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PENSION AND PROVIDENT FUNDS ACT (CHAPTER 24:09)

PENSION AND PROVIDENT FUNDS ACT

Acts 20/1976, 42/1977, 29/1981, 2/1983, 24/1987, 22/2001 (s 4), 14/2002 (s. 33), 3/2004 (s. 14), 12/2006 (s. 47)

ARRANGEMENT OF SECTIONS

PART I

PRELIMINARY Section

  1. Short title.
  2. Performance of functions by Commissioner.

PART II REGISTRATION AND MATTERS INCIDENTALTHERETO

  1. Funds to be registered.
  2. Registration or provisional registration of fund.
  3. Effect of registration of fund.
  4. Rules of fund.
  5. Amendment of rules of fund.
  6. Conclusiveness of certificate of registration.
  7. Dissolution of registered fund.
  8. Cancellation of registration.

PART III

MANAGEMENT AND ADMINISTRATION

  1. Registered office.
  2. Principal officer.
  3. Appointment of auditor and valuator.

PART IV

FINANCIALREQUIREMENTS

  1. Accounts and holding of assets.
  2. Life insurers to maintain separate Pensions Fund and separate accounts.
  3. Investigations by valuator.
  4. Fund in unsound financial condition.

PART V

INQUIRIES BY AND OTHERPOWERS OF COMMISSIONER

  1. Investigation of affairs of registered fund.
  2. Lodging of securities.
  3. Commissioner may require unregistered fund to provide information.
  4. Commissioner may grant exemptions.
  5. Commissioner may extend periods of time.

PART VI GENERAL

  1. Right to obtain copies of or to inspect documents.
  2. Amalgamation and transfers.
  3. Winding-up of operations of life insurer carrying on pension and provident fund business.
  4. Effect of certificate of Commissioner on documents.
  5. Service of process.
  6. Annual report of Commissioner.
  7. Improper use of certain designations.

33A. Liability of officers for offences of fund.

  1. Offences relating to false statements or entries.
  2. Offences and penalties.
  3. Regulatory powers of Minister.
  4. Saving in respect of existing rights.

AN ACT to provide for the registration, incorporation, regulation and dissolution of pension and provident funds and for matters incidental to or connected with the foregoing.

[Date of commencement: 1st July, 1976.]

PART I

PRELIMINARY

1    Short title

This Act may be cited as the Pension and Provident Funds Act [Chapter 24:09].

                        2    Interpretation

(1) In this Act—

“appointed day” means the 1st July, 1976;

“auditor” means a person who is registered as a public auditor in terms of the Public Accountants and Auditor Act [Chapter 27:12] or is a member of such class of persons as may be prescribed;

“Commissioner” means the Commissioner of Insurance and Pension and Provident Funds appointed in terms of section 19 of the Insurance and Pensions Commissions Act [Chapter 24:21];

[Definition as amended by Act 14 of 2002]

“controlled funding scheme” means an insurance company scheme in terms of which—

  • the benefits are provided by means of pure endowment policies or deferred annuity policies or in any other manner whereby the interest and profits credited, and the expenses and losses debited, to the scheme are not disclosed in an account sent to the trustees administering the scheme or the participating employers, as the case may be; and
  • a valuator from time to time estimates the rate of contribution payable;

“court” means the High Court and, in relation to any offence under this Act, includes a magistrates court having jurisdiction in respect of that offence;

“deferred annuity policy” means a policy of insurance issued by an insurer in terms of which—

  • a single premium is paid or annual premiums are paid to secure the payment to the person insured under that policy of an annuity commencing on a specified date if he survives to that date and continuing for the remainder of his lifetime; and
  • if that person dies before that specified date, no payment is made by the insurer or a payment is made which is based on the premium or premiums paid;

“deposit administration policy” means a policy of insurance issued by an insurer to a fund in terms of which—

  • the insurer maintains in his books of account a deposit account in respect of the fund to which—
    • is credited all amounts paid by the fund to the insurer; and
    • is debited all amounts withdrawn from the fund to provide benefits in terms of the rules of the fund and such administrative and other expenses as are agreed upon between the fund and the insurer from time to time; and

 

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