Paragraph 3B (Second Schedule) – Lump sum benefit deemed to have accrued to trust

Posted on by admin_kmos

3B.   Any lump sum benefit which becomes recoverable from-

(a)     a pension fund, pension preservation fund, provident fund, provident preservation fund or retirement annuity fund; or

(b)     an insurer as defined in section 29A(1) if that lump sum benefit is payable by or provided in consequence of membership or past membership of a fund contemplated in subparagraph (a),

in consequence of the termination of a trust shall in pursuance of that termination, on the date of payment of that lump sum benefit, be deemed to have accrued to that trust immediately prior to the date of termination of the trust.

[Paragraph 3B inserted by section 39 of Act 23 of 2020]

“Unemployment Insurance Fund” definition of section 1 of UIF

Posted on by admin_kmos

“Unemployment Insurance Fund” means the Fund established by section 4 of the Unemployment Insurance Act.


(2)     Unless the context indicates otherwise, a word or expression to which a meaning has been assigned in the Tax Administration Act bears that meaning for purposes of this Act.

[Subsection (2) inserted by section 271 read with paragraph 157(d) of Schedule 1 of Act 28 of 2011]