RETIREMENT FUNDS MINIMUM BENEFITS AND SURPLUS LEGISLATION: THE REGULATIONS, BOARD NOTICES AND PF CIRCULARS

Most importantly, the Registrar has complied with his obligation in terms of section 14A(1)(a) of the Act to prescribe by notice in the Government Gazette the assumptions to be used by a fund’s actuary in determining the fair value equivalent of the present value of a member’s accrued deferred pension. This calculation is to be performed both in relation to current in-service member whose service terminates at least 12 months after the fund’s surplus apportionment date and in relation to former members who claim their minimum benefit top-ups in terms of section 15B(5) of the Act.