PENSION SCHEME REGULATION ACT
Arrangement of Sections
1. Short title
REGISTRAR OF PENSIONS AND INSURANCE
4. Appointment of Registrar
5. Qualification of Registrar
6. Deputy Registrar
7. Functions of Registrar
REGISTRATION OF PENSION SCHEMES
8. Registration of Pension Schemes
9. Application for registration
10. Grant of certificate of registration
11. Creation of fund
12. Application of fund
13. Conditions of certificate of registration
14. Duration of certificate
15. Register of Pension Schemes
16. Use of Register in evidence
17. Inspection of Register
PRUDENTIAL REGULATIONS AND SUPERVISION OF PENSION SCHEMES
18. Conditions of compliance of Pension Schemes
19. Appointment of Actuary
20. Qualification of Actuary
21. Actuary rights and duties
22. Accounts and Audits
23. Appointment of auditor
24. Investment policy
25. Investment of funds
27. Institution of legal proceedings
28. Unsafe and unsound practices
29. Examination of fund by Registrar
30. General obligation of manager
31. Protection against attachment
32. Liability insurance
DE-REGISTRATION AND APPEALS
35. Rights of contributors
36. Powers of Registrar if assets insufficient
38. General guidelines
39. Appointment of inspectors
40. Powers of inspectors
41. Obstruction of inspectors
42. General penalty
43. Exemption from Banking and Financial Services Act
44. Transitional provisions
45. Tax exemptions
to provide for the prudential regulation and supervision of pension schemes; to provide for the appointment of the Registrar of Pensions and Insurance; to provide for the Registrar's powers and functions; and to provide for matters connected with or incidental to the forgoing.
Act 28 of 1996,
Act 10 of 2000.
SI 27 of 1997.
This Act may be cited as the Pension Scheme Regulation Act.
This Act shall apply to any institution or company that establishes or manages a pension scheme except the National Pension Scheme established under the National Pension Scheme Act.
In this Act, unless the context otherwise requires—
"Deputy Registrar" means the Deputy Registrar appointed under section 6;
"fund" means the total assets of a pension scheme;
"member" means any person who has joined a pension scheme after the eligibility requirements have been met and has not ceased membership to a scheme or any person drawing a pension under the plan;
"manager" means a person who is licensed as a company or institution and is registered under this Act to establish or manage a pension scheme;
"Multi-employer trust" means the legal entity established by a group of employers into which all contributions, investment earnings, surpluses and other moneys are accumulated on behalf of members of a pension scheme;
"pension scheme" means any private, occupational or personal defined benefit or defined contribution pension scheme or savings plan;
"pension plan rules" means the regulations which shall be issued by each pension fund and which shall be distributed to each member;
"register" means the Register of Pensions established under this Act;
"Registrar" means the Registrar of Pensions and Insurance appointed under section 4; and
"trust" means the legal entity, separate from the employer, in which the pension scheme funds are accumulated.
REGISTRAR OF PENSIONS AND INSURANCE
The Minister, in consultation with the Minister responsible for labour and social security shall appoint a Registrar who shall be a public officer and who shall be head of the Registry Office for pension funds and the Supervisory Authority for pension funds.
A person shall not be qualified for appointment as Registrar unless the Minister is satisfied that the person has qualifications and experience in actuarial analysis, business management or accounting.
(1) The Minister shall appoint a Deputy Registrar who shall be a public officer and who shall be subject to the control and directions of the Registrar.
(2) The Deputy Registrar shall be competent to exercise and perform any of the powers and functions of the Registrar.
(1) The functions of the Registrar shall be to—
(a) register and de-register pension schemes in accordance with this Act;
(b) ensure that a pension fund is established in the form of a multi-employer trust separate from the employer's business or alternatively, affiliated to such a trust by a corresponding affiliation agreement;
(c) ensure that the pension scheme is laid down in pension plan rules covering the contribution formula, all the benefits, type of plan, options provided and deadlines for choosing, calculation of portability rights and member's rights for participation in the management of the pension fund.
(d) examine the certificate of incorporation of the trust;
(e) ensure that an auditor and an actuary are appointed in accordance with this Act;
(f) examine the annual accounts, the report of the manager of the pension fund and the auditor's report;
(g) examine the actuarial valuation and ensure it is done periodically according to this Act;
(h) ensure that re-insurance arrangements are entered into in accordance with the actuary's recommendation;
(i) ensure that, in the case of a "multi-employer trust", a written affiliation agreement exists, which adequately protects the pension funds, the member's rights and the portability of accrued rights;
(j) enforce any conditions imposed under this Act on a pension fund, trust or the manager of such a fund or trust; and
(k) exercise and perform such other powers and functions as may be conferred on him by or under this Act.
(2) The Registrar, jointly with the appointed auditor and actuary, or a pension scheme shall at all times—
(a) protect the rights, benefits and other interests of the members in accordance with their corresponding pension scheme; and
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