Licensing and Registration approves and registers Retirement Funds if the funds have complied with the prescribed requirements and the registration of these funds is desirable in the public interest in terms of the Pension Funds Act (PFA) and approve benefit administrators after being satisfied that they comply with the conditions as prescribed in Board Notice 24 of 2002.
Supervise such funds and benefit administrators on an on-going basis to ensure compliance with the duties imposed by the PFA at all times and take necessary regulatory action against non-complying entities
Registration is responsible for:
- New fund registrations –
Registration of a new fund in terms of section 4 and regulation 30 of the PFA.
- Amendments to registered rules –
Registration of amendments to the rules in terms of section 12 of the PFA.
- Revised & Consolidated Rules –
Registration of a Revised Rules in terms of section 12 and regulation 30 of the PFA
- Special Rules – Registration of rules to govern a new participating employer’s participation in Umbrella Funds in terms of section 12 of the PFA.
- Revised Special Rules – Registration of revised Special Rules in Umbrella Funds in terms of section 12 of the PFA.
- Extensions –
extension to submit outside the prescribed periods in terms of section 31(1) and (2) of the PFA and Condition 11 of Board Notice 24 of 2002.
- Change of administrator -
Change of administrator in terms of Condition 4 of Board Notice 24 of 2002.
- Notification of Fund Officers –
Monitoring person in terms of section 13A(6) and Principal Officer in terms of section 8 of the PFA and Directive 5
- Cancellation of funds and Termination of participating employers –
Cancellation of funds in terms of section 27 and termination of participating employers in terms of section 12 of the PFA
- Approval of Benefit Administrators –
Approval of benefit administrators in terms of section 13B of the PFA and Board Notice 24 of 2002.
- Profile changes (any changes after approval /registration of the information submitted during the application process must be communicated to the Registrar.)