The Pension Scheme Trust Deed is a fundamental document required when establishing a pension fund in South Africa. It is used to create the legal framework for the pension scheme, ensuring compliance with the Pension Funds Act 24 of 1956 and other relevant legislation. The document is essential when companies want to establish a new pension fund or amend an existing one, providing comprehensive details about fund governance, trustee powers and duties, membership criteria, contribution rates, benefit structures, and investment policies. This deed serves as the primary reference point for all stakeholders involved in the fund's operation and must be registered with the Financial Sector Conduct Authority (FSCA). It includes specific provisions required by South African law, such as those relating to fund governance, member protection, and investment restrictions.
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1. Parties: Identifies the principal employer(s), initial trustees, and any other founding parties to the trust deed
2. Background: Sets out the context and purpose for establishing the pension scheme
3. Definitions and Interpretation: Defines key terms used throughout the deed and establishes interpretation principles
4. Establishment of the Fund: Formally establishes the pension fund, sets out its name and legal status
5. Object and Purpose: Defines the main objectives and purpose of the pension fund
6. Trustees: Details the appointment, removal, duties, powers, and meetings of trustees
7. Membership: Establishes eligibility criteria, conditions for admission, and termination of membership
8. Contributions: Specifies contribution requirements for employers and members
9. Benefits: Details the types of benefits payable, including retirement, death, disability, and withdrawal benefits
10. Investment Powers: Outlines the investment powers and restrictions of the trustees
11. Administration: Covers administrative matters including record-keeping, accounts, and communications
12. Amendment and Termination: Procedures for amending the deed and terminating the fund
13. Dispute Resolution: Procedures for handling disputes between the fund and members
14. General Provisions: Includes indemnities, notices, and other general legal provisions
1. Participating Employers: Required when multiple employers participate in the scheme, detailing admission and withdrawal of participating employers
2. Transfer Provisions: Required when the fund needs to accommodate transfers from or to other funds
3. Living Annuity Provisions: Required if the fund offers in-fund living annuity options
4. Housing Loan Provisions: Required if the fund provides housing loan facilities to members
5. Risk Benefit Provisions: Required if the fund offers specific insured risk benefits
6. Investment Choice: Required if members are given investment choice options
7. Preservation Provisions: Required if the fund accepts preservation transfers or offers preservation options
1. Schedule 1 - Participating Employers: List of all participating employers and their admission dates
2. Schedule 2 - Contribution Rates: Detailed contribution structures for different categories of members
3. Schedule 3 - Benefit Structures: Detailed benefit calculations and structures for different member categories
4. Schedule 4 - Trustee Policies: Key policies governing trustee operations and decision-making
5. Appendix A - Investment Policy Statement: Detailed investment policy and guidelines
6. Appendix B - Risk Benefit Policy: Details of insured risk benefits and associated policies
7. Appendix C - Member Communication Policy: Framework for member communications and disclosures
8. Appendix D - Administrative Procedures: Detailed administrative procedures and requirements
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