South African Council for Educators Act, 2000
R 385
Pension Funds Act, 1956 (Act No. 24 of 1956)Chapter IV : Documents to be Deposited with Registrar15A. Rights to use of actuarial surplus |
| (1) | All actuarial surplus in the fund belongs to the fund. |
| (2) | Once actuarial surplus is apportioned to either the member surplus account or the employer surplus account in terms of sections 15B and 15C, or directly for the benefit of members and former members subject to the uses specified in section 15D(1), members, former members and the employer acquire rights to such actuarial surplus as provided for in this section. |
[Section 15A(2) amended by section 22(a) of Act No. 45 of 2013]
| (3) | After the commencement date, the only portion of the assets of the fund that may be utilised by, or for the benefit of, the employer is any credit balance in the employer surplus account: Provided that the employer may continue a contribution holiday, which the employer was already taking immediately prior to the commencement date, only if the value of any contribution holiday taken by the employer during any period between the commencement date and the surplus apportionment date, as increased or decreased with fund return, over the corresponding period is added to the actuarial surplus to be apportioned at the surplus apportionment date in terms of section 15B (5). |
[Section 15A(3) amended by section 22(b) of Act No. 45 of 2013]
| (4) | Any credit balance in the member surplus account must be used for the benefit of members as provided for in section 15D. |
