PENSION FUNDS ACT: AMALGAMATIONS, TRANSFERS CONDUCT STANDARD AMENDED

PENSION FUNDS ACT: AMALGAMATIONS, TRANSFERS CONDUCT STANDARD AMENDED

• 01 April 2025
• Financial Sector
• SA Legal Academy

The Financial Sector Conduct Authority (FSCA) has published an amended standard prescribing conditions for amalgamations and transfers under section 14 of the 1956 Pension Funds Act. Immediately effective, the amended standard was released in draft form in June 2024 for public comment. It replaces a conduct standard in force since August 2019.

According to a statement of need issued at the time, the amended conduct standard will:

• ‘negate the need for legislative amendments when changing section 14 application forms’
• thus allow the FSCA ‘more flexibility … when making changes to forms … necessitated by external developments’, thereby
• more speedily providing legal certainty to pension funds.

A report on input received during the public consultation process was issued with the amended standard, along with the now replaced 2019 standard for ease of reference.

Against that backdrop, the FSCA has also:

• issued a new set of forms, and
• withdrawn an exemption notice issued in August 2024 in the context of the 1 September 2024 two-pot savings system’s commencement.

The new forms are available on the FSCA website.

• amended conduct standard
• consultation report
• statement of need
• 2019 conduct standard now replaced
• FSCA communication on amended conduct standard
• FSCA communication on new forms

Published by SA Legal Academy Policy Watch

Follow us on X @SALegalAcademy (you can also join us on LinkedIn and Facebook)

0 COMMENTS

LEAVE A COMMENT