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, on 1 November 2012, 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, on 1 November 2012, 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 (3) (a) Any fund registered under the repealed Employees Superannuation Fund Act shall, on 1 November 2012, be deemed to be licensed or authorised under this Act, as the case may be. (b) All rights, obligations and liabilities subsisting in favour of or against a fund registered under the repealed Employees Superannuation Fund Act shall, on 1 November 2012, continue to exist under the same terms and conditions in favour of or against the fund. P32A – 27 [Issue 10] Private Pension Schemes Act (4) Any private pension scheme providing pension activities without being licensed or authorised under this Act shall, within 12 months from 1 November 2012, 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 from 1 November 2012, 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. (7) The provisions of this Act shall continue to apply up to 30 June 2021 to the holder of a valid Category 1 Global Business Licence, issued on or before 16 October 2017, as if the provisions of this Act have not been amended on 9 August 2018. (8) The provisions of this Act shall continue to apply up to 31 December 2018 to the holder of a valid Category 1 Global Business Licence, issued after 16 October 2017, as if the provisions of this Act have not been amended on 9 August 2018. [S. 58 amended by s. 56 (c) of Act 11 of 2018 w.e.f. 9 August 2018.] 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 10] P32A – 28