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Articles by Amina Yuda
Retirement Fund Trustees must take note of the redeveloped Trustee Training Toolkit and deadlines
On 28 March 2024, the Financial Sector Conduct Authority (FSCA) launched the second phase of the Trustee Training Toolkit (TTK) which comprises of the last eleven modules of the e-learning platform. Conduct Standard 4 of 2020 (CS4) compels all trustees of retirement funds to attain the levels of skills and training prescribed by the FSCA. CS4 prescribes the minimum skills and training requirements for trustees of retirement funds.
“Retrospective pension fund rule amendments not registered by FSCA do not bind members” says ConCourt
The Constitutional Court has provided much needed certainty to the retirement fund industry following the surprising April 2022 judgment of the Supreme Court of Appeal in Municipal Employees Pension Fund & Another v Pandelani Midas Mudau and Another. On 02 August 2023, the Constitutional Court overturned the SCA judgment. The facts of the matter are as follows: The member was employed by the Municipality from 03 May 2003.
So, the NHI Bill has been passed, what now?
The highly anticipated National Health Insurance Bill (NHI Bill) was finally passed by the National Assembly on 20 June 2023. The approval of the NHI Bill by National Assembly has caused a number of stakeholders to express their opinions, with most being concerned that it has been prematurely passed as there remain some key issues which require consideration. The renewed hype around the NHI Bill may leave many thinking that the NHI Bill is soon to be implemented, this is not correct.
Proposed amendments to Collective Investment Scheme investment types (BN90/2014)
Collective investment schemes (CIS), regulated under the Collective Investment Schemes Control Act, 2002, are subject to Board Notice 90 of 2014 (BN90). BN 90 prescribes the type of securities and assets, or particular classes of securities or assets that a CIS in securities may invest in and the limits applicable to such investment.
The tussle between non-payment of contributions and the application of prescription
In 2022, in a decision handed down by the KwaZulu Natal High Court, held in Pietermaritzburg it was made clear that the failure by a pension fund to timeously collect arrear pension contributions from recalcitrant employers, will result in the fund not having a claim against the employer where the defence of prescription is raised by such employer.
The tussle between non-payment of contributions and the application of prescription
In 2022, in a decision handed down by the KwaZulu Natal High Court, held in Pietermaritzburg it was made clear that the failure by a pension fund to timeously collect arrear pension contributions from recalcitrant employers, will result in the fund not having a claim against the employer where the defence of prescription is raised [...]
“Too late to have your matter reconsidered,” says the Financial Services Tribunal
On 4 May 2022, the Financial Services Tribunal (Tribunal) dismissed an application for condonation in an application that was filed a year and a day later than the determination, which was the subject of the reconsideration. The grounds for the dismissal were, inter alia, that the pension fund and the respondents would be severely prejudiced.
“Too late to have your matter reconsidered,” says the Financial Services Tribunal
On 4 May 2022, the Financial Services Tribunal (Tribunal) dismissed an application for condonation in an application that was filed a year and a day later than the determination which was the subject of the reconsideration. The grounds for the dismissal were, inter alia, that the pension fund and the respondents would be severely prejudiced.
Failure to submit valuation reports will result in the imposition of administrative penalties
On 17 March 2021, the Financial Services Tribunal confirmed that failure to timeously submit an actuarial valuation can result in the imposition of administrative penalties on a pension fund. The Financial Sector Conduct Authority (“FSCA”) may take into consideration the number of days that the pension fund was late in submitting the actuarial valuation when determining the amount of the penalty.
Will Regulation 28 be amended to accommodate SARB’s announcement on ETFs?
Reading Time: 2 minutes By Amina Yuda, Associate at Norton Rose Fulbright On 29 October 2020, the South African Reserve Bank (SARB) published an exchange control circular (Circular 15/2020) which in effect reclassifies all remaining foreign debt and derivative instruments as well as exchange traded funds (ETFs) referencing foreign assets, that are inward listed on a South African exchange and are traded and settled in rand, as domestic.
‘De bloedige hand’ principle and its application in s37C pension fund distributions
The Pretoria High Court has refused to extend the ‘bloedige hand’ principle in instances where the beneficiary of a death benefit was the child of the deceased’s killer. The ‘bloedige hand’ principle holds that no person who unlawfully causes the death of another may inherit from the deceased. The deceased and his wife were killed by the deceased’s stepdaughter (Bonolo). The stepdaughter had a minor child who was living with and dependent on the deceased and his wife.
Skills and training Conduct Standard for pension fund trustees
Reading Time: 2 minutes By Amina Yuda, Norton Rose Fulbright On 10 July 2020, the Financial Sector Conduct Authority (FSCA) published the awaited Conduct Standard prescribing the minimum skills and training requirements for members of the board of trustees of pension funds as contemplated in section 7A(3)(a) of the Pension Funds Act 1956, effective from date of publication.
FSCA publishes the conduct standard for banks
When the Financial Sector Regulation Act (FSRA) was introduced in 2018, the FSCA was tasked with regulating and supervising the way banks conduct themselves in relation to the provision of financial products and services to customers. In fulfilment of this mandate, the FSCA has published a conduct standard for banks. The conduct standard is supported by a document detailing the expected impact of the conduct standard, and a report on the consultation process.
Progressive changes for the retirement fund industry in FSCA draft Conduct Standards
On 8 June 2020, the Financial Sector Conduct Authority published three draft conduct standards for public comment to be made by 31 July 2020. The purpose of the draft conduct standards is to regulate the: conditions for living annuities in an annuity strategy; communication of benefit projections to members of pension funds; and conditions for investment in derivative instruments for pension funds.
Equitable Jurisdiction: The Pension Funds Adjudicator cannot make orders disregarding statutory provisions
Since 1 April 2019, the Pension Funds Adjudicator has been empowered to apply the principles of equity in dealing with complaints. The concept of an equity jurisdiction has raised concerns in the industry due to its discretionary nature. The concept of ‘equitable jurisdiction’ has been the subject of a recent determination by the Financial Services Tribunal. The Tribunal made it clear that the exercise of equitable jurisdiction has parameters and cannot be haphazardly applied.
Grace period for pension funds with no remaining members to comply with the Pension Funds Act
The Financial Sector Conduct Authority published a communication on 6 March 2020 aimed at pension funds who have no remaining members and still have historical outstanding actuarial valuation report submissions and outstanding annual financial statement submissions. The purpose of the communication is to set out the process to be followed by these pension funds in order to achieve compliance with the regulatory requirements.
PAJA applies to s37C Pension Funds Act decisions
Reading Time: 2 minutes By Amina Yuda, Norton Rose Fulbright In February the high court confirmed that the Promotion of Administrative Justice Act (PAJA) applies to section 37C decisions on the distribution of death benefits made by the boards of retirement funds under the Pension Funds Act.
PAJA applies to s37C Pension Funds Act decisions
In February the high court confirmed that the Promotion of Administrative Justice Act (PAJA) applies to section 37C decisions on the distribution of death benefits made by the boards of retirement funds under the Pension Funds Act.
FSCA moves to ensure pension fund board members are up to the task
Your Name: Your Email: Send Email To: Keep this field blank Draft conduct standard published, toolkit provided, assessments required. The Financial Sector Conduct Authority (FSCA) has published a draft conduct standard for determining the skills and training requirements for board members of pension funds.Comments are required by July 4.
Regulation 39: boards versus financial advisers in providing financial advice
Three new pension regulations, colloquially dubbed “the default regulations”, came into effect on March 1. Regulation 39 specifically provides for retirement funds to establish an annuity strategy. It requires all pension, pension preservation and retirement annuity funds, unless exempted, to have a strategy giving members the opportunity to elect a retirement income solution tailor-made to their needs.
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