Ensuring that the boards of the funds are correctly constituted in terms of section 7A (1) of the PFA by ensuring that if the funds have members as defined in the PFA, such members are afforded the right to elect at least 50% of the board members.
• To meet the objects and fulfil the duties described in section 7C and 7D of the PFA
• Where it is envisaged that the section 26(2)(a) boards will have the funds deregistered after the transfer in terms of section 14 of its benefit liabilities, ensuring that the following information is provided to the regulation authority:
• Financial statements, irrespective of the size of the funds, for the financial year of the fund immediately preceding the effective date of the transfer;
• Forms H and J in respect of any unclaimed benefits transferred to an unclaimed benefits fund;
• Acknowledgement of the receipt of the assets transferred in terms of section 14 from the transferee fund, together with a reconciliation of the amount transferred;
• Confirmation that all benefits in payment have in fact been paid;
– The closing bank statement showing a nil balance.
• To institute, or defend any litigation to protect the interests of the funds and its members;
• To effect changes to the rules of the funds if this is required;
• To appoint or terminate service providers;
• To deal with and to sign any statutory submissions or any application for exemption from such submissions;
• To respond to any queries raised by the Conduct Authority;
• To consider and approve the payment of invoices issued to the funds;
• To ensure that all members of the funds are paid all benefits due to them from the funds in terms of the rules of the funds; and
• To effect any transfers of members out of the funds or to deal with the appointment of a liquidator of the funds if a board cannot be constituted in terms of section 7A of the PFA.