Requirements imposed by the financial services board for nominees to operate in south africa bn 106 in gg 29274 of 5 october 2006. John oliphant of south africas government employees pension fund gepf, the largest pension fund in. And in south africa, the national treasurys jobs fund, in partnership with ashburton investments, has launched an investment vehicle that created over 9,200 jobs over the last 3 years using 90%. Pension funds in 2005 pension funds typically have large amounts of money to invest and are the major investors in listed and private companies. This followed a threat from the congress of south african trade unions to pull its support of the african national congress ahead of the local government elections this year. To provide for the registration, incorporation, regulation and dissolution of pension funds and for matters incidental thereto.
E it enacted by the parliament of the republic of south africa, as. Over the past few years, we have answered in excess of 10 000 retirementfund related questions that were posted on our website, either in our faqs section, or in the threads that form underneath blog posts. With a pension fund, your money is managed by the trustees of your pension fund, and they decide which assets to include in the fund. Your contributions to the pension funds and your employers contributions, that you are taxed on are tax deductible up to certain limits. Section 1 defines union to include the territory, which is. Steel and engineering industries federation of southern africa. Considering strengthening regulations to avoid unwarrantedly high exposures to mutual funds operated by the same financial group to which the pension fund. The plaintiffs in the case, collectively called the pension defense fund pdf, are requesting a change in policy based on their contention that the elcas officers, including the directors of the pension plan, have violated their duty to contributors by basing investment decisions on social and political issues rather than on financial ones. Section 1 defines union to include the territory, which is defined as the territory of south west africa. The paper was designed as an overviewbackground document to provide context and assist. Finance minister malusi gigaba has amended the pension funds act, bringing a number of changes to how contributions and pensions work in. The mandate of the office of the pension funds adjudicator opfa is to ensure a procedurally fair, economical and expeditious resolution of complaints in terms of the act by. The 2011 revisions to regulation 28 integrated guidelines supporting the incorporation of explicit analysis of environmental, social.
Amendment of regulation 28 of the regulations made under section 36 i, pravin j gordhan, minister of finance, in terms of section 361bb and c and section 40c of the pension funds act, 1956 act no. Sections 36 and 37 amended by financial institutions amendment act 24 of 1956. At pension fund we are totally committed to bringing you the best value in insurance investment products through a rigorous cost comparison system. Government employees pension law amendment act, 2004. It also looks at the current pension arrangements in selected african countries. Pension funds act 24 of 1956 namibia legal database. It sets out the conditions of the registrar of pension funds in respect of the provisions embodied in sections 15b, 15e, 15f, 15j and 15k of the act and provides clarification in respect of other actuarial surplus issues. Stand 439440 bloomfield ctr granite rd, beitbridge, zimbabwe, zimbabwe.
The oldage grant provided by the government under pillar 1 is the main source of. Deferred pensioners all inservice members who exit the eppf may choose to leave a portion of their whole benefit in the eppfs deferred pension scheme until retirement. Leveraging african pension funds for financing infrastructure. Extensions section 279 of the fsr act see guidance note 5 of 2018 for lapsing of. A pension fund, also known as a superannuation fund in some countries, is any plan, fund, or scheme which provides retirement income. With acts you are guaranteed the latest and most up to date resource for your legislative needs. This is probably due to the increased level of legislation governing funds as well as greater complexities in funds, says julanie basson, pwc partner, retirement fund industry, south africa. Use the search function to search for the pension fund by name, or the fund administrator by name.
Office of the pension funds adjudicator opfa overview. The pension funds amendment act 11 of 2007 intends. The political officebearers pension fund provides retirement benefits for members of the national parliament and the provincial legislatures of the republic of south africa, including members of cabinet and the provincial executives. This statistic presents the total assets of pension funds in south africa from 2002 to 2018. Sections 1, 2, 9, 11, 30, 34, 37 and 38 amended by financial institutions second amendment act 104 of 1993. Pension fund, provident fund and retirement annuity. Members of statutory bodies pension act 94 of 1969. Mar 14, 2017 apart from countries in southern africa such as botswana, namibia, and south africa, and a few others such as kenya and nigeria, pension assets as a share of gdp are low as pension funds are. The regulations resonate with regulation 28 of the pension funds act, which requires trustees to consider their funds liabilities or, in this case, each members retirement goals when. All monetary payments to and by the fund are payable in south africa. Board for nominees to operate in south africa bn 106 in gg 29274 of 5 october 2006.
Assets of pension funds in south africa 2018 statista. Lessons from definedbenefit pension funds in japan world bank. You can also read and subscribe to retirement fund bulletins covering topics like retirement fund changes, duties of trustees and tax matters. Apart from countries in southern africa such as botswana, namibia, and south africa, and a few others such as kenya and nigeria, pension assets as a share of gdp are low as pension funds are.
The precise content and degree of latitude suitable for the account. At its meeting on 1 august 2016, the seifsa board directed that i make member companies aware of recent amendments to the pension fund act that became effective from 28 february 2014. Sections 1, 7, 30 and 37 amended by pension funds amendment act 22 of 1996. Southern african pension funds tackle responsible investing. The 2011 revisions to regulation 28 integrated guidelines supporting the incorporation of explicit analysis of environmental, social, and governance esg. Acts online provides legislation, including amendments and regulations, in an intuitive, online format. Cape town currently there are three types of retirement funds in south africa, namely pension funds, provident funds and retirement annuity funds.
Pension funds act 24 of 1956 south african government. Pension funds amendment act 11 of 2007 south african. May 24, 2016 zuma was forced to backpedal on provisions in the tax amendment act that compel south africans to put twothirds of their provident fund savings into a retirement annuity. The south african pension system is composed of a noncontributory, meanstested public benefit program, various pension and provident fund arrangements and voluntary savings. However, she says the provident funds board should have been aware of the death of one of the funds members, and, in terms of the pension funds act, it had 12 months from the members. All permanent employees of eskom and all its subsidiaries and of any other participating employer in the fund who are younger than 65 years qualify for membership of the eppf. The list of pension funds is a very long list so needed to be broken down by administrator. It places in the mainstream the importance of managing risks and opportunities related to the esg performance of investments across all asset classes. Sections 2 and 19 amended by labour relations act 66 of 1995.
The world pension summit africa, first of its kind in africa, was hosted in abuja on 7 and 8 july 2014. The best 10 pension funds 2020 africa african advice. Sa gg 5679 brought into force in south africa and south west africa on 1 january 1958 by sa proc. How to claim your pension fund benefit south africa. May 10, 20 one case where policymakers have sought to address the challenges of using institutional capital to improve society is the revised regulation 28 of the pension fund act in south africa. Aug 25, 2017 finance minister malusi gigaba has amended the pension funds act, bringing a number of changes to how contributions and pensions work in south africa the changes are an attempt by the minister. Retirement funds this section provides members of sanlams retail retirement funds with information such as fund rules and information regarding regulation 28.
Labour relations act 66 of 1995 pension funds amendment act 22 of 1996. Act 94 of 1997 pensions fund amendment act to amend the pension funds act, 1956, in relation to the payment of contributions to pension funds and the payment of benefits or rights to benefits from one pension fund to another in certain circumstances, and to provide for the levying of interest on certain. And in south africa, the national treasurys jobs fund, in partnership with ashburton investments, has launched an investment vehicle that created over 9,200 jobs over the. Pension funds amendment act 11 of 2007 south african government. May 24, 2016 the south african pension system is composed of a noncontributory, meanstested public benefit program, various pension and provident fund arrangements and voluntary savings. Pension funds act 24 of 1956 sa parliament of namibia. If a pension fund member decides to retire he or she will be entitled to take one third of his or her benefit in the pension fund as a cash lump sum and use the remaining two thirds to buy a pension. Pension funds act 24 of 1956 sa legal assistance centre. Pension funds amendment act, 2001 pdf version act no. Thus, although article 2 of the icescr affords the state some latitude in achieving.
The summit focused on african developments in the pension industry and coincided with the 10 th anniversary of the pension reform in nigeria that led to the enactment of the pension reform act no 2 of 2004 the 2004 act the 2004 act introduced the contributory pension scheme cps. Southern africa quantum consultants and actuaries pty ltd. Pfa, formalised what was already a common practice by employers in the private sector and this legislation excluded state funds and funds created in terms of industrial agreements. Sub funds are not pension funds as defined in the pfa and do not have separate legal personality and the special rules are no more than different chapters of the rules of a fund. South africas pension fund regulation world economic forum. You can only join a pension fund through a company that employs you. Zuma was forced to backpedal on provisions in the tax amendment act that compel south africans to put twothirds of their provident fund savings into a retirement annuity. Zuma signs law to appease provident fund members fin24. Jan 15, 2017 how to claim your pension fund benefit.
Pension funds typically have large amounts of money to invest and are the major investors in listed and private companies. Over the past few years, we have answered in excess of 10 000 retirement fund related questions that were posted on our website, either in our faqs section, or in the threads that form underneath blog posts. Each fund administrator, administrates a range of pension funds. The amount of the members pension interest in the fund shall be. Financial institutions protection of funds act 28 of 2001. You can also read and subscribe to retirement fund bulletins covering topics like retirement fund changes, duties of. In addition, the majority of board members 78% remuneration is not linked to their performance on the board. In south africa, the passing of the pension funds act, 24 of 1956. We are the leading resource for freely available legislation in south africa and are used daily by thousands of professionals and industry leaders. The oldage grant provided by the government under pillar 1 is the main source of income for 75% of the elderly population in retirement. Pension system in south africa pension funds online.
How government plans to force you to invest in state assets. New regulations are to your benefit but tough on pension funds. Pension funds act 24 of 1956 mangaung metropolitan municipality. Please complete the form below to allow us to contact you regarding your insurance needs, be they life insurance, disability insurance, health insurance or even short term insurance. In january 2008, the economist reported that morgan stanley estimates that pension funds worldwide.