GOVERNMENT GAZETTE
______________________________________________________________________
Vol. III
PRICE 5c
PRETORIA
26 JANUARY 1962
No. 162
______________________________________________________________________
GOVERNMENT NOTICES
DEPARTMENT OF FINANCE
No. R. 98
26 January 1962
PENSION FUNDS ACT, 1956
______________________________________________
The State President has, under the powers vested in him by section thirty-six of the Pension Funds
Act, 1956 (Act No. 24 of 1956), as amended, made the following regulations in substitution for the
regulations published by Government Notice No. 1720, dated 8 th November, 1957:______________________________________________
REGULATIONS.
PENSIONS FUNDS ACT, 1956.
________________________________________________
In these regulations –
“Act” means the Pension Funds Act, 1956, as amended, and all terms employed herein which have
been defined in the Act shall bear the meanings assigned to them in the Act;
“foreign fund” means a fund referred to in section two (2) of the Act;
“person managing the business of the fund” includes the committee, committee of management,
board of trustees or like body administering the fund;
“principal officer” means the principal executive officer referred to in section eight of the Act who may
be a member of the body administering the fund;
“privately administered fund” means a fund other than the funds referred to in sections two (1), two
(2), two (3)(a)(i) and two (3)(a)(ii) of the Act;
“state-controlled fund” means a fund referred to in section two (3)(a)(i) of the Act;
“underwritten fund” means a fund referred to in section two (3)(a)(ii) of the Act.
_________________________________________
PART I
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MANNER IN WHICH AND TIME WITHIN WHICH APPEALS TO THE MINISTER ARE TO BE
PROSECUTED UNDER SECTION THREE
1.
Every pension fund or person desiring to appeal to the Minister, in terms of section three (3) of
the Act from any decision of the Registrar, shall within one month after the pronouncement of
the decision at issue, lodge a written notice of appeal with the Registrar, which shall clearly set
out the decision it is desired to appeal from and the grounds for the appeal. Such notice of
appeal shall be signed by the principal executive officer of the fund (if the appeal is at the
instance of a pension fund) or in the case of an appeal by an individual or partnership, by the
individual or by one of the partners, as the case may be, or by his duly authorized
representative. In the case of an appeal by any person who is not a natural person the notice
of appeal shall be signed on behalf of such person as follows, that is to say(a) if such person is a committee of individuals, by the person for the time being at the head of
the committee;
(b) if such person is an association of persons, by the individual who is for the time being at the
head of the board of directors or other committee controlling such association.
2.
Upon receipt of the notice mentioned in regulation 1 the Registrar shall prepare a statement of
the reasons for his decision. The Registrar shall dispatch a copy of the statement to the
appellant by registered post, and require the appellant to declare, in writing, within 30 days of
the dispatch of the statement, or within such further period as the Registrar may upon
application before the expiry of the said 30 days, approve, whether he proposes to continue
with his appeal or not.
3.
If the appellant declares that he does not propose to continue with his appeal or if he does not
furnish the Registrar with a reply within the period prescribed in regulation 2, the appeal shall
automatically lapse.
4.
If the appellant declares, within the period prescribed if regulation 2, his intention to continue
with his appeal, he shall with his declaration lodge with the Registrar a reply to the statement
mentioned in regulation 2.
5.
Upon receipt of the appellant’s declaration and reply the Registrar shall as soon as may be
transmit to the Minister(a) the notice of appeal mentioned in regulation 1;
(b) the statement prepared by him and mentioned in regulation 2;
(c) the declaration and reply mentioned in regulation 4; and
(d) all other relevant documents
6.
The Minister may require the appellant or the Registrar to furnish him, in writing, with any
further or other information which he may consider necessary for a just decision on the appeal.
7.
Upon receipt of the Minister’s notification of his decision on the appeal the Registrar shall
immediately communicate that decision to the appellant by registered post.
______________________________________
PART II
_____________________________________
DOCUMENTS AND PARTICULARS TO BE FURNISHED WHEN APPLYING FOR REGISTRATION
UNDER SECTION FOUR.
_________________________
PRIVATELY ADMINISTERED FUNDS.
8.
Every application for registration of a privately administered fund shall consist of a letter signed
by the person managing the business of the fund for the time being or on behalf of the
employer participating in the fund, in which-
(i)
is applied for registration of the fund;
(ii)
is reflected the full title of the fund;
(iii)
is given the full address (which must not only be a post office box number) of the
registered office of the fund; and
(iv)
is given the name of the person for the time being, or who will upon registration of the
fund be, administering the fund or for the time being at the head of the body
administering the fund; and shall be accompanied by-
(a) two copies of the rules of the fund duly certified, as explained in regulation 18, by the
applicant as being the rules which will become effective on the date of registration of the
fund or the date of commencement of the fund, whichever is the later. If friendly society
business will be carried on by the fund as contemplated in section one (1)(x) of the Act the
rules covering such friendly society business are also to be submitted if they do not form
part of the pension fund rules;
(b) two copies of a certificate by a valuator as to the soundness of the rules from a financial
point of view. The name, address and professional qualifications and experience of the
valuator must be indicated in the certificate. If no valuator has been employed by the fund
or if financial methods will be adopted by the fund which will render periodic investigations
by a valuator unnecessary, such other information regarding the financial soundness of the
rules as the applicant may possess together with an explanation as to why a certificate by a
valuator is not available, must be furnished;
(c) two copies of a document (for example an extract from the articles of association of the
participating company and a copy of the directors’ resolution, etc.) to indicate the authority
in terms of which the fund was established. If no such authority exists this fact must be
clearly stated;
(d) the prescribed registration fee of R20 which must be paid otherwise than by means of
revenue or postage stamps.
FOREIGN FUNDS.
9.
An application for registration of a fund referred to in section two (2) of the Act shall be in the
form set out and be accompanied by all the documents and particulars mentioned in regulation
8. In addition the applicant shall submit a memorandum in which are set out(a) the reasons why exemption is claimed under section two (2);
(b) the names and registered addresses of the head offices of all the employers participating in
the fund;
(c) the number of members of the fund-
(i) outside the Republic of South Africa;
(ii) in the Republic who are South African citizens;
(iii) in the Republic who are not South African citizens.
STATE-CONTROLLED FUNDS.
10.
An application for registration of a fund which claims exemption under section two (3)(a)(i) of
the Act shall be in the form set out and be accompanied by all the documents and particulars
mentioned in regulation 8. In addition the applicant shall submit a memorandum in which
reasons are set out as to why exemption is claimed under section two (3) (a) (i) of the Act.
UNDERWRITTEN FUNDS.
11.
An application for registration of a fund which claims exemption under section two (3) (a) (ii) of
the Act shall be in the form set out in regulation 8 and be accompanied by the documents and
particulars mentioned in paragraphs (a), (c) and (d) of that regulation.
In addition the
application shall submit a certificate by the insurance company concerned to the effect that-
(a) an insurance policy has been or will be issued by it in terms of the rules of the fund; and
(b) the rules submitted by the applicant are those in force at the date of application.
PART III
_____________________________
FINANCIAL STATEMENTS AND STATISTICS TO BE FURNISHED BY REGISTERED FUNDS.
_____________________________
12.
Every registered fund shall not later than the 30 th day of June of every year following the year
in which the fund registered, submit the following to the Registrar of Pension Funds, Private
Bag 238, Pretoria, under cover of a letter signed by the principal officer:-
(a) three copies of a revenue account, prepared in the form of Schedule A to these regulations,
in respect of the financial year which ended on the 31st December immediately preceding;
(b) three copies of a balance sheet, prepared in the form of Schedule B, as at the end of the
said financial year;
(c) two copies of those of statements 1 to 13 set out in Schedule D which are applicable to the
fund;
(d) two copies of all reports (other than the report on the balance sheet) by the auditor relating
to any of the activities of the fund during the financial year to which the revenue account
and balance sheet relate;
(e) two copies of any annual report the fund may have presented to its members in respect of
the said financial year;
(f) two copies of any other statement or report the fund may have presented to its members in
respect of any of its activities during the said financial year;
(g) two copies of a list containing the names of all the employers participating in the fund
except where such names are incorporated in the rules of the fund in which case this fact
need only be mentioned in the covering letter. Once a complete list has been furnished
subsequent returns need only mention changes thereto; and
(h) two copies of a return prepared in the form of Schedule C relating to the fund’s
membership.
13.
If it is not possible to comply with paragraph (d), (e) or (f) of regulation 12 above due to the fact
that no such reports were made or no such statement were presented or if there was no
change in the list of participating employers referred to in paragraph (g), this fact shall be
mentioned specifically in the covering letter.
14.
The name of the fund and the financial year to which the documents relate shall be given on
each sheet of paper submitted under regulation 12 above.
___________________________________
PART IV
____________________________________
REPORTS BY VALUATOR AND STATEMENTS OF ASSETS AND LIABILITIES.
______________________
15.
A registered fund which carries on only pension fund business referred to in paragraph (a) or
(b) of the definition of “pension fund organization” in section 1 (1) of the Act shall, whenever
the fund sends a summary of a report of a valuator in terms of subsection (1) of section 16 of
the Act to every employer participating in the fund, cause any such summary to be prepared by
the valuator concerned in a form substantially corresponding to the form of Schedule F to
these Regulations.
16.
Every registered fund which in addition to its pension fund business carries on friendly society
business as defined in section two of the Friendly Societies Act, 1956, shall in regard to its
pension fund business comply with the requirements of section sixteen of the Act. If(a) any of the friendly society business of the fund is subject to actuarial scrutiny in terms of the
rules, such friendly society business shall be investigated and reported upon by a valuator
at the same time as the pension fund business is investigated and reported upon in terms
of section sixteen of the Act and the reports on the pension fund and the friendly society
business shall be submitted together; or
(b) none of the friendly society business is subject to actuarial scrutiny in terms of the rules, a
statement to that effect shall accompany the valuation report in respect of the pension fund
business submitted in terms of section sixteen of the Act.
17.
Any registered fund which desired authority to prepare a statement of liabilities and assets in
lieu of causing its financial condition to be investigated and reported upon by a valuator in
terms of section sixteen of the Act, shall apply to the Registrar for the necessary authority in
terms of section seventeen. Such application, which may be submitted at the same time as
the application for registration under regulation 8, shall be accompanied by a memorandum
setting out in detail the reasons as to why an investigation by a valuator is considered
unnecessary.
__________________________________
PART V.
_________________________________
SIGNING OF DOCUMENTS.
________________
18.
Rules.- Both copies of the rules of a fund which accompany the application for registration
must be certified as follows on the first page or on the cover if the rules are in the form of a
booklet: “Certified that these are the rules of the XYZ Pension Fund which will become effective
on the date of registration / commencement* of the fund.”
*Delete whichever not applicable.
If the applicant is the person managing the business of the fund the certificate is to be signed
by the person for the time being at the head of the administering body and by one other
member thereof.
If the application is made on behalf of the participating employer the
certificate must clearly indicate the capacity in which the applicant signed the document, e.g.
as secretary of the company.
19.
Annual Accounts and Statements. – For the purposes of section twenty of the Act the accounts
and statements prescribed in Schedules A, B, C and those applicable in D will be regarded as
one document and must be accompanied by the following certificate: “Certified that to the best of our knowledge the attached accounts and statements in
respect of the XYZ Pension Fund for the year ended 31st December, 19….., are true
and correct.”
The certificate which must be signed as explained in regulation 20, may either be on a
separate sheet of paper or be endorsed on Schedule A or where all the documents are bound
in one volume be on the cover thereof. The accounts and statements need not be signed
elsewhere except by the auditor on the balance sheet.
20.
Other Documents. – Any document (excluding a letter) other than those referred to in
regulations 18 and 19 must be signed on the first page thereof as prescribed in section twenty
of the Act, namely –
(a) where the fund is administered by one individual, by –
(i)
such individual; and
(ii)
the principal officer;
(b) where the fund is administered by a committee or trustees, by –
(i) the person for the time being at the head of such committee or trustees;
(ii) one other member of the committee or a trustee; and
(iii) the principal officer.
In the case of (a) there must be two signatures by different individuals. In the case of (b)
there must be three signatures but as the principal officer may be a member of the
committee or a trustee it is possible that his may be two of the three signatures, i.e. at least
two different individuals must sign the document.
____________________________
PART VI.
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AUDITORS.
_____________
21.
(a)
Within 30 days of the registration of the fund the person managing the business of the
fund shall notify the Registrar in writing of the name and address of the auditor of the fund.
(b)
Whenever a registered fund has appointed a new auditor, the person managing the
business of the fund shall within 30 days as from the date of such appointment give notice
thereof in writing to the Registrar which notice shall state the name and address of the auditor
and contain a statement to the effect that such appointment was made in accordance with the
provisions of the rules of the fund.
22.
The revenue account and balance sheet referred to in paragraph (a) and (b) of regulation 12
shall be prepared in the form set out in Schedule A and B respectively and the balance sheet
shall be accompanied by a report signed by the auditor of the fund in the form shown in
Schedule B, but if the auditor is unable to sign the report in the form so shown without
qualification, the report shall be in such form as he wishes provided that it shall deal with the
matters referred to in the report shown in Schedule B and shall include his reasons for being
unable to sign the report without qualification.
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PART VII.
_______________________
GENERAL.
______________
23.
No registered fund shall change its registered address unless the procedure prescribed in its
rules for the amendment of the rule pertaining to the registered address has been followed and
the amendment of the rule has been registered by the Registrar.
24.
(a)
Within one month from the date of the passing of a resolution for the alteration or
rescission of any rule or for the adoption of any additional rule the principal officer of the fund
shall submit to the Registrar –
(i)
four copies of the resolution adopted together with a certificate signed as explained in
regulation 20 to the effect that the resolution has been adopted in accordance with the
provisions of the rules of the fund;
(ii)
if the alteration or rescission of or addition to the rules affects the financial condition of
the fund, a certificate by a valuator as to the financial soundness of the alteration,
rescission or addition or, if no valuator has been employed, such information regarding
the financial soundness of the altered, rescinded or added rule as the fund may
possess;
(iii)
a statement explaining the necessity for the alteration or rescission of or addition to the
rules.
(b)
No alteration or rescission of or addition to the rules shall be valid before registration by
the Registrar in terms of section twelve (4) of the Act, and such alteration, rescission or
addition shall take effect either as from the date determined by the fund concerned, or if no
such date has been so determined, as from the date of the registration thereof.
25.
On payment of the fees prescribed in Schedule E any person may between the hours of 9 a.m.
and 12 noon and 2 p.m. and 3.30 p.m. on Mondays to Fridays inspect at the office of the
Registrar or may make a copy of or take an extract from any document mentioned in the
Schedule or may obtain from the Registrar a copy of or an extract from any such document.
Any amount payable in terms of this regulation shall be paid by way of revenue stamps.
26.
Any person who has failed to make a return or to transmit or deposit a scheme, report,
account, statement or other document within the time prescribed in the appropriate provisions
of the Act or within any extended period allowed by the Registrar in terms of section thirtythree (1) of the Act, shall, without derogation from the provisions of section thirty-seven (1) of
the Act, thereafter be permitted to furnish such return or to transmit or deposit such scheme,
report, account, statement or other document subject to the payment of a penalty of R10 for
every day during which he has remained in default.
27.
For the purpose of section 19 (5) (b) (iii) of the Act the rate of interest is thirteen per cent per annum
with effect from 1st January 1987.
“Limits relating to assets in which a registered fund may invest
In this regulation –
28.
(1)
(a)
“any other stock exchange within the common monetary area” means any stock exchange
authorized by or under the laws of a country of the common monetary area to function as, or
carry on the business of, a stock exchange in that country;
(b)
“banking institution” means an institution registered under the Banks Act, 1965 (Act 23 of
1965), and includes a deposit-taking instution registered provisionally or finally in terms of the
Deposit-taking Institutions Act, 1990 (Act 94 of 1990) of the Republic of South Africa;
(c)
“building society” means a building society registered in terms of the Building Societies Act,
1986 (Act 23 of 1986);
(d)
“common monetary area” means the Kingdom of Lesotho, the Kingdom of Swaziland and the
Republic of South Africa;
(e)
“linked policy” means a contract under which no investment guarantees are given by the
insurer, either explicitly or implicitly, and in respect of which investment benefits are
determined solely by reference to the value of specific assets to which the contract is linked
and which assets are actually held by or on behalf of the insurer in terms of section 20(1) of
the Insurance Act, 1943 (Act 27 of 1943);
(f)
“local authority” mans a local authority council as defined in section 1 of the Local Authorities
Act, 1992 (Act 23 of 1992);
(g)
“market value”, in relation to –
(i)
the value of every quoted asset, means the price at which it was quoted on the
Namibian Stock Exchange or any other stock exchange within the common monetary area
within a period of three months immediately preceding the date to which the statement relates,
which value shall be shown in the statement at an amount not exceeding the value determined
according to the price last so quoted: Provided that if such quotation relates to a date other
than the date to which the statement of assets relates the said amount shall be properly
adjusted in the case of -
(aa) any interest-bearing asset, by the difference between the amount of the interest which had
accrued from the last date on which interest was payable up to the date of the quotation in
question and the corresponding amount of interest accrued up to the date to which the
statement relates; and
(bb) any share on which dividends have been declared, by the difference between the amount
of any dividend which had been declared but not paid on the date of the quotation in question
and the amount of any dividend which had been declared but not paid on the date to which the
statement relates;
(ii)
assets to which the provisions of paragraph (i) do not apply, means the value
determined in accordance with section 19(5A) of the Act;
(h)
“Post Office Savings Bank” means the Post Office Savings Bank controlled and managed by
the Namibia Post Limited under the Posts and Telecommunications Act, 1992 (Act 19 of 1992);
(i)
“property company” means a company –
(i) of which 50% of more of the market value of its assets consists of immovable property,
irrespective of whether such property is held directly by the company as registered owner or
indirectly by way of ownership of the shares of the company which is the registered owner of
the property or which exercises control over the company which is the registered owner of the
property: or
(ii) of which 50% or more of its income is derived from investments in immovable property, or
from an investment in a company 50% or more of the income of which is derived from
investments in immovable property;
(j)
“regional council” means a regional council as defined in section J of the Regional Councils
Act, 1992 (Act 22 of 1992).
(k)
“the Namibian Stock Exchange” means the Namibian Stock Exchange licensed under the
Stock Exchanges Control Act, 1985 (Act 1 of 1985).
“(2)
Subject to the provisions of this regulation, a fund may invest only in assets set out in column 1
of the Annexure to the extent that the market value of the investment in any such asset, expressed as
a percentage of the market value of the total assets of the fund, does not exceed the percentage set
out in column 2 of the Annexure in respect of such asset: Provided that –
(a)
the aggregate of the market value of investments in assets referred to in items 5 and 6
in column 1 of the Annexure, expressed as a percentage, shall not exceed 90%;
(b)
the aggregate of the market value of investments in assets referred to in items 5, 6, 7
and 8(e) in column 1 of the Annexure, expressed as a percentage, shall not exceed 95%,
of the market value of the total assets of the fund.”;
“(2A) Despite subregulation (1), a fund must, subject to subregulation (2B), invest in unlisted
investments in Namibia a minimum of 5% of the total assets of the fund: Provided that the unlisted
investments may cumulatively not exceed 10% of the assets of the fund: Provided further that the
fund must invest –
(a)
a minimum of 2% of its assets in unlisted investments from 1 January 2008 to 31
December 2008;
(b)
a minimum of 3,5% of its assets in unlisted investments from 1 January 2009 to 31
December 2009;
(c)
(2B)
a minimum of 5% of its assets in unlisted investments from 1 January 2010.
Before a fund invests in an unlisted investment in Namibia, the entity in which the investment is
intended must –
(a) be in possession of a certificate by an auditor registered under the Public Accountants’ and
Auditors’ Act, 1951 (Act No. 51 of 1951), and approved by the registrar certifying its
compliance with the International Financial Reporting Standards as prescribed by the
International Accounting Standards Board;
(b) adhere to internationally accepted norms on good corporate governance;
(c) have Namibian ownership of at least 25%, prior to any investment by a fund;
(d) comply with such other requirements that the registrar, with the concurrence of the Minister,
may determine from time to time.
(2C)(1)
A shareholder, director, member, partner, or other owner or officer of an entity referred
to in subregulation (2B), persons rendering advisory or administrative services to a fund, including but
not limited to asset managers or investment managers, their shareholders, directors, members or
other officers or any person connected to the business of the fund desiring to invest in an unlisted
investment of that entity share, who has interest or information that may cause a conflict of interests
to arise between any of such persons and the fund must disclose such interest or information to the
registrar without delay.
(2)
The registrar, either as a result of the disclosure referred to in subregulation (1) or on his or her
own volition, may conduct such investigation into the affairs of any of the parties to any investment of
a fund as the registrar thinks fit.
(2D)
A fund may not use the service of any investment manager or asset manager, approved under
section 4(1)(f) of the Stock Exchanges Control Act, 1985 (Act No. 1 of 1985) or any other adviser, in
connection with the placement of an unlisted investment, without the prior written approval of the
registrar, subject to such practice notes or conditions as the registrar may impose.
(2E)
A fund, on a quarterly basis commencing 1 January each year following the commencement of
this regulation, must –
(a) report to the registrar the placement of investments in unlisted investments in such format; and
(b) provide such information,
as the registrar may determine.
(2F)
For the purposes of subregulations (2A) to (2E), an “unlisted investment” means a “share” as
defined in the Companies Act, 1973 (Act No. 61 of 1973), and excludes –
(a) a share in a company listed on any stock exchange; and
(b) a debt instrument or any other investment as the registrar, with the concurrence of the
Minister, may determine by notice in the Gazette.”
(3)
(a) In the application of this regulation with regard to the total assets of a fund, including any
fund exempted under section 2(3)(a)(ii) of the Act, a policy issued to the fund concerned by an
insurer carrying on long-term insurance business as contemplated in the Insurance Act, 1943,
which –
(a) is not a linked policy; or
(b) is a linked policy, and the fund has obtained from the insurer a certificate indicating that the
assets held by the insurer in respect of his or her net liabilities under the said policy meet
the distribution requirements of assets referred to in the Annexure,
shall be deemed not to be an asset of the fund.
(b)
In the case of a linked policy, in respect of which no certificate as contemplated in paragraph
(a) has been obtained, the fund shall obtain a statement in writing containing particulars of the
extent to which the value of the benefits under such policy is determined by the market value
of assets referred to in the Annexure, and the market value of such assets shall be deemed to
be assets of the fund and, in the case of a fund exempted under section 2(3)(a)(ii) of the Act,
the certificate shall furnish the reasons for not complying with the aforementioned distribution
requirements of assets as referred to in the Annexure.
(c)
The statements and certificate referred to in paragraphs (a) and (b) shall be furnished at the
end of each financial year of the fund or, in the case of a fund which is exempted in terms of
section 2(3)(a)(ii) of the Act, at the end of the insurer’s financial year by the valuator of the
insurer concerned or by his or her delegate.
(4)
Where the membership of a fund, including any fund exempted in terms of section 2(3)(a)(ii) of
the Act, is not compulsory and the fund operates by means of individual policies or certificates
issued in respect of each member of the fund by an insurer carrying on long-term insurance
business as contemplated in the Insurance Act, 1943, such policies or certificates shall not be
subject to the provisions of this regulation if the assets held by the insurer in respect of his or
her liabilities under the said policies or certificates comply with the requirements of regulation
34 of the regulations made under the Insurance Act, 1943.
Provided that assets consisting of shares in a company incorporated outside Namibia shall, if such
shares have been –
(i)
designated by the Minister by notice in the Gazette for the purposes of this subregulation; and
(ii)
acquired on the Namibian Stock Exchange.
be regarded as assets invested in Namibia”.
“(5)
Despite subregulation (2), and without prejudice to subregulations (3) and (4), and the
Annexure to this regulation, a fund must keep invested inside Namibia not less than 35% of the
market value of its total assets: Provided that assets consisting of shares acquired in a company
incorporated outside Namibia, which shares are listed and have been acquired on the Namibian
Stock Exchange, are, for the purpose of this regulation, regarded as assets invested in Namibia, but
may not exceed the value of investments inside Namibia by –
(a) 30% from 1 June 2008 to 31 May 2009;
(b) 25% from 1 June 2009 to 31 May 2010;
(c) 20% from 1 June 2010 to 31 May 2011;
(d) 15% from 1 June 2011 to 31 May 2012; and
(e) 10% from 01 June 2012”,
(5A)
(a)
Every fund shall within six months after the end of each financial year, furnish the
registrar with a return in such form as he or she may prescribe which shall contain such particulars as
he or she may require in order to determine whether the fund is complying with subregulation (2).
(b)
Every fund shall within 30 days after each date referred to in paragraphs (b) and (c) of
subregulation (5), furnish the registrar with a return in such form as he or she may prescribe
which shall contain such particulars as he or she may require in order to determine whether
the fund is complying with that subregulation”.
“(5B) Any investment made outside the common monetary area must comply with such limitations
as may be determined under the Currency and Exchanges Act, 1933 (Act No.9 of 1933) from time to
time.”
(6)
The registrar may on prior written application by a fund grant such fund written exemption from
any of the provisions of this regulation upon such conditions as he or she may impose.
“ANNEXURE
LIMITS OF INVESTMENT
(REGULATION 28)
Item
Column1
Column 2
Categories or kinds of assets percentage
Maximum
of
aggregate market
value
of
assets of fund
1.
Bills, bonds or securities issued or guaranteed by loans to or
total
guaranteed by the Government of the Republic of Namibia
2.
50%
Deposits with and credit balance in a current or savings account with a
banking institution, including negotiable deposits, and money market
instruments in terms of which such banking institution is liable, including
deposits in the Post Office Saving Bank.
3.
Per banking institution
20%
Post Office Savings Bank
20%
Bills, bonds or securities issued or guaranteed by or loans to or
guaranteed by –
(a) A local authority or regional council authorized by law to levy
rates upon immovable property, per local authority or regional
Council
(b) A state-owned enterprise
Total investments of a fund in assets referred to item 3
4.
20%
20%
30%
Bills, bonds or securities issued by or loans to an institution, which bills,
bonds, securities or loans the Registrar had approved in terms of
section 19(1)(h) of the Act prior to the deletion of that section by section
8(a) of Act 53 of 1989, and also bills, bonds and securities issued by or
loans to an institution, which bills, bonds, securities or loans the
Registrar has likewise approved before the deletion of the said section
19(1)(h):
Per institution
5.
Bills, bonds or securities issued by the government of or by a local
authority in a country other than Namibia, which country the registrar
had approved in terms of section 19(1)(i) of the Act prior to the deletion
of that section by section 8(a) of Act No.53 of 1989, and also bills,
bonds or securities issued by an institution, which institution the
registrar likewise had approved before the deletion of the said section
19(1)(i):
20%
Per institution
6.
10%
Immovable property, units in unit trust schemes in property shares, and
shares in, loans to and debentures, both convertible and nonconvertible of property companies
Provided that the investment in a single property or property 20%
development project is limited to
7.
5%
Preference and ordinary shares in companies (excluding shares in
property companies), convertible debentures, whether voluntary or
compulsorily convertible (but excluding such debentures of property
companies) and units in a unit trust scheme as defined in the Unit
Trusts Control Act, 1981 (excluding units in unit trust schemes in
property shares or a unit trust of which the underlying does not consist
of at least 95% securities listed on a stock exchange):
(a) With effect from 1 January 2008 to 31 January 2009; and
70%
(b) With effect from 1 February 2009
65%
Provided that
(a) a fund may apply to the registrar for exemption from the
provisions of paragraphs (a) and (b);
(b) shares and convertible debentures in a single company listed on
any stock exchange within the common monetary area other
than in the development sector:
(i) with a market capitalization of N$5000 million or less;
5%
(ii) with a market capitalization greater than N$5000 million
10%
(c) shares and convertible debentures in a single company listed on
the Namibian Stock Exchange
5%
(i) with a market capitalization of N$1000 million or less;
5%
(ii) with a market capitalization greater than N$1000 million;
10%
8.
Claims secured by mortgage bonds on immovable property, debentures
(listed and unlisted but excluding convertible debentures) or any other
secured claims against natural persons (excluding loans referred to in
paragraph (c) of item 8 of this Annexure) or companies (excluding loans
to and debentures of property companies)
25%
Provided that –
9.
(a) a claim against any one individual is limited to
0.25%
(b) a claim against any single company is limited to
5%
Any other asset not referred to in this Annexure per category or kind of
asset
2.5%
But excluding –
(a) moneys in hand;
(b) loans granted to members of the fund concerned in accordance
with –
(i) the provisions of section 19(5) of the Act; and
(ii) such exemptions as may have been granted to the fund in
terms of section 19(6) of the Act;
(c) investments in the business of a participating employer to the
extent that it has been allowed by an exemption in terms of –
(i) the proviso to section 19(4) of the Act, or
(ii) section 19(6) of the Act.
SCHEDULE “A”
______________
___________________________________________FUND.
________________
REVENUE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER, 19____.
Expenditure.
Revenue.
1. Administration expenditure: (a) Salaries and wages……………
1. Income from investments(4): __________
(a) Interest ………………………..____________
(b)Valuator ……………………………...__________
(b) Dividends……………………._____________
(c) Auditor ………………………….. ___________
(c) Rent (5)………………………. ____________
(d) Other ……………………………. ___________
_____________
____________
2. Profit on sale/redemption of investments….________
3. Amount by which investments were written up(³)_____
(e) Less amount recovered from employer ____________
4. Amount paid by employer to raise interest income to
guaranteed minimum level…………………..________
2. Other expenditure (¹) (specify)-………..____________
5. Other (8) (specify)……………………………_________
3. Depreciation (specify)…………………._____________
6. Shortfall for the year carried down……….._________
4. Provisions(²)(specify)………………….._____________
5. Loss on sale/redemption of investments..__________
6. Amount by which investments were written down (³)
7. Surplus for the year carried down……….___________
__________
R___________
R___________
1st
January, 19…(9)___
8. Benefits(7): -
7. Balance of pension fund as at
(a) Pensions (i.e. regular periodical payments)…_________
8. Contributions during the year (10):-
(b) Lump sum awards on retirement or death…..__________
(a) By members……………________
(c) Lump sum awards under circumstances other
(b) By employers………….________
than (b) above (8) ………………………………__________
(d)Other (11) (specify) …………………………….__________
________
9. Amounts received on transfer from other funds.._____
10. Surplus for the year brought down………._________
9. Amounts transferred to other funds…………__________
10. Shortfall for year brought down ……………___________
11. Balance of pension(9) fund as at 31st December, 19..___
R_________
R_________
NOTES.
(1)
For example premiums paid on policies held, or income which accrued on amounts held for deferred
payments and which was transferred to the accounts of the beneficiaries.
(2)
For example provision for valuators’ fees. Amounts placed on reserve are also to be shown here.
(3)
For example where stock was purchased other than at redemption value.
(4)
The amounts must indicate the nett result after adjustments had been made in respect of income
received in advance and income accrued on investments.
(5)
This should be rental received less direct expenses.
(6)
Amongst others this item will cover unclaimed moneys forfeited, increase in surrender values of policies
held, excess proceeds of policies over their book values, etc.
(7)
Account must be taken of benefits awarded but not yet paid out.
(8)
This item covers payments on resignation, dismissal, etc., and includes contributions, interest, etc. paid
under such circumstances.
(9)
If the fund is a provident fund the word “pension” must be changed to “provident”. For the purpose of
this schedule a provident fund means a fund which, in terms of its rules, does not provide for the
payment of annuities, i.e. which makes lump sum payments to members upon termination of their
membership irrespective of whether the lump sums are paid in single amounts or in installments.
(10)
Contributions in advance and arrear must be brought into account. Contributions other than normal
recurrent contributions must be shown separately under this item.
(11)
If benefit fund business is carried on in addition to the pension or provident fund business this must be
shown here.
SCHEDULE “B”
_____________
____________________________________________FUND.
_______________
BALANCE SHEET AS AT 31ST DECEMBER, 19………………
FUNDS AND LIABILITIES –
1.
Fund Account: (a) Pension Fund ……………………………………………………
……………..
(b) Provident Fund (¹) ………………………………………………
……………..
(c) Benefit Fund (4) …………………………………………………
……………..
___________
2.
Reserves (specify) ……………………………………………………………….
………………
3.
Provisions (specify) ……………………………………………………………………
……………...
4.
Sundry creditors: (a) Contributions received in advance………………………………….
………………
(b) Interest received in advance ……………………………………….
………………
(c) Other (²)…………………………………………………………………
………………
___________ ……………….
___________
ASSETS –
1.
Fixed property (at cost)……………………………………………………
………………
Less accumulated depreciation…………………………………………….
………………
___________ ……………….
2.
Properties in possession…………………………………………………………….
3.
Office furniture and equipment (at cost)………………………………….
………………
Less accumulated depreciation…………………………………………….
………………
………………
___________ ……………….
4.
Investments in the Republic: (a) Stock and other holdings ………………………………………………
……………….
(b) Shares ………………………………………………………………….
……………….
(c) Units in Unit Trust Schemes ………………………………………….
……………….
(d) Debentures ……………………………………………………………..
……………….
(e) Loans ……………………………………………………………………
……………….
(f) Deposits and savings accounts …………………………………………
……………….
(g) Other ………………………………………………………………………
……………….
___________ ……………….
5.
Investments outside the Republic………………………………………………………..
6.
Sundry debtors:(a) Arrear contributions (³)……………………………………………………
……………….
(b) Interest accrued on investments………………………………………… ……………….
(c) Dividends receivable……………………………………………………… ……………….
(d) Other ………………………………………………………………………
……………….
……………….
___________ ……………….
7.
Cash at bank and in hand: (a) In the Republic ……………………………………………………………
……………….
(b) Outside the Republic……………………………………………………..
……………….
___________ ……………….
8.
Payments in advance……………………………………………………………………. ……
……………….
9.
Other (specify)…………………………………………………………………………… ……
……………….
___________
Note –
(1) Commitments and contingent liabilities are to be indicated by way of a note.
(2) Any amount the employer undertook to pay in future in respect of past service must be shown by way
of a note.
REPORT BY AUDITOR.
We have examined the accompanying balance sheet and revenue account which, in our opinion, are properly
drawn up so as to exhibit a true and fair view of the financial position of the Fund as at 31st December, 19….,
and of its revenue and expenditure for the year ended on that date. We certify that the rules of the Fund with
regard to fidelity cover have been complied with and that according to the information and explanations given
to us and as shown in the books and records of the Fund the loans granted were granted in accordance with
the provisions of the Pensions Funds Act, 1956, and the rules of the fund.
…………………………………
Signature.
NOTES.
(1) Refer to NOTE (9) on Schedule “A”.
(2) Benefits awarded but not yet paid must be included here.
(3) Include here contributions which were due and payable during the year by the employer in respect of
past service. Amounts calculated by the valuator to be necessary to bring the Fund to a financial sound
condition are not included until such time as they become due and payable.
(4) Refer to NOTE (11) on Schedule “A”.
(5) Show the rate of exchange employed in converting to currency of the Republic any foreign currency in
which any liability or asset exists.
(6) The Republic included the Territory of South West Africa.
___________________
SCHEDULE “C”
___________________
________________________________________________FUND.
MEMBERSHIP STATISTICS IN RESPECT OF THE YEAR ENDED 31ST DECEMBER, 19….
In the Republic Outside the Republic
(1) Number of members (other than pensioners) on 31 December………….
…………..
…………….
(2) Number of persons in receipt of regular periodical payments on 31st December…………
……………..
st
Totals ……………………………………………………………………………
________
___________
…………..
……………….
________________________
SCHEDULE “D”.
_______________________
NOTE –
(1) Attention is specifically invited to regulation 12(c) in terms of which only the applicable statements
hereunder are to be completed.
(2) Special care should be taken to see that totals reflected in the different statements are, where such are
indicated, in accordance with the corresponding totals in the balance sheet or revenue account.
(3) Statements 1 to 12 refer to investments held and payable in the Republic only whilst Statement 13
refers to other investments.
__________________________
STATEMENT 1.
__________________________
…………………………………………………Fund.
Financial Year ended ………………………………………….
FIXED PROPERTY (in the Republic).
Nature
of
Situated at
Property
Cost
close
as
at
Cost
of
Previous Year
of
Total Cost at
Nett
Improvements
End
during
and
Current Year
Additions
of
Income
If
Property
is
Mortgaged.
Current Year,
during Current
i.e.
Rentals
Year.
Received less
direct
Amount
Mortgagee
Expenses
Total cost at end of year………………………………..
Less Depreciation ………………………………………
Book value at end of year (asset item 1 of Balance Sheet)
Total nett income (Item 4 (c) of Revenue Account)……
_______________________
STATEMENT 2
_______________________
…………………………………………………Fund
Financial Year ended…………………………………………
PROPERTY IN POSSESSION(¹)
Nature of Property
Situated at
Date
taken.
Possession Debt
when Aggregate
Possession taken.
Amount
due at End of Current
Year in Respect of
Capital, Interest and
Charges incidental to
taking over.
Total (Asset item 2 of Balance Sheet)……………………………………………….
________________________________________________________________________________________
NOTE.-(¹) Property which ad to be brought in due to default by the mortgagor and which has not as yet been
sold.
__________________________
STATEMENT 3.
__________________________
…………………………………………..Fund.
Financial Year Ended…………………………………………
STOCK AND OTHER HOLDINGS (excluding accrued interest).
Book value as per
Redemption
Asset Item 4 (a) in
Value
Balance sheet (¹)
(a)
Government of the Republic (²)……………………………
………………….
………………………..
(b)
Provincial administrations and Local Authorities(³)………
………………….
………………………..
(c)
Rand Water Board and Escom…………………………..
………………….
………………………..
(d)
Land and Agricultural Bank of S.A.(4)…………………..
………………….
………………………..
(e)
South African Reserve Bank…………………………….
……………………
………………………..
(f)
Institutions approved under section 19 (1)(e) (list fully)
……………………
………………………..
TOTAL (Asset item 4 (a) in Balance Sheet)…………..
……………………
………………………..
_______________
_________________
NOTES.
(1) Explain how the book value have been determined.
(2) National Savings Certificates are to be included but balances with the Post Office Savings Bank to be
shown in Statement 8.
(3) Loans repayable over a specified number of years are to be included but deposits with local authorities
are to be excluded as they must appear in Statement 8.
(4) Deposits with the Land and Agricultural Bank of South Africa are to be shown in Statement 8.
_______________________________
STATEMENT 4.
______________________________
……………………………………………….Fund.
Financial Year ended…………………………………………
SHARES.
(a) Quoted(¹)Number
of
Nominal Value.
shares.
Book
per
value
as
Dividends
Balance
Received.
Remarks(4)(5)
Sheet
(i) Preference shares (List fully)
(ii) Ordinary shares (List Fully)
TOTAL
(b) Unquoted(²)Number
of
Nominal Value.
shares.
Book
per
value
as
Dividends
Balance
Received.
Remarks(4)(5)
Sheet
(i) Preference shares (List fully)
(ii) Ordinary shares (List Fully)
TOTAL
(c) Building Society Shares(³): Book value per balance sheet………………………………
R__________
(d) Aggregate of Book Value Totals under (a), (b) and (c) above…………………………
R__________
NOTES.
(1) “Quoted” – Any shares for which a buyer’s price or sales price has been officially recorded by a
recognized Stock Exchange on or after the 1st October of the financial year to which the balance sheet
relates.
(2) Building society shares are not to be included under the heading “unquoted” as they must be shown
under (c).
(3) Building society shares do not qualify for the purposes of section 19(1).
(4) In the case of any of the preference shares being redeemable this fact must be mentioned in this
column and redemption value quoted.
(5) If the Fund holds the majority shares in any company this fact must be mentioned in this column.
______________________________
STATEMENT 5.
______________________________
………………………………………….Fund. Financial Year ended……………………………………………………
INVESTMENT IN UNIT TRUST SCHEMES.
Names of Scheme.
Number of Units.
Value as at end of the Book Value
Financial Year.
TOTAL(¹)…………………………………………………………………
_________________
________________________________________________________________________________________
NOTE.-(¹) The aggregate of this column must be equal to asset item 4 (c) in the Balance Sheet.
_______________________________
STATEMENT 6
_______________________________
………………………………………………Fund.
Financial Year ended…………………………………………
DEBENTURES.
Redemption Value
Market Value
Book Value as per
Whether
Balance Sheet(²).
(a) Quoted(¹) (List
fully)
TOTAL………………………………………………………………
R_____________
______________
NOTES.
(1) “Quoted” – Any debentures for which a buyer’s price or sales price has been officially recorded by a
recognized Stock Exchange on or after the 1st of October of the financial year to which the balance
sheet relates.
(2) The aggregate of the totals given here must be as per asset item 4 (d) in the Balance Sheet
_____________________________
STATEMENT 7.
_____________________________
…………………………………………Fund.
Financial Year ended……………………………………………………
LOANS(¹) (granted and payable in the Republic).
(a)
Loans to members of the Fund [Section 19(5).] Aggregate amounts outstanding-
i)
on security of first mortgage bonds and second bonds where the
Fund also holds the first bonds(²)…………………………………………….
ii)
………………………..
on security of second or other bonds where the Fund does not
hold the first bonds ……………………………………………………………
………………………..
iii)
in terms of section 19 (5) (b) i.e. where no security is furnished……………
………………………..
iv)
on security other than above (specify the security furnished)………………
………………………..
Sub-Total………………………………………………………………………..
………………………..
_________________
(b)
Loans to Non-members-
i)
On security of first mortgage bonds:(²)
Urban properties No……………………..Amount…………………………
………………………..
Farm properties No…………………….. Amount………………………….
………………………..
Sub-Total……………………………………………………………………..
………………………..
_________________
ii)
On security of second or other mortgage bonds(²): Urban properties No…………………….Amount………………………….
………………………..
Farm properties No……………………. Amount………………………….
………………………..
_________________
Sub-Total…………………………………………………………………….
iii)
………………………..
On security of Participation Certificates:-
Name of Issuer of Certificate.
Amount
Advanced.
Originally Amount Owing at Interest Rate.
End of Financial
Year.
Sub-Total………………………………………………….R________________
________________________________________________________________________________________
iv)
On security other than (i), (ii) or (iii) above:-
Name of Debtor.
Amount Advanced.
Interest Rate.
Particulars
Security.
of Amount Owing at
End of the Financial
Year.
Sub-Total……………………………………………………………………………….. __________________
________________________________________________________________________________________
(c)
Aggregate of the five sub-total above (³)……………………………………………..R_________________
NOTES.
(1) Only loans provided for in section 19 (5) or which are secured must be included in this statement.
Unsecured loans, unsecured deposits with institutions other than those in Statement 8, call money, etc.,
must be reflected in Statement 9.
(2) The bonds must be registered in the name of the fund.
(3) The aggregate of the sub-totals must be as per asset item 4 (e) in the Balance Sheet.
__________________________________
STATEMENT 8.
_________________________________
……………………………………………..Fund.
Financial Year ended…………………………………………
______________
DEPOSITS AND SAVINGS ACCOUNT BALANCES(¹) (as contemplated in section 19 (1) of the Act).
Amount
Interest Rate(³)
a)
Banking institutions(²)………………………………………
…………………….
………………………..
b)
Building societies(4)……………………………………….
…………………….
………………………..
c)
National Finance Corporation…………………………….
…………………….
………………………..
d)
Local authorities……………………………………………
…………………….
………………………..
e)
Post Office Savings Bank………………………………..
…………………….
………………………..
f)
Land and Agricultural Bank of South Africa…………….
…………………….
………………………..
TOTAL(5)…………………………………………………..
…………………….
________________
NOTES.
1)
Deposits and savings accounts with institutions other than those mentioned in this statement must be
reflected in Statement 9.
2)
This item must not include any “cash at bank” or amounts on current account which have been included
in asset item 7 (a) in the balance sheet.
3)
If different rates are applicable indicate the maximum and the minimum in every case.
4)
Building society shares including subscription shares do not qualify for section 19(1) and are, therefore,
not to be shown here but under item (c) in Statement 4.
5)
This total must be as per asset item 4 (f) in the Balance Sheet.
_________________________________
STATEMENT 9.
________________________________
…………………………………………….Fund.
Financial Year ended…………………………………………
____________
UNSECURED ADVANCES(¹)
Name of Debtor.
Amount
Term
Advanced.
Loan(²).
of Interest
Rate.
Amount
owing Remarks(³)(4)
at End of the
Financial Year.
TOTAL(5)………………………………………………………….. _______________
________________________________________________________________________________________
NOTES.
(1)
Unsecured loans to members of the fund must be excluded from this statement. All other investments
whether called loans, deposits, call money or anything else must be included in this statement.
(2)
Indicate whether the amount is repayable on demand or on a specified date or whether subject to
notice.
(3)
If any repayment of capital or payment of interest is overdue, particulars are to be given in this column.
(4)
If any advance has been made to a company in which the fund holds the majority shares, this fact must
be mentioned in this column.
(5)
This total together with the total in Statement 10 must be s per asset item (4) (g) in the Balance Sheet.
_____________________________
STATEMENT 10.
_____________________________
……………………………………………Fund.
Financial Year ended…………………………………………
_____________
OTHER INVESTMENTS IN THE REPUBLIC.
Description(¹) of Investment and Basis on which Investment was Valued.
Book Value of Investment.
TOTAL(²)…………………………………………………………………
-----------------------------------_______________________
________________________________________________________________________________________
NOTES.
(1)
The description required is to be of such a nature as to enable an independent person to estimate the
value of the investment.
(2)
This total together with that in Statement 9 must be as per asset item 4 (g) in the Balance Sheet.
_____________________________
STATEMENT 11
____________________________
………………………………………………..Fund.
Financial Year ended…………………………………………
_____________
ASSETS HELD IN COMPLIANCE WITH SECTION 19 (1) OF THE ACT.
1.
Total assets of the fund as per balance sheet………………………………………
Less
(a) Assets held outside the Republic to cover liabilities there(¹)………… ……………….
………............
(b)Value of insurance policies held by and included in
total assets of the fund(²)…………………………………………………
……………….
____________ …………………
____________
2.
Total assets of the fund as reduced………………………………………………..
…………………
3.
40 Percent of total assets as reduced (i.e. of Item 2 above)…………………..
…………………
4.
Assets held to meet section 19 (1)(a) Stock and other holdings (³)……………………………………………………
……………….
(b) Deposits and savings accounts(4)……………………………………………
……………….
(c) Cash at bank and in hand(5)…………………………………………………..
……………….
____________ ………………....
5.
Assets which do not qualify for section 19(1) because they are encumbered (section 19(3))(a) Stock and other holdings(³)……………………………………………………
………………..
(b) Deposits and savings accounts(4)…………………………………………..
………………..
____________ …………………
6.
Reference number of exemption granted (if any) under section 19 (6) of the Act……………………………………….
NOTES.
1.
Refer to circular P.F. 2.
2.
Refer to section 19 (2) of the Act – This value to correspond with the balance sheet values.
3.
Items 4 (a) and 5 (a) must be equal to the total book value in Statement 3.
4.
Items 4 (b) and 5 (b) must be equal to the total in Statement 8.
5.
This item must be equal to asset item 7 (a) in balance sheet.
_____________________________
STATEMENT 12.
____________________________
……………………………………………..Fund.
Financial Year ended…………………………………………..
____________
COMPLIANCE WITH SECTION 19 (4) OF THE ACT.
Amount invested in the business of an employer participating in the fund or in the business of any subsidiary
company of such employer and the amount advanced to such employer or subsidiary company.
Employer
Subsidiary
Company.
Company.
Total
(a) Stock and other holdings(¹)
(b) Shares
(c) Debentures
(d) Secured loans
(e) Unsecured advances(²)
(f) Other
________________________________________________________________________________________
Reference number of excemption granted (if any) under section 19(4) or 19 (6) of the Act………………………
__________________________
NOTES.
(1)
This item refers to stock and other holdings as set out in Statement 3.
(2)
Arrear contributions payment of which is less than 30 days overdue do not represent investments-see
asset item 6 (a) in balance sheet-and must not be included in this item.
__________________________
STATEMENT 13.
__________________________
INVESTMENTS HELD AND PAYABLE OUTSIDE THE REPUBLIC.
In the case of investments held and payable outside the Republic the investments must be classified under the
same headings as indicated in Statements 1 to 12 and the information required in those statements is to be
given in respect of those investments together with an indication as to the country in which the investments
were made or are being held.
__________________________
SCHEDULE “E”.
__________________________
INSPECTION OF DOCUMENTS AT THE OFFICE OF THE REGISTRAR AND THE TAKING OF EXTRACTS
THEREFROM.
___________
PRESCRIBED FEES.
Fee Payable.
R
(a)
For inspection of or taking making copies of or taking extracts from any one or more of the following
documents relating to any one fund…………………………………………
2,00
(i) Rules of the fund.
(ii) Last revenue account and balance sheet.
(iii) Last report by a valuator.
(iv)Last statement of assets and liabilities in terms of section 17 of the Act.
(v) Any scheme under the provisions of section 18 of the Act.
(b)
For any photostatic or double-spaced typewritten copy of or extract from any
50c per single of the
documents mentioned in (a) above
made by the Registrar, per A4 page or portion thereof
(c)
0,50
For authentication by the Registrar of any copy made or extract taken
Under (a) or (b) above, per A4 page or portion thereof.
(d)
For amendment of the rules of a fund, per resolution
(e)
For certifying or confirming that a fund is registered in terms of
1,00
5,00
subsection (3) or (4) of section 4 of the Act or that its name has
been changed or its rules amended [except for purposes of item (d)]
(f)
For search fee per fund for service rendered in respect of items
(a), (b) or (c) above
(g)
1,00
2,00
For perusal of documents for the purposes of item (c) above, per
A4 page or portion thereof
1,00
__________________________________________
_______________________________________________
____________________________
SCHEDULE F
____________________________
FORM OF SUMMARY OF REPORT OF VALUATOR
(REGULATION 15)
Name of fund ……………………………………………………………………………………………………………….
Financial year ………………………………………………………………………………………………………………
Valuator ………………………………………………………………………………………………………………………
Particulars of financial condition
1.
The balance sheet value of the net assets of the fund, after deduction of current liabilities and any
liabilities arising from the pledging, hypothecation or other encumbering of the assets of the fund
………………………………………………………………………………………………………………………..
2.
The actuarial value of assets of the fund, for purposes of comparison with the accrued liabilities* of the
fund
………………………………………………………………………………………………………………………..
3.
A brief description of the basis employed in calculating the actuarial value of assets
………………………………………………………………………………………………………………………..
………………………………………………………………………………………………………………………
4.
The accrued liabilities* of the fund
………………………………………………………………………………………………………………………..
5.
Any other particulars deemed necessary by t he valuator for purposes of this summary
………………………………………………………………………………………………………………………
………………………………………………………………………………………………………………………
……………………………………………………………………………………………………………………….
6.
A statement as to whether the fund was in a sound financial condition for the purposes of the Pension
Funds Act, 1956
………………………………………………………………………………………………………………………
……………………………………………………………………………………………………………………….
Prepared by me:
……………………………………
……………………………….
(Date)
(Signature of valuator)
No. R. 99
26 January 1962.
PENSION FUNDS ACT, 1956 – STATISTICAL INFORMATION.
_____________________
I, THEOPHILUS EBENHAEZER DÖNGES, Minister of Finance, acting in terms of the powers vested in me by
sub-section (1) of section two of the Pension Funds Act, 1956 (Act No. 24 of 1956), as amended –
(1)
hereby withdraw Government Notice No. 1721 dated 8th November, 1957; and
(2)
hereby prescribe that any pension fund which has been established in terms of an agreement published
or deemed to have been published under section forty-eight of the Industrial Conciliation Act, 1956 (Act
No. 28 of 1956), shall, before the 30th day of June of every year, furnish the Registrar of Pension
Funds, Private Bag 238, Pretoria, with the following statistical information in respect of the year which
ended on the 31st December immediately preceding: -
Number of members (other than pensioners) at the end of the year
……………….
Number of persons in receipt of regular periodic payments at the end of the year
……………….
Benefit payments made during the year: (a) as pensions (i.e. regular periodic payments)
……………….
(b) as lump sum awards on retirement of death
……………….
(c) as lump sum payments under circumstances other than (b) above
……………….
T. E. DÖNGES,
Minister of Finance.