“member’s interest in the vested component” includes-

 

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

 

(b)     any amount credited to the member’s vested component on or after 1 September 2024;

 

(c)     any fund return as defined in section 1 of the Pension Funds Act in relation to amounts contemplated in paragraphs (a) and (b);

 

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

 

(e)     reduced proportionally by any amount determined in terms of section 37D of the Pension Funds Act, which amount is deemed to be a lump sum benefit contemplated in paragraph 2(1)(b) of the Second Schedule,

 

as determined in terms of the rules of the fund;

[Definition of “member’s interest in the vested component” inserted by section 1(1)(c) of Act 12 of 2024 effective on 1 September, 2024 and applicable in respect of years of assessment commencing on or after that date]

“member’s interest in the savings component” includes-

 

(a)     any amount allocated to the savings component as contemplated in the definition of “savings component”;

 

(b)     any amount credited to the savings component on or after 1 September 2024;

 

(c)     any fund return as defined in section 1 of the Pension Funds Act in relation to amounts contemplated in paragraphs (a) and (b);

 

(d)     reduced by any amount as contemplated in the definition of “savings withdrawal benefit”; and

 

(e)     reduced proportionally by any amount determined in terms of section 37D of the Pension Funds Act, which amount is deemed to be a lump sum benefit contemplated in paragraph 2(1)(b) of the Second Schedule,

 

as determined in terms of the rules of the fund;

[Definition of “member’s interest in the savings component” inserted by section 1(1)(c) of Act 12 of 2024 effective on 1 September, 2024 and applicable in respect of years of assessment commencing on or after that date]

“member’s interest in the retirement component” includes-

 

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

 

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

 

(c)     any fund return as defined in section 1 of the Pension Funds Act in relation to amounts contemplated in paragraphs (a) and (b); and

 

(d)     reduced proportionally by any amount determined in terms of section 37D of the Pension Funds Act, which amount is deemed to be a lump sum benefit contemplated in paragraph 2(1)(b) of the Second Schedule,

 

as determined in terms of the rules of the fund;

[Definition of “member’s interest in the retirement component” inserted by section 1(1)(c) of Act 12 of 2024 effective on 1 September, 2024 and applicable in respect of years of assessment commencing on or after that date]

“legacy retirement annuity policy” means any policy held by a retirement annuity fund entered into before 1 September 2024 with a pre-universal life or universal life construct, subject to such conditions that the Financial Sector Conduct Authority may determine;

[Definition of “legacy retirement annuity policy” inserted by section 1(1)(b) of Act 12 of 2024 effective on 1 September, 2024 and applicable in respect of years of assessment commencing on or after that date]