Rules and legislation
The rules of the LA Retirement Fund is the official “framework” which defines how the fund works. The rules specify the contributions made towards the fund, the benefits to be paid to members, the management structure of the fund etc.
You can click here to view the current Fund Rules and Amendments.
The fund rules are amended from time to time to keep them up-to-date. Any changes have to be approved by the financial sector conduct authority (FSCA).
Legislation affecting the fund
The fund is governed within a legal framework which is defined by several pieces of legislation:
Pension Funds Act, 1956: Retirement funds in South Africa must operate within the confines of the Pension Funds Act of 1956 (as amended). If you wish to view this Act, please refer to the FSCA website.
Income Tax Act, 1962: If your employer offers membership of a staff retirement fund to its employees and you are a permanent employee, it is a condition of employment to become a member of the fund in terms of the Income Tax Act. If you wish to view this Act, please refer to the South African Revenue Services (SARS) website.
These Acts are the main legislation impacting retirement funding, but there are several other Acts that also apply to retirement funds. The following Acts, amongst others, relate in some instances to pension and provident funds:
- The Labour Relations Act
- The Employment Equity Act
- The Financial Institutions (Investment Funds) Act, 1984
- The Long Term Insurance Act