PFA NOTICE NO. 1 OF 2019 PENSION FUNDS ACT, 1956 GENERAL EXEMPTION FROM REGULATIONS 37, 38 AND 39 MADE IN TERMS OF SECTION 36 OF THE PENSION FUNDS ACT, 1956 FOR FUNDS THAT APPLIED FOR CANCELLATION OF REGISTRATION IN TERMS OF SECTION 27(1) OF THE PENSION FUNDS ACT, 1956 The Financial Sector Conduct Authority, under regulations 37(3), 38(3) and 39(6) of the Pension Funds Act, 1956 read with section 281(3)(b) of the Financial Sector Regulation Act, 2017, hereby exempts retirement funds that have applied for cancellation of registration in terms of section 27(1) prior to 1 March 2019, from the provisions of regulations 37, 38 and 39, to the extent and on the conditions set out in the Schedule. OLANO MAKHUBELA DIVISIONAL EXECUTIVE: RETIREMENT FUNDS SUPERVISION FOR THE FINANCIAL SECTOR CONDUCT AUTHORITY P a g e | 1 SCHEDULE Definitions 1. In this schedule, “Act” means the Pension Funds Act, 1956 (Act 24 of 1956); “Authority” means the Financial Sector Conduct Authority as defined in section 1(1) of the Financial Sector Regulation Act, 2017; “default regulations” means regulation 37, 38, 39 and 40 made in terms of section 36 of the Act; “FSR Act” means the Financial Sector Regulation Act, 2017 (Act 9 of 2017); “provident fund” means a fund as defined in the Income Tax Act, 1962 (Act 58 of 1962) and which is registered in terms of section 4 of the Act; “retirement funds” means pension, provident, preservation and retirement annuity funds; Words defined in the Act, regulations or the FSR Act bear the same meaning in this schedule, unless the context indicates otherwise. Introduction 2. Retirement funds must ensure that all new default arrangements that they implement on or after 1 September 2017 comply with the requirements set out in the default regulations. Existing default arrangements must be fully aligned to the default regulations by 1 March 2019. 3. The Authority has received and is currently considering applications from retirement funds for cancellation of registration in terms of section 27(1) of the Act. Several of these funds have also submitted applications to be exempted from the P a g e | 2 default regulations on the basis that they do not have any members, assets and liabilities. The Authority has carefully analysed these requests and is aware that there are other retirement funds which are in a similar position because they have submitted applications for cancellation of registration. Exemption from the Default Regulations 4. After considering whether granting the exemption – (1) will be contrary to the public interest; or (2) may prejudice the achievement of the objects of the default regulations; the Authority hereby grants a general exemption to retirement funds that have applied for cancellation of registration in terms of section 27(1) of the Act on or before 28 February 2019 from the provisions of the default regulations on the conditions set out below. Conditions 5. This exemption applies only to retirement funds that: 5.1. do not have any members, assets, liabilities and any litigation pending; 5.2. have applied for cancellation of registration in terms of section 27(1) of the Act, in accordance with the format set out in Information Circular PF No. 2 of 2017 and the Authority has received the application on or before 28 February 2019; and 5.3 have their registration cancelled by 1 March 2021. General 6. For information purposes, annexure “A” reflects the section 27(1) applications that the Authority has received as at the date of this notice and which are still under consideration by the Authority. Please check the list to confirm that the Authority has received a fund’s application. It is an applicant’s responsibility to ensure that P a g e | 3 an application for the cancellation of a fund’s registration is properly submitted to the Authority. 7. This general exemption does not apply to retirement funds that are contemplating submitting an application for cancellation of registration in terms of section 27(1) of the Act in accordance with the format set out in Information Circular PF No. 2 of 2017, but have not done so on or before 28 February 2019. Short title and commencement 8. This exemption is called the “General Exemption from the Default Regulations for Terminating Funds, 2019” and comes into operation on the date of publication. DATE OF NOTICE: 4 February 2019 P a g e | 4 Annexure A FUND NO FUND NAME 36620 11(K) PENSION PLAN 38007 5E UMBRELLA PENSION FUND 25095 A & W STUART TRUST PROVIDENT FUND 24905 A A LIFE SUPPLEMENTARY PENSION FUND 29498 A BISCHOF AND SON MIDAS PROVIDENT PLAN 36927 A E A TECHNOLOGY PROVIDENT FUND 5013 A FISCHER AND COMPANY (PTY) LIMITED STAFF PENSION FUND 35680 A P CHEM PROVIDENT FUND 1769 A.C.A. PENSION FUND 31894 ABACUS PENSION FUND 27429 ABBEYDALE PROVIDENT FUND 27428 ABI STAFF PROVIDENT FUND 28589 ABIES PROVIDENT FUND 37200 ABILITY SOLUTIONS PROVIDENT FUND 20338 ACADEMY GROUP PENSION FUND 1985 5509 ACCENT MUSIC PENSION FUND 29041 ACKERMANS PENSIOENFONDS 28348 ACME (PTY) LTD PROVIDENT FUND 36358 ACQUITEN PROVIDENT FUND 20946 ACS PROVIDENT FUND 31201 ACTION BOLT ARTISAN PROVIDENT FUND 31202 ACTION BOLT EXECUTIVE PROVIDENT FUND 33517 ACTION BOLT MIDAS PENSION SCHEME 37855 AD AIR EXPRESS PROVIDENT FUND 31272 ADAMS & ADAMS PROVIDENT FUND 13812 ADONIS GROUP PENSION FUND 26807 ADVICE OFFICE TRUST PENSION SCHEME 21672 ADVTECH GROUP PROVIDENT FUND 35411 AEC - AMERSHAM PROVIDENT AND GROUP LIFE ASSURANCE SCHEME 5270 AEGIS GROUP PENSION FUND 37502 AFGEN PENSION FUND 28958 AFM WELFARE COUNCIL PROVIDENT FUND 37561 AFRICA PLASTICS HOLDINGS PENSION FUND 34703 AFRICA RESOURCES LIMITED PROVIDENT FUND 15197 AFRICAN BANK STAFF PENSION & LIFE ASSURANCE PLAN 37188 AFRICAN BIOTECHNOLOGIES PROVIDENT FUND 11356 AFRICAN CIVILWORKS PROVIDENT FUND NON EUROPEAN STAFF 3136 AFRICAN ELECTRIC COMPANY (PTY) LIMITED AND SUBSIDIARY COMPANIES PENSION AND LIFE ASSURANCE SCHEME 33808 AFRICAN METHODIST EPISCOPAL CHURCH PROVIDENT FUND 20000 AFRICAN REALTY TRUST PENSION FUND 4714 AFRICAN TALLYING & DESPATCH CO (PTY) LTD STAFF ASSURANCE SCHEME 21904 AFRIKAANSE PROTESTANTSE KERK-PENSIOENFONDS 30764 AFROGROUP PROVIDENT FUND 14104 AFROMAR PENSION SCHEME 25859 AFTREDEVOORSIENINGSFONDS VIR KAAPSE PLAASLIKE OWERHEDE P a g e | 5 33424 AGRI PROVIDENT FUND 2214 AGRICO MASJINERIE (EDMS) BPK PENSIOENFONDS 34078 AGRINET VOORSORGFONDS 1790 AHI-PENSIOENFONDS 15283 AIM HOLDINGS PENSION SCHEME 20760 AIR MAURITIUS PROVIDENT FUND 32539 ALBARAKA BANK STAFF PROVIDENT FUND 17172 ALCHEMY TECHNOLOGIES PENSION FUND 878 ALEX CAMPBELL & COMPANY STAFF ASSURANCE SCHEME 15674 ALEXANDER & POOLE PENSION FUND 29650 ALEXANDER FORBES PAST SERVICE PENSION FUND 21953 ALFA PAPER PROVIDENT FUND 4421 ALFA ROMEO SOUTH AFRICA (PROPRIETARY) LIMITED STAFF PENSION SCHEME 36247 ALLEY CAT CLOTHING PROVIDENT FUND 16728 ALLIED PHARMACIES UMBRELLA PROVIDENT FUND 29490 ALLIED PUBLISHING LTD PROVIDENT FUND 3166 ALPHEUS WILLIAMS AND DOWSE LIMITED GROUP PENSION AND LIFE ASSURANCE PLAN 8921 ALUSAF RETIREMENT FUND 36241 AMALGAM INVESTMENT CHOICE PENSION FUND 32247 AMALGAMATED PROVIDENT FUND 10395 AMC CLASSIC GROUP UMBRELLA PENSION FUND 24790 AMERICAN PARLOUR PROVIDENT FUND 37060 AMPROS PROPERTY MANAGERS PROVIDENT FUND 25849 AMREL GROUP RETIREMENT PLAN 32004 AMREL PROVIDENT FUND 27316 AMS PROVIDENT FUND 4887 ANDERSON HARDWARE (PTY) LIMITED NON EUROPEAN STAFF PENSION FUND 35415 ANDREAS STIHL RETIREMENT FUND 2576 ANGLO AMERICAN CORPORATION OF SOUTH AFRICA LTD PENSION AND LIFE ASSURANCE SCHEME 7000 ANGLOVAAL GROUP COMPANIES PENSION FUND 15880 ANIMAL WELFARE SOCIETY OF SA MIDAS PENSION PLAN 28483 ANJUMAN & ASSOCIATED SCHOOLS PPROVIDENT FUND 34626 ANTIPOLIS HOLDINGS PROVIDENT FUND 37954 AON UNCLAIMED BENEFITS PENSION PRESERVATION FUND 37962 AON UNCLAIMED BENEFITS PRESERVATION PROVIDENT FUND 34335 APA INVESTMENTS PROVIDENT FUND 23405 APF PROVIDENT FUND 27910 APOLLO ELECTRICAL DISTRIBUTORS (PTY) LTD PROVIDENT FUND 15517 APPLEGARTH FARMS PENSION FUND 8411 APPLETISER PROVIDENT FUND 35163 APPLETISER RETIREMENT FUND 12487 APPLETISER SA PENSION FUND 29446 APPLIED COATING TECHNOLOGIES (PTY) LTD PROVIDENT FUND 3547 APT SUPERANNUATION FUND FOR BRITISH INDUSTRIAL PLASTICS (SA) (PTY) LIMITED 1924 APT SUPERANNUATION FUND FOREIMCO (SOUTH AFRICA)(PTY) LIMITED P a g e | 6 37423 ARABELLA HOURLY PAID STAFF PROVIDENT FUND 37459 ARABELLA S A PROVIDENT FUND 5822 ARANDA TEXTILE MILLS (PTY)LTD PENSION SCHEME 27223 ARENA GROUP PROVIDENT FUND (UMBRELLA) 36492 ARIES PACKAGING GROUP PENSION FUND 15723 AROMA INN PENSION FUND 9732 ARS-PENSIOENFONDS 23339 ART PRINTERS GROUP PENSION AND LIFE ASSURANCE SCHEME 26408 ARTHUR TAYLOR COLLIERS OPENCAST MANAGEMENT SERVICES PROVIDENT FUND 1041 ASCHAM AND RITCHIE (PTY) LIMITED STAFF PENSION SCHEME 26689 ASCO PROVIDENT FUND 485 ASSOCIATED ELECTRICAL INDUSTRIES PENSION SCHEME (SOUTH AFRICA) 35748 ASSOCIATED PRINTING PENSION FUND 15518 ASSOCIATION OF CONSULTING ENGINEERS PROVIDENT FUND 9264 ATKV-GROEPPENSIOENFONDS 36430 ATLANTIS FORGE PROVIDENT FUND 37706 AUGUSTA UMBRELLA PROVIDENT FUND 34683 AUNDE SOUTH AFRICA HOURLY PAID PROVIDENT FUND 21466 AUNDE SOUTH AFRICA SALARIED PENSION FUND 21446 AUNDE SOUTH AFRICA SALARIED PROVIDENT FUND 34107 AURORA COLLEGE PROVIDENT FUND 33144 AUTOLINE MOTOR HOLDINGS PROVIDENT FUND 35338 AUTOLIV PROVIDENT FUND 35983 AUTOLIV SOUTHERN AFRICA RETIREMENT FUND 24467 AUTOMATED LOGIC SOLUTIONS PROVIDENT FUND 35661 AUTOPLUS RETIREMENT FUND 36304 AUTOQUIP PENSION FUND 5754 AUTOWARE PENSION FUND 2567 AVBOB-AFTREEFONDS 1529 AVELING BARFORD AFRICA (PTY) LTD AND E.W. GRAY (PTY) LTD GROUP PENSION AND LIFE ASSURANCE PLAN 35889 AVIS FORKLIFT CENTRE