• Pension Funds Act, 1956 (Act No. 24 of 1956)
  • Introduction
  • Act
  • Chapter I : Administration and Application of Act and Interpretation of Terms
    • 1. Definitions
    • 1A. Relationship between Act and Financial Sector Regulation Act
    • 1B. Regulatory instruments
    • 2. Application of Act
    • 3. [Repealed] Registrar and Deputy Registrar of Pension Funds
    • 3A. [Repealed]
    • 3B. [Repealed] Pension Funds Advisory Committee
  • Chapter II : Registration and Incorporation
    • 4. Registration of pension
    • 4A. Registration of pension funds to which State contributes financially
    • 4B. Effect of registration of pension fund referred to in section 4A
    • 4C. Transfer to pension fund referred to in section 4A of its assets held by another
    • 5. Effect of registration of pension fund
    • 6. Allocation of assets and liabilities between pension fund organization and other associa
  • Chapter III : Manner of Administration and Powers of Registered Funds
    • 7. Registered Office
    • 7A. Board of fund
    • 7B. Exemptions
    • 7C. Object of board
    • 7D. Duties of board
    • 7E. Application of certain sections
    • 7F. Liability of board member
    • 8. Principal officer and deputy principal officer
    • 9. Appointment of auditor
    • 9A. Appointment of a valuator
    • 9B. Protection of disclosures
    • 10. Business which may be carried on
    • 11. Rules
    • 12. Amendment of rules
    • 13. Binding force of rules
    • 13A. Payment of contributions and certain benefits to pension funds
    • 13B. Restrictions on administration of pension funds
    • 14. Amalgamations and transfers
    • 14A. Minimum benefits
    • 14B. Determination of member's individual account, minimum individual reserve and minimum p
  • Chapter IV : Documents to be Deposited with Registrar
    • 15. Accounts
    • 15A. Rights to use of actuarial surplus
    • 15B. Apportionment of existing surplus
    • 15C. Apportionment of future surplus
    • 15D. Utilisation of surplus for benefit of members
    • 15E. Utilisation of surplus for benefit of employer
    • 15F. Existing employer reserve accounts
    • 15G. Right to share in surplus accounts on exit
    • 15H. Use of contents of any surplus accounts to fund deficits
    • 15I. Application of surplus accounts on liquidation of fund
    • 15J. Use of employer surplus to prevent job losses
    • 15K. Specialist tribunal
    • 16. Investigations by a valuator
    • 17. [Repealed] Modifications where investigations by a valuator are unnecessary
    • 18. Fund not in a sound financial condition
    • 18A. Business rescue
    • 19. Investments
    • 20. Requirements in regard to documents to be deposited with registrar
    • 21. Registrar may require additional particulars in case ofcertain applications and returns
    • 22. Inspection of documents
    • 23. Effect of registrar's certificate on documents
  • Chapter V : Enquiries by Registrar, Applications to Court, Cancellation or Suspension of Registration and Dissolution of Funds
    • 24. Enquiries
    • 25. [Repealed] Inspections and on-site visits
    • 26. Registrar may intervene in management of fund
    • 27. Cancellation or suspension of registration
    • 28. Voluntary dissolution of fund
    • 28A. Remuneration of liquidator
    • 29. Winding-up by the court
    • 29A. Winding-up of unregistered pension fund
    • 30. Special provisions relating to liquidation of funds
  • Chapter VA : Consideration and Adjudication of Complaints
    • 30AA. Ombud scheme
    • 30A. Submission and consideration of complaints
    • 30B. Establishment of Office of Pension Funds Adjudicator
    • 30C. Appointment of Adjudicator
    • 30D. Main object of Adjudicator
    • 30E. Disposal of complaints
    • 30F. Opportunity to comment
    • 30G. Parties to complaint
    • 30H. Jurisdiction and prescription
    • 30I. Time limit for lodging of complaints
    • 30J. Procedure for conducting investigation
    • 30K. Legal representation
    • 30L. Record of proceedings
    • 30M. Statement by Adjudicator regarding determination
    • 30N. Interest on amount awarded
    • 30O. Enforceability of determination
    • 30P. Access to court
    • 30Q. Powers of Adjudicator
    • 30R. Funds of Adjudicator
    • 30S. Remuneration and terms and conditions of employment of Adjudicator and employees
    • 30T. Accountability
    • 30U. Report of Adjudicator
    • 30V. Offences and penalties
    • 30X. Liquidation
    • 30Y. Adjudicator proceedings
  • Chapter VI : General and Miscellaneous
    • 31. Carrying on business of unregistered pension fund organization and use of designation "
    • 32. Registrar may require unregistered funds to furnish information
    • 32A. Power of registrar in respect of communications
    • 33. [Repealed] Registrar may extend certain periods
    • 33A. [Repealed] Directives
    • 34. [Repealed] Report by registrar
    • 35. Right to obtain copies of or to inspect certain documents
    • 36. Regulations
    • 37. Penalties
    • 37A. Pension benefits not reducible, transferable or executable
    • 37B. Disposition of pension benefits upon insolvency
    • 37C. Disposition of pension benefits upon death of member
    • 37D. Fund may make certain deductions from pension benefits
    • 38. Exemption from Act 57 of 1988
    • 39. [Repealed]
    • 40. Act in certain respects, and certain rules, binding on State
    • 40A. Delegation and assignment
    • 40B. Retrospectively
    • 40C. Scrutiny of Regulations
    • 41. Short title and date of commencement
• Regulations
  • Notice R. 98 of 1962
  • Definitions
  • Part I : Requirements for Exemption in terms of Section 2(3)(a) of the Act and Related Matters
  • Part II : Documents and Particulars required under Section 4(2) and Conditions which must be Complied with under Section 4(4)
  • Part III : Financial Statements and statistics to be furnished by Funds and Insurers
  • Part IV : Reports by Valuator and Statements of Assets and Liabilities
  • Part V : Signing of Documents
  • Part VI : Auditors
  • Part VII : General
    • 28. Asset spreading requirements
      • Preamble
      • (1) Definitions
      • (2) Principles
      • (3) Asset limits
      • (4) Look-through
      • (5) Borrowing
      • (6) Securities lending
      • (7) Derivative instruments
      • (8) Reporting
      • (9) Exemptions
      • Table 1
      • Table 2
    • 29. Accounts in terms of section 28(4) and 28(12) of Act
    • 30. Rules and amendments thereof
    • 31. Registers to be kept by pension funds
    • 32. Application for registration as administrator
    • [Repealed] 33. Requirements in terms of section 13A of Act
    • 34. Minimum pension increase for pensioner who was a deferred pensioner prior to retirement
    • 35. Establishment of Contingency Reserve Accounts
    • 36. Surplus apportionment dates for funds which are valuation exempt
    • 37. Default investment portfolio(s)
    • 38. Default preservation and portability
    • 39. Annuity strategy
    • 40. Application of Regulations 37 to 39
  • Schedules
    • [Repealed] Schedule A
    • [Repealed] Schedule B
    • [Repealed] Schedule C
    • [Repealed] Schedule D
    • [Repealed] Schedule E
    • [Repealed] Schedule F
    • [Repealed] Schedule G
    • [Repealed] Schedule H
    • [Repealed] Schedule I
    • Schedule J : Form of Summary of Report of Valuator
    • Schedule K 
      • Annexure A 
      • Annexure B 
      • Annexure C
      • Annexure D
    • Schedule L : Prescribed Fees
    • Schedule M : Application for Approval as an Administrator in terms of Section 138 of the Pension Funds Act, 1956
    • Schedule N : Report of the Accounting Person 
    • Schedule O : Report of the Auditor
• Notices
  • Rate of Interest in respect of Interest Payable on Amounts and Values
    • Notice No. 397 of 2010
  • Minimum Skills and Training Requirements for Board Members of Pension Funds, 2020
    • Notice No. 760 of 2020
    • 1. Definitions
    • 2. Prescribed requirement
    • 3. Assessment
    • 4. Short title, commencement and transitional arrangements
• Board Notices
  • Directive PF No. 3 : Surplus Apportionment Schemes and Nil Returns(Sections 15B, 15E, 15F, 15J and 15K)
    • Board Notice 22 of 2009
    • Section I : General Information relating to Surplus Apportionment Schemes and Nil Returns
    • Section II : Information Required and Documents that Constitute a Submission in terms of Section 15B
    • Section III : Information Required and Documents that Constitute a Submission in terms of Sections ot
    • Annexures
      • Forms A - D (15B), Form E (15E), Form F (15F), Form J (15 J)
  • Directive PF No. 4 : Voluntary Dissolution or Partial Dissolution of a Fund (Section 28)
    • Board Notice 75 of 2009
    • Annexures
      • Form A : Application to Act as a Liquidator of Pension Funds
      • Form B : Application by the Board of a Fund for the Approval of a Liquidator of Section
      • Form C : Application by the Liquidator to be Appointed to a Fund or Participating Emplo
      • Form D : Application from Exemption in terms of Section 28(17) of the Act
      • Form E : Declaration by Members and Beneficiaries
      • Form F : Application for Partial Exemption in terms of Section 28(7A) of the Act
      • Form G : Declaration by the Liquidator
      • Form H : Application for Interim Payments in terms of Section 28(12A) of the Act
      • Form I : Application for De-Registration or Confirmation of the Completion of the Parti
      • Form J : Application for the Cancellation of the Registration of a Fund
  • Notice on Report by a valuator in relation to a Statutory Actuarial Valuation, 2010
    • Board Notice 149 of 2010
    • 1. Definitions
    • 2. Format and submission
    • 3. Executive summary
    • 4. Substance of the report
    • 5. Summary of a report for participating employers
    • 6. Deviation from the format prescribed
    • 7. Short title
    • Annexure
      • Form of Summary of Report by Valuator
  • Notice on Valuation Exemption, 2014
    • Board Notice 59 of 2014
    • 1. Definition
    • 2. Format and submission
    • 3. Conditions for valuation exemption
    • 4. Withdrawal of valuation exemption
    • 5. Short title
    • Annexures
      • Annexure A
      • Annexure B
      • Annexure C
        • Annexure C (page 1)
        • Annexure C (page 2)
        • Annexure C (page 3)
        • Annexure C (page 4)
        • Annexure C (page 5)
        • Annexure C (page 6)
        • Annexure C (page 7)
        • Annexure C (page 8)
        • Annexure C (page 9)
        • Annexure C (page 10)
        • Annexure C (page 11)
        • Annexure C (page 12)
        • Annexure C (page 13)
        • Annexure C (page 14)
        • Annexure C (page 15)
        • Annexure C (page 16)
        • Annexure C (page 17)
        • Annexure C (page 18)
  • Prescribed Financial Statements Applicable to the Different Categories of Funds
    • Board Notice 77 of 2014
    • 1. Definition
    • 2. Exemption from section 15(1) of the Act
    • 3. Financial statements
  • Notice on the Appointment of a Valuator, 2014
    • Board Notice 154 of 2014
    • 1. Definition
    • 2. Format and submission
    • 3. Period prescribed under section 9A(3) of the PFA
    • 4. Affidavit by an actuary to be recognised as a valuator
    • 5. Short title
    • Annexures
      • Annexure A : Notification of the appointment of ...
      • Annexure B : Declaration by the appointed valuator
      • Annexure C : Notification of the termination of the ...
      • Annexure D : Affidavit by an actuary applying ...