Subsection (3) of Section 7C of the Pension Funds Act prescribes that, within a period of six months after a person becoming a board member, he or she must have, or acquire, certain minimum skills to be able to function in such a capacity.
After consultation with industry stakeholders, the Registrar decided not to implement this requirement, but rather opted to develop an objective measure against which the knowledge and skills of a board member may be assessed by an independent assessor recognised by the registrar as having the qualifications and experience required for the purpose of conducting such assessments.
The Registrar has decided on the development of a special purpose qualification accredited by the South African Qualifications Authority (SAQA) and set at NQF level 5 in terms of the National Qualifications Framework Act, 2008.
A draft information circular contains full details of the proposal.
