PENSION FUNDS: RETAIL FUNDS EXEMPTION PROPOSAL OUT FOR COMMENT

PENSION FUNDS: RETAIL FUNDS EXEMPTION PROPOSAL OUT FOR COMMENT

• 22 April 2025
• Financial Sector
• SA Legal Academy

The Financial Sector Conduct Authority (FSCA) has called for input by 5 June 2025 on the proposed exemption of retirement annuity and preservation funds from sub-section 14(1) of the 1956 Pension Funds Act, as amended (amalgamations and transfers).

According to an accompanying FSCA communication, this is noting that:

• collectively referred to as retail funds, retirement annuity and preservation funds ‘do not require and employer-employee relationship’, and that
• transfers into and out of these funds are ‘done on a voluntary basis at the request of the member’ concerned (in most instances on the suggestion of a registered financial adviser).

Input should be made using the template provided.

• draft exemption
• FSCA communication
• comments template
• Pension Funds Act (updated in 2023)

Published by SA Legal Academy Policy Watch

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