“member’s interest in the vested 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 vested component established for that member by that fund, and includes-

 

(a)     the value of the interest of that member in that fund immediately prior to 1 September 2024;

 

(b)     any amount credited to that vested 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 value, amount or fund return is-

 

(i)      reduced by the amount allocated as contemplated in paragraph (a) of the definition of “savings component”; and

 

(ii)     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), or (d)(iA) 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, an amount that is contemplated in section 7(11);

[Definition of “member’s interest in the vested component” inserted by section 1(1)(c) of Act 12 of 2024 and substituted by section 1(1)(b) of Act 44 of 2024 deemed to have come into operation on 1 September, 2024]