| 21.1 |
An institution or body referred to in paragraph (a) and (c) of the definition of employer in section 1 of the Law or part of such an institution, body or function, which has members of the Fund in its service may, after negotiation and agreement, subject to a notice period of three months (or such shorter period as the Board approves) request the Board to cease participating in the Fund as regards membership of the Fund of members in its service or a part thereof subject to the provisions of the Law with specific reference to section 32 of the Law, in which case the Board deals with the appropriate part of the market value of the assets of the Fund which relate to such members on a basis decided by the Board acting on the advice of the actuary in terms of the wishes of such an institution or body or such part of such an institution or body and the affected members: Provided that, with effect from 1 April 2012: |
| (i) |
where the transfer is to a fund with a defined benefit structure, the value of each member's interest will not exceed the funed position of such member's accrued interest in the Fund, based on market values, as determined by the actuary; or |
| (ii) |
where the transfer is to a fund which does not have a defined benefit structure and the funding level of the fund as determined by the actuary is less than 100%, then: |
| (a) |
each member's transfer value shall be such member's accrued interest in the Fund, providing the total transfer values do not worsen the funding level of the fund by more than 0.25%; or |
| (b) |
where transfer values in terms of subsection (a) would worsen the funding level of the Fund by more than 0.25%, the value of each member's interest will not exceed the funded position of such member's accrued interest in the Fund, based on market values, as determined by the actuary and the Fund shall consult the employer to fund the difference up to each member’s accrued interest in the Fund. |
[Rule 21.1 substituted by rule 3 of Notice 775 of 2017]
| 21.2 |
The provisions of rule 21.1 shall apply mutatis mutandis in the event of an action of commercialisation, privatisation or similar action pertaining to an institution or body, part or function thereof as contemplated in rule 21.1. |
South African Institute for Drug Free Sport Act, 1997
