Employee Benefits: New Amendment Added
Removing the 12 month limitation on joining a newly established pension or provident fund or a newly established participating employer sub-fund in an umbrella fund:
Currently, if an employer establishes a new pension or provident fund or a new
participating employer sub-fund in an umbrella fund, their employees have up to 12
months from the establishment of the fund or sub-fund to make application to join the
relevant fund. Employees who do not make this application in the 12 month period are
not permitted to join the fund.
It is proposed that this requirement is removed so that employees are allowed to join a
newly established employer sponsored fund or sub-fund at any time subject to the rules
of the fund.
This amendment will be effective from 1 March 2018.