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Medical Schemes & Pension Fund Law

Medical Schemes & Pension Fund Law Advocates

What is Medical Schemes & Pension Fund Law?

Medical Schemes are regulated by the Medical Schemes Act, No. 131 of 1998. The Act consolidates the laws relating to registered medical schemes; makes provision for the registration and control of certain activities of medical schemes; protects the interests of members of medical schemes; and provides measures for the coordination of medical schemes.

Pension Funds law relates to the registration, incorporation, regulation and dissolution of pension funds and other related matters. It focuses primarily on the legal nature of occupational retirement funds; the relationships between members of retirement funds, those funds and the members’ employers; and the rights and obligations of each towards the other.

Pension law in the private sector in South Africa is regulated primarily in terms of the Pension Funds Act, No. 24 of 1996. This is distinguishable from those funds in the public sector, such as the Government Employees Pension Fund (GEPF) and others, which are created and regulated in terms of their founding statutes.

The other two primary acts in the regulation of pension funds in the private sector are, the Income Tax Act, No. 58 of 1962, which regulates the taxation of benefits payable to members and the Financial Services Board Act, No. 97 of 1990 which creates the office of the Registrar of Pension Funds whose main responsibility is to register and regulate pension funds in the private sector.