Section 58: Savings and transitional provisions

58. Savings and transitional provisions (1) Any private pension scheme which is licensed with the Commission under the Financial Services Act shall, at the commencement of this Act, be deemed to be licensed or authorised under this Act, as the case may be, on such terms and conditions as the Commission may determine. (2) Any superannuation fund approved by the Director-General of the Mauritius Revenue Authority under the Income Tax Act shall, at the commencement of this Act, be deemed to be licensed or authorised under this Act, as the case may be, on such terms and conditions as the Commission may determine. (3) (a) Any fund registered under the repealed Employees Superannuation Fund Act shall, at the commencement of this Act, be deemed to be licensed or authorised under this Act, as the case may be. (b) All rights, obligations and liabilities subsisting in favour of or against a fund registered under the repealed Employees Superannuation Fund Act shall, at the commencement of this Act, continue to exist under the same terms and conditions in favour of or against the fund. P32A – 27 [Issue 5] Private Pension Schemes Act (4) Any private pension scheme providing pension activities without being licensed or authorised under this Act shall, within 12 months of the commencement of this Act, apply for a licence or authorisation under this Act, as the case may be. (5) Any person who holds himself as a pension scheme administrator without being licensed shall, within 3 months of the commencement of this Act, apply for a pension scheme administrator’s licence under the Financial Services Act. (6) Where this section does not make provision for any transition, the Minister may make such regulations as may be necessary for such transition. 59. — SCHEDULE [Sections 2 and 3] PENSION SCHEME NOT APPLICABLE UNDER THIS ACT Association registered before the commencement of this Act under the Registration of Associations Act and which provides retirement benefits to its members— Fund under the Civil Service Family Protection Scheme Act Fund under the National Pensions Act Fund under the National Savings Fund Act Fund under the Statutory Bodies Family Protection Fund Act Fund under the Statutory Bodies Pension Funds Act Fund under the Sugar Industry Pension Fund Act Long-term insurance business relating to individual pension schemes or plans as specified in Part I of the First Schedule to the Insurance Act Pension contribution under the Local Authorities (Pensions) Act [Issue 5] P32A – 28