PENSION FUNDS ACT: REPEAL OF REGULATION 33 IMMINENT

PENSION FUNDS ACT: REPEAL OF REGULATION 33 IMMINENT

• 28 January 2023
• Financial Sector
• SA Legal Academy

National Treasury has gazetted a notice repealing Regulation 33 of the Pension Funds Act, 1956, with effect from 20 February 2023.

Setting out an employer’s pension fund contribution obligations, Regulation 33 will be replaced by a Financial Sector Conduct Authority Standard 1 of 2022, the commencement and implementation of which is awaiting the repeal of Regulation 33.

According to a November 2022 National Treasury media statement on the proposed repeal of Regulation 33, not only are the requirements of Conduct Standard 1 of 2022 ‘identical to those contained in Regulation 33’. The standard also remedies defects in the regulation identified during its application.

• notice repealing Regulations 33 from 20 February 2023
• Financial Sector Conduct Authority Standard 1 of 2022
• National Treasury November 2022 media statement

Published by SA Legal Academy Policy Watch

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