Pension Funds Second Amendment Act, 2001

Act 39 of 2001

Pension Funds Second Amendment Act, 2001

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History of this document

05 December 2001 this version
Published in Government Gazette 22891
29 November 2001
Assented to

Cited documents 0

Documents citing this one 13

Judgment
8

Whether regulation promulgated by Minister, in terms of which a board
of a pension fund is obliged to place calculable enhancements due to former members who cannot be traced in a contingency reserve fund from which it cannot be released, except as payment to such members or as a result of crediting the Guardian’s Fund or some other fund, is beyond the Minister’s power and not in accordance with the
Pension Funds Act 24 of 1956 – Minister arrogating power at odds with the Act – against the principle of legality.

Review of Regulations issued 12 years earlier. Delay in launching application for review may be a bar to such application. A delay may be condoned or the time limits varied if it is in the interests of justice to do so.
In such cases, the requirements for the interests of justice to be served, need to be complied with fully.

Whether regulation promulgated by Minister, in terms of which a board
of a pension fund is obliged to place calculable enhancements due to former members who cannot be traced in a contingency reserve fund from which it cannot be released, except as payment to such members or as a result of crediting the Guardian’s Fund or some other fund, is beyond the Minister’s power and not in accordance with the Pension Funds Act 24 of 1956 – Minister arrogating power at odds with the
Act – against the principle of legality.

Whether regulation promulgated by Minister, in terms of which a board
of a pension fund is obliged to place calculable enhancements due to former members who cannot be traced in a contingency reserve fund from which it cannot be released, except as payment to such members or as a result of crediting the Guardian’s Fund or some other fund, is beyond the Minister’s power and not in accordance with the Pension Funds Act 24 of 1956 – Minister arrogating power at odds with the Act – against the principle of legality.