Tribunal considers the FSCA’s powers when exempting a retirement fund from a valuation
Is the FSCA obliged to grant an exemption if a fund has met all the conditions set out in Board Notice 59 of 2014?
Retirement Funds
Pension Funds Adjudicator proposes 35% increase in levy for 2024/25
The Minister of Finance will have to submit the increase to Parliament for approval because it exceeds the Consumer Price Index.
Deadlines to complete new Trustee Training Toolkit’s first 11 modules
The FSCA plans to release the remaining modules in March 2024.
FSCA names employers that owe retirement fund contributions
The document lists 3 262 employers that are at least four months in arrears – and the worst offenders are 20 years behind.
New Trustee Training Toolkit will come online in September
A trustee must attain TKK certification within six months from the date of appointment or election to the board.
FSCA to issue a new interpretation ruling on section 37C
Interpretation Ruling 1 of 2020 incorrectly brought an unclaimed benefit within the ambit of section 37C of the Pension Funds Act.
Treasury publishes retirement fund tax amendments for comment
One amendment will affect inter-fund transfers by members who have reached normal retirement age but who have opted not to retire.
Constitutional Court overturns ‘deeply disturbing’ retirement fund rule judgment
The decision clarifies the application of an amended rule to the calculation of a withdrawal benefit that accrued before the amendment was approved and registered.
When will Cofi be served?
The FSCA publishes its updated regulatory agenda for the next three years.
A handy guide to the payment of retirement fund contributions for trustees
What you should know about reporting, calculating penalty interest, the in duplum rule, and the employer’s liability.
Bargaining councils can’t intrude on retirement funds’ statutory protections
Collective agreements dealing with retirement funds must be concluded with reference not only to employment laws but also the Pension Funds Act.
Automated payment is not a defence to pension interest claims
The fund said the automated payment of the spouse’s 50% interest was already in process, and the payment could not be stopped.
Tribunal’s ruling highlights a principal officer’s reporting obligations
The decision highlights numerous irregularities at the Private Security Sector Provident Fund that were not reported to the FSCA.
FST ruling has ‘far-reaching implications’ for trustees, principal officers, says FSCA
The decision sets out how PSSPF board members racked up fees for meetings and ignored the fund’s procurement policy.
Conduct standard published on retirement fund investments in derivatives
The FSCA has published a conduct standard setting out the conditions for retirement funds to invest in derivatives.
Former members of deregistered funds won’t pay tax on bulking payments
Exemption is the last opportunity to rectify the error, National Treasury says.
What retirement funds pay their board members and principal officers
PwC survey finds that 74% of funds are now paying some or all their board members, up from 47% in 2020.
