Chairperson, the PAC supports the Pension Funds Amendment Bill. As can be observed, the Pension Funds Act is a very old law. Much has happened since 1956; this Act is over 50 years old.
The Act is being amended to clarify certain expressions and provisions in line with the practical application and elite outdated provisions. Some of the expressions that are defined are "administrator", "beneficiary", "spouse", "employer's surplus account", etc. The object of this Bill is to protect the pension interests of members and indeed to align the Act to accommodate the changes in regulatory policy and practical considerations.
The Pension Funds Amendment Bill has no constitutional implications and the PAC supports this Bill. It is in the interest of pensioners who have served this country well and now rely on this kind of financial source for their living as senior citizens. Thank you.