The FSCA has released the names of the retirement funds whose rule amendments to give effect to the two-pot system have been registered.
The Authority said it received 846 applications for rule amendments relating to the two-pot system by 3 September. Of these, 748, or 88%, have been registered.
Of the remaining 98 applications, 89 are pending because of queries that have been raised and nine are new submissions that were received after 24 August and will be attended to. Responses to queries that were received are under consideration. The Authority hopes to conclude all outstanding matters by the end of this week, FSCA deputy commissioner Astrid Ludin said in a communication.
Some funds did not comply with certain provisions outlined in FSCA Communication 16 of 2024 (RF), resulting in inaccuracies in their rule amendment submissions. “We have raised queries with these funds and provided deadlines for responses, which we are currently awaiting,” Ludin said.
Retirement funds were initially asked to submit their rule amendments from 2 May to 15 July. Due to the low number of submissions received, the FSCA extended the deadline to 31 July.
Retirement funds whose two-pot rule amendments have not been registered must inform their members why the rule amendments have not yet been registered and that the funds cannot give effect to the two-pot system until the amended rules have been registered.
Click here to download the latest list of funds whose rule amendments have been approved.
