Section 17: Utilisation of assets of Fund in special cases

17. Utilisation of assets of Fund in special cases (1) Subject to subsection (2), where a statutory body ceases to exist, or where a body corporate specified in the Schedule ceases to be a statutory body or to exist, its assets with the Fund shall be utilised as follows— (a) firstly, to meet the pension liabilities in respect of existing beneficiaries; (b) secondly, subject to paragraph (c), the balance to be shared among officers who had not retired, in the proportion of their actuarial reserves, the share of each officer being converted into a paid-up pension; and (c) thirdly, if the balance exceeds the aggregate actuarial reserves of the officers who had not retired, the surplus shall be transferred to a special fund to meet any contingent liability. (2) Where a body corporate, specified as a statutory body in the Schedule before 1 April 1998, has ceased to be a statutory body on or before that date, its undistributed assets with the Fund shall be disposed of in such manner as the Minister may direct, after consultation with SICOM and the body corporate, and after having due regard to the pension liabilities in respect of existing beneficiaires of the Fund. S42 – 9 [Issue 7] Statutory Bodies Pension Funds Act (3) Notwithstanding subsection (1), where a statutory body ceases to be a statutory body under this Act or ceases to exist— (a) its assets with the Fund shall be transferred to; and (b) its pension liabilities shall be met out of, such pension fund, established under this Act, as may be prescribed. [S. 17 repealed and replaced by Act 7 of 2000; amended by s. 17 (b) of Act 23 of 2001 w.e.f. 11 August 2001.]