| (1) |
Any employee of a successor company seconded to the department as well as any other employee of a successor company may, with his consent, be transferred to the department and appointed as an officer or employee of the department, subject to such conditions of service as may be agreed upon between such employee and the Director-General, and which the Minister may approve. |
| (2) |
When an employee of a successor company becomes an officer or employee of the department in terms of subsection (1)— |
| (a) |
he shall cease to be a member of the telecommunications pension fund or the postal pension fund, as the case may be, to which he was compelled to belong on the date immediately preceding the date of his employment by the department, and shall have no claim against the pension fund concerned; |
| (b) |
he shall become a member of the Government Service Pension Fund contemplated in the Government Service Pension Act, 1973 (Act No. 57 of l973), or the Temporary Employees Pension Fund contemplated in the Temporary Employees Pension Fund Act, 1979 (Act No. 75 of 1979), whichever is applicable, as from the date of his employment by the department; |
| (c) |
the pension fund concerned referred to in paragraph (a) shall pay to the Government Service Pension Fund or the Temporary Employees Pension Fund, as the case may be, an amount, whether in cash or in specie, equal to the percentage funding multiplied by the actuarial liability of the fund in respect of the employee on the date of his employment by the department, plus interest thereon calculated at the bank rate, from that date until the date of payment thereof, and any claim which that pension fund may have against such employee shall pass to the Government Service Pension Fund or the Temporary employees Pension Fund, as the case may be. |
| (3) |
For the purposes of subsection (2)(c)— |
| (a) |
the actuarial liability of a pension fund in respect of a particular member or group of members of the fund shall be the actuarial liability of the fund in respect of such member or group of members of the fund as determined by the actuary of the telecommunications pension fund or the postal pension fund, as the case may be, and an actuary appointed by the Minister of Finance; |
| (b) |
the percentage funding of a pension fund shall be the market value of the assets of the fund expressed as a percentage of the total actuarial liability of the fund as determined at the time of the most recent actuarial valuation of the fund or any revision thereof made on the instructions of the Minister of Finance; |
| (c) |
the bank rate shall be the rate from time to time determined in terms of section 10(2) of the South African Reserve Bank Act 1989 (Act No. 90 of 1989) |
[Section 8A inserted by section 2 of Act No. 176 of 1993]
South African Institute for Drug Free Sport Act, 1997
