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The Public Officers’ Defined Contribution Pension Fund has been established under The Public Officers’ Defined Contribution Pension Fund Act of 2008. It is managed by a Board of Trustees that is appointed by The Minister responsible for Finance in consultation with the Minister responsible for Public Service according to section 6 (2) of ...
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Nov 15, 2019 · This web page provides the full text of the Pension Funds Act, 2019, which regulates the establishment and operation of pension funds in Lesotho. The Act covers topics such as registration, rules, governance, financial requirements, management, benefits, and complaints of pension funds.
Aug 31, 2022 · Learn about the pension laws in Lesotho that protect the interests of members who contribute to pension funds. Find out the difference between DB and DC funds, how to access prospectus, benefit statements, fees, investment options and beneficiary nomination.
- Pension Funds Act, 2019
- Application of the Act
- Administration of the Act
- Objects, functions and powers of the Regulator
- Categories and business of funds
- Application for registration of a fund
- Registration of a fund
- Effect of registration of a fund
- Matters to be included in the rules of a fund
- Amendment of rules
- Binding effect of rules of a fund
- Contract of a fund
- Board of a fund
- Functions of board
- Duties of a board
- Principal Officer
- Resignation provider
- or termination of appointment of principal officer or service
- Accounts
- Maintenance of financially sound condition
- Duty to develop prospectus
- Payment of contributions to non-occupational pension funds
- Exclusion from estate of member
- Allowable deductions from pension benefits
- Death benefits
- Other benefits
- Preservation of benefits
- Unclaimed benefits
- Risk management
- Reporting
- Holding of assets
- Change of custodian
- Investment policy
- Prohibition concerning assets
- Invalidity of exclusion clauses
- Fund assets to be invested at arm’s length
- Mergers and transfers
- Rights of members upon receipt of notice of proposed merger or transfer
- Effects of merger or transfer
- Rights of creditors
- Winding up by court
- Provisions for winding up
- Licensing requirements
- Application for a licence
- Functions of administrator
- Functions of pension fund intermediaries
- Pension fund intermediary authorisation
- Register of pension fund intermediaries
- Undesirable business practices
- Service fees
- terrorism to establish measures to prevent money laundering and financing of
- Duty to report financial crime
- Powers of court
- Investigations and inspections
- Revocation of registration or licence
- Transitional provisions
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An pension Act to funds, provide matters regulation, incidental registration, thereto. supervision and dissolution of Enacted by the Parliament of Lesotho. PART I - PRELIMINARY
3. This Act shall apply to all pension funds in Lesotho. law specifically visions otherwise would be apply inconsistent to such with any such shall pension pension fund, the provisions of this Act which law. not apply wherever those pro- PART II - THE REGULATOR
4. enforcement The Regulator of this Act, for responsible that purpose - the general administration and tion of ensure pension supervision, fund business; regulation, control and protec- Where applicable a pension fund is subject to the provisions of any other would to such ministration appoint of technically this Act. qualified personnel for the ...
5. this Act - of In addition and other to relevant its objects, functions the Regulator and powers under shall, in administering the Central have regard to the following regulatory objectives - maintaining industry a benefit stable efficient pen-beneficiaries; protection of promoting business cooperation confidence, in competition Lesotho; the pens...
7. Pension funds in Lesotho shall be categorised as follows - occupational pension funds; non-occupational pension funds; and develop sion supervisors, relations regional and maintain umbrella pension funds. than pension A pension is prohibited business, unless the Regulator from has conducting approved business
9. an application A person registration who intends to the Regulator to operate in Lesotho and manner as An application made under subsection (1) shall be accompanied the names, addresses and particulars of - the persons pension constituting the governing body of the sponsoring employer, if applicable; an indication of - applied category for; of pe...
register Where the applicant an application unless the is made Regulator in terms is satisfied of section the Regulator registration criteria is met - following the rules of the fund are consistent with this Act; the fund will be managed by a board that shall carry on professional activities skill; of the fund with integrity, prudence and interest;...
A fund registered under this Act, shall - be of suing a body corporate, being sued governed in its own by a name; board, and capable be or capable of owning or holding dental performing to the exercise all such of property, its as may powers be necessary and of the performance or of its functions in terms of its assume its members liability in term...
subject to a fund the regulations, shall be written - the English Language and shall, registered name of the fund the physical address of the the category, type and object of the fund; circumstances requirements for admission which membership to membership shall cease; and the conditions under which a member or other person extent become of such e...
or addition shall be valid - or fund may, additional in the rules, manner prescribed no such amendment, by its rules, amend or re- replacement, if it purports than as to a member affect any beneficiary of a creditor of such the fund, unless it has been approved by the Regulator. Board shall, one month of the passing the resolu-amendment tion approv...
legally enforceable The rules of -a fund and any amendment to the rules shall be binding and on the fund and any of its service providers; on the members and beneficiaries of the fund; on employers, where the employer is a party; and on any person who claims any benefit under the rules or whose claim is derived from a person so claiming.
member A non-occupational shall clearly out with the obligations a contract as of evidence pension fund is required to provide every the fund of to membership the member. and such contract the non-occupational The Regulator pension fund may contract. issue regulations specifying the contents of PART V - GOVERNANCE OF A FUND
A registered fund shall have a board, which shall be its governing meet the(2) criteria A prescribed person appointed by regulations. or elected as a member of the board shall comprise odd number of at least five members the board board, of eleven an cept where the Regulator has, on application, permitted a greater members number. board, ex- Where ...
its members, The function and in of a board of this be to manage regulations a fund best in- A board shall, in pursuing its function - following a code - of conduct which shall provide for the duty to act with due care, diligence and good conflict of interest and to act impartiality to manage in beneficiaries; and respect of all members and expert ...
perform the functions A board required shall appoint by a fund, and manage including service - providers who shall held by (2) a custodian. cation, on such exempt conditions an including, administrator, but not who limited administer the fund, managing payment of collection benefits on of behalf contributions of the fund; and and maintaining the m...
a principal (1) officer A board in terms approval or she - person of the Regulator, appoint be appointed if he is resident in Lesotho; and satisfies the Regulator. the fit and proper test requirements issued by ing principal officer, A board in may, with the approval of the Regulator, appoint an act-the principal officer is unable the absence to pe...
that may prejudice the interests of the members. Where a board - entitled to appoint a principal officer, the Regulator shall be against the to institute board for such failure; any action, including or penal actions, to impose principal officer employs criteria in a subsection Regulator does not appropriate measures against entitled board.
her position shall, within with A principal a fund or whose officer or service provider who resigns from his or tor of the resignation or termination fourteen of the resignation appointment in writing. or termination, inform the has been terminated by Regula- or A board shall inform the Regulator, in writing, of the resignation termination of the a...
A fund shall -maintain may be necessary such books accounts purpose and records within four months after the end of its financial year, statements Regulator reports in audited the prescribed accounts format. and such other ments or(2) If the Regulator is not satisfied with any audited accounts, state- within to re-submit reports days of receiving s...
sound condition A at all times. shall conduct its activities so as to remain in a financially ion that the fund is examination the Regulator, Where an actuarial report reveals an actuarial deficit or where the fund to submit not in a financially of any sound return condition, fund, is of - or report the of aRegulator the direct bringing a scheme se...
A fund shall -develop up to date a written information prospectus in relation which to contains that fund; correct and and prospective the prospectus member of available the fund. to any member or prospective members The prospectus cluding details to make an informed include judgement the information concerning necessary the fund, for contributions...
The rules of a non-occupational pension fund may provide that contributions be paid at variable intervals and amounts. The Regulator may, by regulations, determine -whether accordance contributions to athis to what extent an receive intermediary and remit licensed in non-occupational pension non-occupational modalities for pension the collection fu...
Notwithstanding benefit payable anything by a fund to the contrary of a member. not form contained part of the in assets any law or estate
A fund may deduct an amount from the benefit of a member in respect maintenance of dependants of a member by court order; a granted debt arising by the in housing respect loan of a issued housing guarantee member; of that an guarantee amount issued for which by the employer employee is purposes liable under obtaining a housing an amount judgement t...
benefits within On months death of in aaccordance member, the the death shall distribute benefit nomination the death applicable subject to the rules of the fund, the inheritance laws of Lesotho and any pendent(2) deemed the purposes to include payment section, a payment by the fund - to a de- require form detailing beneficiary fund registered in t...
in accordance All benefits with the not rules provided this Act by a fund shall be dealt with
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
The Pension Funds Act, 2019 regulates the establishment, administration, management, investment, and winding up of pension funds in Lesotho. It also provides for the licensing, supervision, and enforcement of pension fund functions, intermediaries, and administrators.
Mar 14, 2022 · Until the passing of the Pension Funds Act No. 5 of 2019, the Pension Fund system in Lesotho was not regulated. Without regulation, consumers were not clear on what their rights were and the fund administrators no doubt were struggling with the precise parameters within which to act. The Statement of Objects and Reasons in the Act provides that so as to ensur
