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Financial Services & Capital Markets

Retirement Funds

Retirement funds hold assets in trust for members and beneficiaries. The Board of Trustees bears one of the most stringent fiduciary duties in South African law, in many respects more demanding than company directors because they are managing other people's retirement savings.
Applicable legislation

Key legal frameworks

Pension Funds Act 24 of 1956 (as amended)
FSCA Conduct Standard 1 of 2022 (Retirement Funds)
Pension Funds Default Regulations 2019
Financial Sector Regulation Act 9 of 2017
Income Tax Act 58 of 1962 (retirement fund tax provisions)
Regulators

Who oversees this industry

FSCA. Financial Sector Conduct AuthorityPFA. Pension Funds AdjudicatorSARS, retirement fund tax complianceFinancial Services Tribunal (appeals)
King V principles most affected
P5. CompositionP6. CommitteesP8. RiskP9. Compliance
What Encircle tracks for Retirement Funds
Trustee fit-and-proper requirements and training obligations
Investment policy statement and prudential investment limits
Member communication and benefit statement obligations
PFA complaint handling and adjudication response
Annual financial statements and FSCA submissions

Your Retirement Funds industry profile

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