Accruals to and charges on Fund.
- Board of Trustees.
- Management Committee.
- Management Committee Rules.
- Subcommittees of Management Committee.
- Powers of Management Committee.
- Principal Officer and other employees of Fund.
- Accounts and records of Fund.
- Appointment and duties of auditor.
- Annual report.
- Pension schemes.
- Preparation and registration of pension scheme.
- Local authority members.
- Appointment and recommendations of valuator.
- Payments into Fund by local authority members.
- Adjustment of pensions for inflation or deflation.
- Protection of pensions.
- Special provisions for transferred contributors.
- Regulatory powers of Minister.
- Repeals and savings.
FIRST SCHEDULE: Powers of Management Committee.
SECOND SCHEDULE: Modification of the Repealed Act.
AN ACT to provide for one or more pension schemes for employees of local authorities or of the Local Authorities Pension Fund and the dependants of such employees; to provide for the continued operation of the Local Authorities Pension Fund and the establishment and powers of a Management Committee to manage such Fund; to establish a Board of Trustees and to confer functions and impose duties on such Board; and to provide for matters connected with or incidental to the foregoing.
[Date of commencement: 3rd March, 1978.]
1 Short title
This Act may be cited as the Local Authorities Employees (Pension Schemes) Act [Chapter 29:09].
In this Act—
“Board” means the Board of Trustees established by section five;
“Committee member” means a member of the Management Committee;
“contributor” means an employee who is paying contributions to the Fund in terms of the Principal Pension Scheme or any other pension scheme;
“employee” means a person who is in the full-time employment of a local authority or of the Fund;
“financial year” means the period fixed by the Management Committee from time to time as being the financial year of the Fund;
“fixed date” means the 3rd March, 1978;
“former Committee” means the Management Committee established and constituted in terms of the repealed Act;
“former Committee Rules” means the rules made in terms of section 8 of the repealed Act which were in force immediately before the fixed date;
“Fund” means the Local Authorities Pension Fund referred to in section three; “local authority” means—
- a city, municipality, town or rural district council; or
- a local authority association approved by the Minister; or
- any authority established for or in connection with local government purposes which is prescribed to be a local authority for the purposes of this Act;
“local authority member” means a local authority which is a local authority member in terms of section sixteen;
“Management Committee” means the Management Committee established by section six;
“Management Committee Rules” means rules made in terms of section seven which have been registered by the Registrar and includes any rules in force in terms of subsection (6) of that section;
“Minister” means the Minister of Local Government, Rural and Urban Development or any or such other Minister to whom the President may, from time to time, assign the administration of this Act;
“pension” means an annual pension payable monthly in arrear during the lifetime of the beneficiary unless, in terms of this Act or the repealed Act or the relevant pension scheme, it is payable for a shorter period;
“Pension Funds Act” means the Pension and Provident Funds Act [Chapter 24:09];
“pension scheme” means the Principal Pension Scheme or any other pension scheme referred to in section fourteen, as amended from time to time, which is registered in terms of the Pension Funds Act;
“pensioner” means a person who is in receipt of a pension from the Fund;
“Principal Pension Scheme”, save as otherwise provided in subsection (2) of section fourteen, means the pension scheme referred to in paragraph (a) of subsection (1) of section fourteen, as amended from time to time or any replacement of that scheme, which is registered in terms of the Pension Funds Act;
“Registrar” means the Registrar of Pension and Provident Funds;
“repealed Act” means the Local Authorities Pension Act [Chapter 209 of 1974];
“trustee” means the chairman of, or any other person elected or appointed as a trustee on, the Board; “valuator” means the valuator appointed in terms of subsection (1) of section seventeen.