Common use of Provident Fund Clause in Contracts

Provident Fund. (1) The Provident Fund for the Clothing Industry (Free State and Northern Cape), (hereinafter referred to as the "Northern Chamber Fund"), originally established on the 1st pay day in September 1971 in terms of Government Notice No' R. 321 dated 1 March 1974, is hereby dissolved. (a) The assets and the liabilities of the Fund on that date will be transferred to the Provident Fund for the Clothing Industry (Northern Areas), to be renamed to the Provident Fund for the Clothing Industry (Northern Chamber) on 1 April 2008, (hereinafter in referred to as the Northern Chamber Fund) and the Fashion Industry Protection Fund, each split between the two funds as recommended by an Actuary appointed for this purpose, and agreed to by the Administrative Committee, in consultation with their advisor; (b) If the actual transfer of assets (and therefore liabilities) takes place on a date other than 1 April 2008, the liabilities shall be increased by interest as recommended by the actuary and approved by the Administrative Committee, and the full value of assets as at 1 April 2008, with further investment returns to the date of transfer, less any expenses, shall be transferred; (c) The Fund (the Provident Fund for the Clothing Industry (Free State and Northern Cape)) shall then be known as the Former Fund, where appropriate; (d) The Northern Xxxxxxxx Fund shall be read to be the Fund in the balance of these Rules, from 1 April 2008, where appropriate; (e) The administration and management of, and contributions and benefits paid by the Northern Xxxxxxxx Fund will be governed by a collective agreement to be gazetted and an agreed set of Rules for that fund, the Rules ultimately being registered with the Registrar of Pension Funds in terms of the Pension Funds Act. However, the provisions of that Fund are briefly summarised in sub-clause (2); (f) For each member of the Fund, the balance held in that member’s account in the Fund on 1 April 2008 will be transferred to an account established for that member in the Northern Xxxxxxxx Fund; (g) The mechanism used for the dissolution of the Fund is the Transfer of Fund provision contained in sub-clause 30(2) in this Part of main agreement. The transfer of assets and liabilities between this provident fund and the Fashion Industry Protection Fund is a once-off transfer; (h) A notice to the Registrar of Labour should be given in terms of a Section 14 transfer. The Registrar may gazette the notice of dissolution of the two funds; and (i) Any requirements of a fiscal nature shall be fulfilled.

Provident Fund. (1) The Provident Fund for the Clothing Industry (Free State and Northern Cape), (hereinafter referred to as the "Northern Chamber Fund"), originally established on the 1st pay day in September 1971 in terms of Government Notice No' R. 321 dated 1 March 1974, is hereby dissolved. (a) The assets and the liabilities of the Fund on that date will be transferred to the Provident Fund for the Clothing Industry (Northern Areas), to be renamed to the Provident Fund for the Clothing Industry (Northern Chamber) on 1 April 2008, (hereinafter in referred to as the Northern Chamber Fund) and the Fashion Industry Protection Fund, each split between the two funds as recommended by an Actuary appointed for this purpose, and agreed to by the Administrative Committee, in consultation with their advisor; (b) If the actual transfer of assets (and therefore liabilities) takes place on a date other than 1 April 2008, the liabilities shall be increased by interest as recommended by the actuary and approved by the Administrative Committee, and the full value of assets as at 1 April 2008, with further investment returns to the date of transfer, less any expenses, shall be transferred; (c) The Fund (the Provident Fund for the Clothing Industry (Free State and Northern Cape)) shall then be known as the Former Fund, where appropriate; (d) The Northern Xxxxxxxx Fund shall be read to be the Fund in the balance of these Rules, from 1 April 2008, where appropriate; (e) The administration and management of, and contributions and benefits paid by the Northern Xxxxxxxx Fund will be governed by a collective agreement to be gazetted and an agreed set of Rules for that fund, the Rules ultimately being registered with the Registrar of Pension Funds in terms of the Pension Funds Act. However, the provisions of that Fund are briefly summarised in sub-clause (2); (f) For each member of the Fund, the balance held in that member’s account in the Fund on 1 April 2008 will be transferred to an account established for that member in the Northern Xxxxxxxx Fund; (g) The mechanism used for the dissolution of the Fund is the Transfer of Fund provision contained in sub-clause 30(2) in this Part of main agreement. The transfer of assets and liabilities between this provident fund and the Fashion Industry Protection Fund is a once-off transfer; (h) A notice to the Registrar of Labour should be given in terms of a Section 14 transfer. The Registrar may gazette the notice of dissolution of the two funds; and (i) Any requirements of a fiscal nature shall be fulfilled. The purpose of the Fund shall be the provision of benefits to employees and the Fund shall no longer provide the benefits to employees. The administration and management of, and contributions and benefits paid by the Fund will be governed by the provisions of this part of the agreement, and any Rules of the Fund (agreed by the Administrative Committee), and reduced to writing. (2) The Fund (and the Northern Xxxxxxxx Fund with effect from 1 April 2008, upon which date all below will cease in the Fund, given the full transfer of the Fund to that fund and the Clothing Industry Protection Fund, and read as such) shall consist of: (a) contributions paid into the Fund in terms of subclause (3) of this clause; (b) interest derived from the investment of any moneys of the Fund; (c) any other sums to which the Fund may become entitled or which may be donated to the Fund; (d) any moneys held in trust by the Council for the purposes of the Fund. (e) Any values transferred as a result of an amalgamation, merger, or a bulk transfer of assets and a liabilities as a result of sub-clause 1 (5) above; (f) Any values transferred from any other retirement provision, with the approval of the Administrative Committee (or its successor) subject to meeting the fiscal requirements by an individual member.