Fund Rules
Every retirement fund must have a set of fund rules within the form and format prescribed by the Pension Funds Act. The rules are registered with the Financial Services Board and SARS and are binding on the fund as well as the members, the employer, the service providers and officers of the fund.
An umbrella fund, which pools the investments of a number of employers, will have a set of general rules. Each participating employer will then draw up a set of special rules, which are then approved and registered.
More about starting a retirement fund
- Legal structure: umbrella or stand-alone?
- Product: Pension or provident fund?
- Who should be eligible to join? Membership criteria
- How much should you contribute? Contribution rates
- Should you attach risk benefits to the fund?
- Who does what? Service providers
- Governance: Board of Trustees and Principal Officer
- Specifics: Fund rules
- Should you offer investment choice?
- Should you offer a preservation fund option?
The information and answers supplied in this section do not constitute advice as defined by the Financial Advisory and Intermediary Services Act, 37 of 2002.
