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The appeal board established under the Financial Services Board Act overturned a decision made under section 14 of the Pension Fund Act by the Registrar of Pension Funds to permit a transfer of business by a pension fund. The court held that the registrar does not have legal standing to take the appeal board decision on review to the high court. The registrar has the power and function of determining the amalgamation of pension funds and…
Pension Funds need to ensure that they comply with their new obligations because the Financial Services Laws General Amendment Act came in to operation on 28 February 2014. All the amendments to the Pension Funds Act with the exception of the amendments to sections 5(a) and 31 will need to be complied with from the date of commencement. Amongst the latest Pension Funds Act amendments is the drastic provision that directors who are regularly involved…