Public Service Commission Act, 1997
R 385
Pension Funds Act, 1956 (Act No 24 of 1956)RegulationsPart VII : General36. Surplus apportionment dates for funds which are valuation exempt |
| (1) | In this regulation— |
"audit-exempt", in respect of a fund, means an exemption granted under section 2(3)(a) of the Act to the fund as regards the obligation to appoint an auditor;
"scheme anniversary", in respect of a fund, means the anniversary of the date of commencement of the fund;
"valuation exempt", in respect of a fund, means the granting of exemption from the requirement to appoint a valuator in terms of section 9A of the Act and submit reports in terms of section 16 of the Act; and
"valuation exemption" has a corresponding meaning.
| (2) | The Registrar must on the date of commencement of this regulation withdraw any valuation exemption in respect of any fund existing on that date with effect from— |
| (a) | in the case of a fund which is not audit-exempt, the end of the financial year of such fund following 7 December 2003; or |
| (b) | in the case of an audit-exempt fund, the scheme anniversary, following 7 December 2003. |
| (3) | Any fund in respect of whom subregulation (2) has been applied, must submit an actuarial valuation to the Registrar— |
| (a) | at the end of the financial year following 7 December 2003; or |
| (b) | in the case of an audit-exempt fund, the scheme anniversary following 7 December 2003. |
| (4) | The effective d date of a valuation contemplated in subregulation (3), shall be the surplus apportionment date in respect of the fund for purposes of the provisions of the Act dealing with such dates. |
| (5) | A fund referred to in subregulation (3) may, in the event that the fund has after compliance with that subregulation satisfied the Registrar that there is no actuarial surplus to apportion, submit a new request to the Registrar under section 2(3)(a) of the Act for an authorisation referred to in subregulation (1) of this regulation. |
| (6) | All funds which are valuation exempt and in respect of which a surplus apportionment date has been determined in accordance with subregulation (4), must apply minimum benefits in terms of section 14B of the Act with effect from a date 12 months after such surplus apportionment date. |
[Regulation 36 inserted by Notice No. 558 of 2003]
