n Annual Survey of South African Law - Pension funds law




The rules of a pension fund are binding on the fund itself, its board, its members, and the employer who participates in the fund. Anything done outside the rules is ultra vires and null and void (s 13 of the Pension Funds Act 24 of 1956; see also 1963 (2) SA 76 (W) at 79; Chairman of the Board of the Sanlam Pensioenfonds (Kantoorpersoneel) v Registrar of Pension Funds 2007 (3) SA 41 (T)). Pension fund trustees may act only within the powers conferred upon them by the fund rules (see, generally, 2000 (3) BPLR 227 (SCA)).


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