The FSCA has told retirement funds and fund administrators to submit information about their paid-up members, setting a deadline of 31 October for information relating to new paid-up members.
In March, the FSCA published Information Request 2 of 2022 (RF), notifying funds that they must provide it with data on unclaimed or paid-up benefits every three months. It then withdrew the request, because “old versions” of the annexures had been used.
Information Request 5 of 2022 (RF), published on 22 June, requires funds and administrators to submit information relating to new paid-up members, including members whose benefits were paid-up before regulations 37, 38 and 39 of the Pension Funds Act, came into effect, as at 30 September 2021. This information must be uploaded to the FSCA’s website by the last day of October.
In addition, at least every calendar quarter, within 30 days after the last day of the quarter, funds and administrators must submit the following:
- The original value of a paid-up member’s benefit, which is the amount in the member’s minimum individual reserve as at the date on which the member left the service of his or her employer;
- The current value or paid-up value of the paid-up benefit, which is the amount in the member’s minimum individual reserve on the last day of each quarter; and
- Where applicable, the date on which the paid-up benefit was transferred or paid to the concerned member or his or her beneficiaries.
Both the historic information and the quarterly information must be uploaded to the FSCA’s website using the following link: https://www.fsca.co.za/MagicScripts/mgrqispi.dll?APPNAME=Web&PRGNAME=FSB_Online_Logon&ARGUMENTS=-N1
The request for information comes with the following annexures:
- Annexure A, which provides information on how to complete the template that must be used to provide the paid-up benefit information, as well as guidance on how to update previously uploaded paid-up benefit information on the FSCA’s database.
- Annexure B, which must be completed to provide the information requested by the FSCA.
- Annexure C, which is an example of a completed spreadsheet.
- Annexure D1, which is an example of a download of an imported paid-up benefit information report per fund.
- Annexure D2, which is an example of a download of an imported paid-up benefit information report for all the funds administered by a particular administrator.
The annexures and the request for information can be downloaded from the FSCA’s website: www.fsca.co.za > Regulatory framework > Notices > Retirement funds > 2022
For more information, contact Retshedisitswe.Mokoena@fsca.co.za.
The FSCA warned that failure to provide the requested information within the timeframes constitutes an offence in terms of section 37 of the Pension Funds Act and section 267 of the Financial Sector Regulation Act.