Rules are necessary
The Rules set out the nature and extent of benefits which members (and their beneficiaries) are entitled to as well as details of the operations of the fund. Rules are binding on the fund, its members, officers, as well as anyone who claims from the fund.
Amendments…
All amendments to the fund’s Rules must be approved by the Financial Services Board before they can be acted upon. Amendments have to be submitted to the Financial Sector Conduct Authority for approval within 60 days of any resolution to change the rules. If the amendment affects the financial condition of the fund, it must be accompanied by a certificate by an actuary certifying the financial soundness of the change. The Financial Services Board will not approve rule amendments which are inconsistent with the Pension Funds Act and which are not financially sound. Approved amendments take effect from the date of approval by the Financial Sector Conduct Authority unless otherwise specified.
For more information on the Fund Rules and amendments, click here.