NATIONALTREASURY: SPECIAL PENSIONS

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NATIONALTREASURY SPECIAL PENSIONS

• PRESENTATION TO PCOF
• PROPOSED AMENDMENTS TO THE SPECIAL PENSIONS ACT
  NO 69 OF 1996
• (28 MAY 2003)

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CONTENTS

1. Purpose
2. Background
3. Objectives of the Bill
4. Discussion

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PURPOSE
4
PURPOSE

• To present proposed amendments to the Special
  Pensions Act, 1996 (Act No. 69 of 1996) to the
  Portfolio Committee on Finance

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BACKGROUND
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BACKGROUND

• The Bill is a product of
• the process of establishing a legal framework for
  the recognition of service for the NSF members
  under the GEPF law, and
• The Special Pensions (SP) Amendment Bill
  B35-2002
• It combines the SP draft Amendment Bill, 2003
  (Government Gazette (GG) No 24196 of 18 December
  2002) and clauses 1, 7, 8, 9, 10, and 11 of the
  SP Amendment Bill B35-2002 (GG No 23735 of 13
  August 2002)

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OBJECTIVES OF THE BILL

• Condonation of late applications (clause 1)
• Right to one pension benefit (either through SP
  Act or GEPF law (clause 2))
• Dissolution of the Board (clause 3)

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OBJECTIVES OF THE BILL Continued

• Removal of the requirement that one of the
  members of the Review Board must be an Actuary
  (clause 4)
• Correction of a technical error and validation of
  operations of the Board for the period after the
  date for dissolution of the Board (clause 5)
• To give NSF members access to benefits under the
  Military Pensions Act, 1976 (Act No. 84 of 1976)
  (clause 6)

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DISCUSSION