It governs the operation and management of pension funds, which serve as critical financial safety nets for retirees and their families.
However, over the decades, changing economic conditions, societal expectations, and global financial trends have necessitated periodic revisions to the legislation.
Pension interests are recognised as part of the marital estate and are subject to division upon dissolution of marriage.
Enhanced Protections for Pension Funds To safeguard retirement savings, the Act prohibits members from using their benefits as collateral for loans, except in narrowly defined circumstances.
It also mandates regular reporting and actuarial assessments to ensure financial sustainability and member protection.