Licensing requirements

The registration requirements for pension funds are as detailed under Section 5 and Section  6 of the attached Pension and Provident Funds Act (Chapter 24:09), as detailed below;

 

Registration or provisional registration of fund

(1) Any person who wishes to apply for the registration or provisional registration of a fund shall submit to the Commissioner—

(a) an application for registration in the prescribed form;

and

(b) if the application is for registration, two copies of printed, duplicated or typed rules providing for the matters referred

to in section seven: Provided that in the case of an application by an existing fund which is provisionally registered, one copy of the rules of the fund which have been approved by the Commissioner of Taxes may be submitted, together with any amendment for approval in terms of section eight.

(2) If, on receipt of an application in terms of subsection (1)—

(a) for registration, after considering the application, the rules accompanying such application and such further information as he may require, the Commissioner is

satisfied that—

(i) the rules are not inconsistent with this Act; and

(ii) the fund is or will be based on sound financial principles; he shall register the fund;

(b) for provisional registration, the Commissioner is satisfied that the fund is or will be based on sound financial principles, he may provisionally register the fund.

(3) The period of provisional registration of a fund in terms of paragraph (b) of subsection (2) shall not exceed six months unless, in the case of any particular fund, the Commissioner has, by notice in writing, extended the period of provisional registration of that fund, and any such fund shall cease to be provisionally registered when it is registered in terms of paragraph (a) of subsection (2).

(4) A fund which is provisionally registered in terms of paragraph (b) of subsection (2) shall, before its provisional registration lapses, submit an application, together with rules, in terms of subsection (1) for registration of the fund.

(5) The Commissioner—

(a) may at any time return rules submitted in terms of subsection (1) to the applicant for reconsideration or amendment;

(b) shall, on the registration of a fund in terms of paragraph (a) of subsection (2)—

(i) return to the fund a copy of the rules endorsed by him; and

(ii) issue to the fund a certificate of registration; and

(iii) if the fund was provisionally registered, require the return of the certificate of provisional registration;

(c) shall, on the provisional registration of a fund in terms of paragraph (b) of subsection (2), issue to the fund a certificate of provisional registration.

(6) On the provisional registration of a fund in terms of paragraph (b) of subsection (2), section six shall apply, mutatismutandis, in relation thereto and this Act shall apply, mutatismutandis, in relation to the provisionally registered fund as they apply in relation to a registered fund.

6 Effect of registration of fund

On registration in terms of paragraph (a) of subsection (2) of section five

(a) a fund shall, under the name by which it is so registered, become a body corporate capable of suing and being sued in its corporate name and of doing all such things as may be necessary or incidental to the exercise of its powers or the performance of its functions in terms of its rules;

(b) all the assets, rights, liabilities and obligations pertaining to the business of the fund shall, notwithstanding anything to the contrary contained in any law or in the memorandum, articles of association, constitution or rules of any body, corporate or unincorporate, having control of the business of the fund, be deemed to be assets, rights, liabilities and obligations of the fund to the exclusion of any other person, and no person shall have any claim on the assets or rights or be responsible for any liabilities or obligations of the fund, except in so far as the claim has arisen or the responsibility has been incurred in connection with transactions relating to the business of the fund;

(c) the assets, rights, liabilities and obligations of the fund, including any assets held by any person in trust for the fund, as existing immediately before its registration, shall vest in and devolve upon the fund without any formal transfer or cession.

Note : The costs of registration  are detailed under Section 4 of Statutory Instrument 22 of 2016, as attached.

Statutory Instrument 22 of 2016
Pension and Provident Funds Act

 

 

 

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