PENSIONS (SUPERANNUATION FUNDS AND RETIREMENT SCHEMES) ACT

ARRANGEMENT OF SECTIONS

PART I
Preliminary

   1   Short title

   2   Interpretation

   3   Commission responsible for general administration of Act

   4   Commission may issue directions

 

PART II
Licensing of Administrators and Investment Managers and Registration of Trustees, Approved Superannuation Funds and Approved Retirement Schemes, etc

   5   Prohibition against operating without being licensed or registered

   6   Application to be registered or licensed

   7   Licensing of administrator

   8   Licensing of investment manager

   9   Registration of trustee

   10   Designation of administrator and investment manager

   11   Appointment of responsible officer

   12   Appointment of actuary or auditor

   13   Requirements for approval of superannuation fund

   14   Requirements for approval of retirement scheme

   15   Registration of approved superannuation fund or retirement scheme

   16   Display of certificate of registration and licence

   17   Suspension of registration or licence

   18   Grounds for cancellation of registration or licence

   19   Implementation of proposal to suspend or cancel registration or licence

   20   Summary cancellation of registration or licence

   21   Surrender of cancelled licence or certificate

 

PART III
Investigations by Commission

   22   Commission may require information

   23   Power to make investigations

   24   Power to obtain information

   25   Entry on premises

   26   Action on completion of investigations

 

PART IV
Termination and Winding-up

   27   Winding-up

   28   Margin of solvency

   29   Supplemental provisions as to winding-up

   30   Ascertainment of value of liabilities under fund or scheme

   31   Application of assets of fund or scheme

   32   Application of surplus

 

PART V
Miscellaneous

   33   Retirement age

   34   Keeping of records

   35   Amendment of Trust Deed or Plan Rules

   36   Commission may petition court

   37   Returns and reports to be submitted to Commission

   38   Member may have recourse to Commission

   39   Appeal

   40   Obligation for secrecy

   41   Disclosure of information in certain circumstances

   42   Registers

 

PART VI
Offences and Penalties

   43   Performing duty as administrator or trustee without being licensed or registered

   44   Operating unregistered pension fund, etc

   45   Failure to make returns

   46   Failure to give information

   47   Failure to keep records

   48   Obstructing search, etc

   49   Contravention of section 40

   50   Filing incorrect returns

   51   Failure to notify Commission

   52   Failure to return licence or certificate

   53   Failure to pay over contributions

   54   General penalty

 

PART VII
General

   55   Secrecy of Commission's officials

   56   Rule of law against perpetuities not to apply

   57   Extension of time limits

   58   Regulations

   59   Transitional

      SCHEDULE

 

THE PENSIONS (SUPERANNUATION FUNDS AND RETIREMENT SCHEMES) ACT

[Date of Commencement: 1st March 2005]

Acts
22 of 2004,
14 of 2005,
4 of 2006.

PART I
Preliminary (sections 1-4)

1   Short title

   This Act maybe cited as the Pensions (Superannuation Funds and Retirement Schemes) Act.

2   Interpretation

   (1) In this Act-

   "active member" means a member who makes contributions to an approved superannuation fund or approved retirement scheme or on whose behalf contributions are made;

   "actuary" means a person who-

   (a)   is a fellow of such professional organisation of actuaries as may be prescribed; and

   (b)   satisfies such other requirements as may be prescribed,

   and includes a firm of such persons;

This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article.