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Government Employees Pension Fund Rules Amended

November 1, 2019

National Treasury

1 November 2019

Government Employees Pension Fund Rules have been amended.

National treasury published the amended Rules in Government Gazette 42819.

A new Rule 14.2.2 is inserted into the Annexure.

The Rule focuses on the gratuity in Rule 14.2.1 (a) or the annuity in Rule 14.2.1 (b).

Members may elect to have the gratuity or the annuity, when he or she retires or is discharged, reduced in favour of the increased spouse’s pension entitlement in terms of rule 14.6.2.

The amendment came into effect on 1 November 2019.

Meanwhile, the Financial Sector Conduct Authority has, in Gazette 42812, published approved amendments to the JSE Listing Requirements.

The amendments come into force on 2 December 2019.

Proposed amendments have also been published for comment:

• Board Notice 181 – proposed amendments to the JSE Derivatives Rules – comment within 14 days of date of publication;
• Board Notice 182 – proposed amendments to JSE Equities Rules and Directives – Block Trades and Off Order Book Principal Trades – comment within 14 days of date of publication.

In a separate matter, the Reserve Bank has, in Notice 590, announced that Bank Vontobel AG was granted permission to set up a representative office in South Africa with effect from 18 September 2019.

In Notice 591, the Reserve Bank announced that Goldman Sachs International Bank Johannesburg Branch was authorised by the Prudential Authority to set up a branch in South Africa with effect from 13 August 2019.

Meanwhile, during oral replies in the national assembly, president Ramaphosa confirmed that a revised version of the ‘Economic Transformation, Inclusive Growth, and Competitiveness’ paper was released during the 2019 MTBPS.

The revision follows discussions on over 800 substantive submissions on the paper.

In the foreword, the paper is described as a “detailed examination of a number of structural reforms that could help to arrest the downward trend in South Africa’s growth potential and competitiveness”.