Pension Funds Act 24 of 1956
The Pension Funds Act regulates pension funds in South Africa. Enacted in 1956, it establishes the framework for the registration, governance, and supervision of pension funds, retirement annuity funds, and preservation funds. The Act is administered by the Financial Sector Conduct Authority (FSCA, formerly the FSB).
Legal area: Law relating to social security, unemployment insurance, and pension fund regulation.
Year enacted: 1956
Full text: https://www.gov.za/documents/south-africa-pension-funds-act-24-of-1956
Key Provisions
- Chapter II: Registration and regulation of pension funds
- Chapter III: Governance and administration of pension funds
- Chapter IV: Benefits and the payment of retirement benefits
- Section 7B: Transfer of benefits between funds
- Section 19A: Preservation of retirement benefits
- Section 30: Investigation and intervention powers of the Registrar
Significance
The Pension Funds Act is a key statute in South Africa’s retirement savings framework. It has been amended to address the challenges of inadequate retirement savings, including the implementation of the two-pot retirement system in 2024.