“member’s interest in the retirement component” means the interest of a member of a pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund in a retirement component established for that member by that fund, and includes-

 

(a)     any amount allocated to that retirement component as contemplated in paragraph (a) or (c) of the definition of “retirement component”;

 

(b)     any amount credited to that retirement component on or after 1 September 2024; and

 

(c)     any fund return as defined in section 1 of the Pension Funds Act in relation to an amount contemplated in paragraph (a) or (b),

 

as determined in terms of the rules of the fund, which amount or fund return is reduced proportionally by any amount deducted from a member’s benefit or minimum individual reserve in terms of section 37D(1)(a), (b), (c), (d)(i), (d)(iA), (d)(iB) or (e) of the Pension Funds Act or a similar provision in the Government Employees Pension Law, 1996 (Proclamation No. 21 of 1996), the Post and Telecommunication-Related Matters Act, 1958 (Act 44 of 1958), or the Transnet Pension Fund Act, 1990 (Act 62 of 1990), that is a retirement fund lump sum withdrawal benefit and in respect of the section 37D(1)(d)(iA), (d)(iB) or (e) deduction, that is an amount contemplated in section 7(11);

[Definition of “member’s interest in the retirement component” inserted by section 1(1)(c) of Act 12 of 2024 and substituted by section 1(1)(b) of Act 44 of 2024 and by section 1(1)(a) of Act 6 of 2025 deemed effective on 1 September, 2024]

“legacy retirement annuity policy” means any policy issued to a retirement annuity fund by a long-term insurer before 1 September 2024 with a pre-universal life or universal life construct that meets the conditions determined in an official notice by the Financial Sector Conduct Authority;

[Definition of “legacy retirement annuity policy” inserted by section 1(1)(b) of Act 12 of 2024 and substituted by section 1(1)(a) of Act 44 of 2024 deemed to have come into operation on 1 September, 2024]

“liquidation and distribution account” means the account required to be submitted by an executor to a Master in accordance with section 35 of the Administration of Estates Act, 1965 (Act 66 of 1965);

[Definition of “liquidation and distribution account” inserted by section 4(1)(e) of Act 20 of 2021 effective on 1 March, 2022 and applicable in respect of liquidation and distribution accounts finalised on or after that date]

“portfolio of a hedge fund collective investment scheme” means any portfolio held by any hedge fund business that qualifies as a declared collective investment scheme in terms of section 63 of the Collective Investment Schemes Control Act;

[Definition of “portfolio of a hedge fund collective investment scheme” inserted by section 4(1)(zL) of Act 31 of 2013 effective on the date on which the Minister, in accordance with section 63 of the Collective Investment Schemes Control Act, declares a hedge fund business, in which a portfolio is held, to be a collective investment scheme: 1 April, 2015]

“Financial Sector Conduct Authority” means the Financial Sector Conduct Authority as defined in section 1 of the Financial Sector Regulation Act;

[Definition of “Financial Sector Conduct Authority” inserted by section 1 of Act 23 of 2018 effective on 1 April 2018]

“Financial Sector Regulation Act” means the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017);

[Definition of “Financial Sector Regulation Act” inserted by section 1 of Act 23 of 2018 effective on 1 April 2018]

“Insurance Act” means the Insurance Act, 2017 (Act No. 18 of 2017);

[Definition of “Insurance Act” inserted by section 1 of Act 23 of 2018 effective on 17 January 2019]

“official rate of interest” means-

(a)     in the case of a debt which is denominated in the currency of the Republic, a rate of interest equal to the South African repurchase rate plus 100 basis points; or

(b)     in the case of a debt which is denominated in any other currency, a rate of interest that is the equivalent of the South African repurchase rate applicable in that currency plus 100 basis points:

Provided that where a new repurchase rate or equivalent rate is determined, the new rate of interest applies for the purposes of this definition from the first day of the month following the date on which that new repurchase rate or equivalent rate came into operation;

[Definition of “official rate of interest” inserted by section 2 of Act 17 of 2017 and substituted by section 1 of Act 23 of 2018 effective on 17 January 2019]

“small, medium or micro-sized enterprise” means any-

(a)     person that qualifies as a micro business as defined in paragraph 1 of the Sixth Schedule; or

(b)     any person that is a small business corporation as defined in section 12E(4);

[Definition of “small, medium or micro-sized enterprise” inserted by section 1 of Act 43 of 2014 effecive on 1 March 2015]

“small business funding entity” means any entity, approved by the Commissioner in terms of section 30C;

[Definition of “small business funding entity” inserted by section 1 of Act 43 of 2014 effective on 1 March 2015]