Section 14 Transfers: FSCA RF Notice 5 of 2025
Determination of forms for applications in respect of amalgamations and transfers
The FSCA RF Notice 5 of 2025 provides the updated forms to be used for applications involving amalgamations and transfers of retirement fund benefits under Section 14 of the Pension Funds Act (PFA). These updates were needed to align the forms with the two-pot retirement system, requiring funds to specify members’ different components separately when applying for transfers or amalgamations.
This update improves transparency and consistency in how retirement fund transfers are processed, thereby protecting transferring members’ interests since the implementation of the two-pot system.
Draft FSCA RF Notice [-] of 2025: Exemption of retail funds from the requirements of Section 14
While we’re on the topic of Section 14 transfers, the FSCA has issued draft RF Notice [-] of 2025 proposing to exempt retail funds (retirement annuity (RA) funds and preservation funds) from the requirements of Section 14(1) of the PFA.
Normally retirement funds must comply with the formal procedures set out in S14 of the PFA before any amalgamation or transfer can take place. However, Section 14(9) empowers the FSCA to grant exemptions subject to certain conditions. The exemption has been drafted in response to industry requests, recognising that retail funds differ from occupational pension and provident funds because members join these funds voluntarily and transfers occur at the member’s request, often following financial advice.
Unlike occupational funds, retail fund transfers are individual and voluntary. Members are aware of these transfers and thus, the full Section 14 process is considered unnecessary.
The exemption applies to transfers:
- Between retirement annuity funds,
- Between preservation funds,
- From preservation funds to retirement annuity funds.
Conditions for the exemption include:
- Compliance with paragraph 16 of FSRA Conduct Standard 1 of 2019,
- Proper record-keeping by retail funds,
- Transfer of assets and liabilities within 180 days,
- Adjusting transferred assets with fund returns from the effective date to final settlement.
In our opinion. The draft exemption will simplify and speed up retail fund transfers while maintaining member protection and regulatory oversight- concomitantly it is welcomed.
Stakeholders are invited to submit comments to the FSCA by 5 June 2025.
Be Part of the Change
The proposed exemption aims to streamline retail fund transfers while preserving member safeguards. If you’re involved in retirement fund administration or financial planning, now’s your chance to influence policy. Submit your comments to the FSCA before 5 June 2025.
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