Protection of Businesses Act, 1978
R 385
Government Employees Pension Law, 1996Annexure 1 : Government Employees Pension Law, 199630. Protection of rights of members of previous funds and Temporary Employees Pension Fund |
| (1) |
| (a) | Where a member of a previous fund becomes a member of the Fund, the member's benefits in the Fund on the date determined in terms of section 14(1) in respect of that previous fund shall satisfy the condition that the real value of the accrued benefits of such member on that date as represented by the Fund's actuarial liability towards the member and his or her beneficiaries, shall not be less than the real value of the accrued benefits of such member in that previous fund immediately before that date, as represented by the actuarial liability of that previous fund towards the member and his or her beneficiaries, in accordance with a certificate from an actuary appointed by the Board. |
| (b) | Consistent actuarial bases shall be applied in the calculation of the actuarial liability values referred to in subparagraph (a). |
| (2) | The provisions of subsection (1) shall apply mutatis mutandis to a member of the Temporary Employees Pension Fund who becomes a member of the Fund in terms of section 15, and in any such application references in subsection (1) to a previous fund and date determined by the Minister in terms of section 14(1) shall be construed as references to the Temporary Employees Pension Fund and the date determined in terms of section 15(1) respectively. |
