Doing things right: Your Fund and the new retirement fund Default Regulations
On 25 August 2017, the Minister of Finance issued the final Default Regulations (“the Regulations”) to the Pension Funds Act. The effective date of these Regulations is 01 March 2019.
They cover the following 3 main provisions:
- Regulation 37 – Default investment portfolios: defined contribution (DC) funds must have default investment portfolios that meet prescribed requirements.
- Regulation 38 – Default preservation and portability: funds must provide for members who leave service prior to retirement, to retain their benefits in the funds as paid up.
- Regulation 39 – Annuity strategy: funds must establish an annuity strategy that will apply with members’ consent.
For full details please read the PDF: UWRF – Default Regulations communique May 2019