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Pension fund law update

22nd April 2015

  

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PENSION FUND LAW: CASE STUDIES AND GENERAL UPDATE
The Professional Development Project of the Faculty of Law, UCT, is pleased to present an update on Pension Fund Law on 24 April 2015 from 9:00 to 15:00.

ABOUT THE COURSE
This course is designed to give participants a practical update on recent developments in pensions and related tax law. It will provide insight into disputes arising in the context of fund rules and lessons learned from these disputes, as well as guidelines for pension funds when contracting with other parties. 

The course will cover pension law, some tax law, and general commercial law in relation to pension funds.

The session will be partly interactive.

Fund rules are the most important documents that determine the powers of funds' boards of management, and those of their principal officers. Needless to say, they also impact on the taxation of benefits, and compliance is essential for maintaining the ongoing tax approval of funds. A number of case studies will be done, based on case law in which retirement funds were parties. Cases in the general commercial environment can provide valuable insights for retirement funds in their conclusion of contracts. It is impossible to avoid all disputes, but they can be limited by a proper understanding of the principles that apply.

WHO WILL BENEFIT FROM THIS COURSE?

- Management board members of funds
- Principal officers
- Fund administrators
- Rule drafters
- Consultants to funds
- Lawyers who would like to update their knowledge

In the course of the programme, participants should be able to:
- Network with other attendees
- Develop insights into the practical application of pensions and contract law and participate in some case studies
- Take home some guiding principles in their daily activities relating to fund administration
- Understand, in a nutshell, the current law that applies in the context of the topics covered

COURSE OUTLINE

THE TOPICS TO BE COVERED WILL INCLUDE THE FOLLOWING:

INTRODUCTION TO THE RELEVANT SECTIONS IN THE PENSION FUNDS ACT AND THE INCOME TAX ACT
- A summary of the legislative provisions in the two Acts that have always been of paramount importance and adjudicated on.
- Case law studies that will illustrate how important it is to be wary of potential pitfalls.
- The Income Tax Act has been amended, but implementation of fundamental issues have been delayed.  Nevertheless, the Income Tax Act continues to play a pivotal role in the governance of funds. 

CASE STUDIES WHERE FUNDS WERE PARTIES TO DISPUTES
- This part of the session covers reported case law over the past few years where funds have been parties to disputes (some past and recent decisions of among others the Supreme Court of Appeal provide much food for thought).
- What lessons have been learned from these cases and disputes?

OTHER CASE LAW IN THE WIDER CONTEXT, APPLIED TO FUNDS
- Funds are commercial enterprises in their own right, and other areas of the law also apply.
- What are the procedures for funds contracting with other parties?
- What can happen if a contracting party deviates from written contractual terms and makes 'off the record'/non-compliant deals?
- What if the other party wishes to hold such a person to such deal?

GENERAL UPDATE AND CLOSURE
This session will be aimed a summarising recent events, and the sharing of insights gained from the course.   

COURSE PRESENTER

Jacques de Klerk - Director (Employee Benefits) - Nolands Forensics (Pty) Ltd
Jacques joined Nolands Forensics on a full-time basis in May 2014, after spending 25 years in the retirement fund industry at Sanlam and Old Mutual respectively. His current responsibility is mainly to expand the company's EB capacity. His experience in the pension funds industry includes that of senior legal advisor, engaging regularly with the authorities, a pension fund liquidator and management board member, as well as responsibility for corporate contracts, special projects, forensic investigations into pension fund matters, and facilitating solutions for funds with issues relating to the tracing of beneficiaries and on death benefits.

Jacques has found himself at the coal face of many problematic cases, partook in negotiations around many customised deals, and brings with him a wealth of insights which he wishes to share with attendees. Jacques also engages in general commercial and forensic work.

He holds the following qualifications: BCom LLB (US); CFP (FPI); Advanced Certificate in Leadership (UCT GSB); Certificate in Financial Markets (Academy of Financial Markets).

REGISTRATION DETAILS
Programme and venue information: 
Signing in will commence at 9:00 unless otherwise advised. The day will end at approximately 15:00. Instructions regarding the programme and directions to the venue will be sent to you electronically a week prior to the event.
Award of certificate:   
A certificate of attendance from UCT will be issued to those who attend. Please ensure that you sign the attendance register.

Course fee:    
R2,000 per delegate. The fee includes parking, tea, lunch, course materials.

Closing date for registration: 
One week prior to the course.

Registration and enquiries:                      
To book a place on our course or for more information, please visit our website www.lawatwork.uct.ac.za or email andrea.blaauw@uct.ac.za

 

END

Edited by Creamer Media Reporter

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