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Minimum Skills for Pension Funds Board Members Set Down

July 14, 2020

National Treasury

Minimum skills and training requirements for board members of pension funds have been published in Government Gazette 43514.

The Financial Sector Conduct Authority published the Conduct Standard 4 of 2020 in terms of section 7A(3)(a) of the Pension Funds Act, read with section 106(1) of the Financial Sector Regulation Act.

The Conduct Standard calls for board members to attain the certification of the Trustee Training Toolkit within a period of six months from the date of appointment to the board.

The Conduct Standard came into effect on the date of publication.

Board members appointed prior to the effective date are deemed to have been appointed on the effective date and need to complete the Trustee Training Toolkit within 6 months of the effective date.

A board member who attained the certification of the Trustee Training Toolkit before the effective date is not required to complete the certification again, subject to the board member completing a declaration stating that the board member completed the Trustee Training Toolkit without assistance.

Meanwhile, in Gazette 43512, the Financial Surveillance Department of the South African Reserve Bank announced that Tyme Bank Limited has been added as a Restricted Authorised Dealer in foreign exchange.

In a separate matter, parliament last week agreed to the 2020 Revised Fiscal Framework.

In a statement, parliament confirmed that the green light on the revised framework follows recommendations for its adoption from the national assembly’s standing committee on finance and the national council of provinces’ select committee on finance and means that parliament will consider the supplementary 2020 Adjustments Budget.

The 2020 Supplementary Budget was tabled in parliament on 24 June 2020.

According to parliament, both committees, in recommending approval, called for greater clarity on infrastructure development projects, crucial to economic recovery.