Section 3: Statutory Bodies Pension Funds

3. Statutory Bodies Pension Funds (1) Subject to section 19A, there is established in respect of— (a) every statutory body; or (b) 2 or more statutory bodies, a Pension Fund which shall be administered by SICOM. (2) There shall be paid into every Fund— (a) the aggregate of the contributions made by the statutory body and an officer who is appointed before 1 January 2013; (b) income derived from investments of the Fund; (c) any sum that may become payable to the Fund following the transfer of an officer from the public service, from a local authority, from another statutory body or from any other institution; (d) such other money as may accrue to the Fund. (3) There shall be paid out of the Fund— (a) any pension benefit payable under this Act; and (b) the cost of administration of this Act. [S. 3 amended by Act 6 of 1989; Act 7 of 2000; s. 35 (b) of Act 18 of 2008 w.e.f. 1 July 2008; s. 26 (c) of Act 26 of 2012 w.e.f. 22 December 2012; s. 48 (a) of Act 9 of 2015 w.e.f. 14 May 2015.] S42 – 3 [Issue 7] Statutory Bodies Pension Funds Act