The Divorce Settlement Agreement Pension Fund is a crucial legal document used in South African divorce proceedings where pension fund benefits need to be divided between spouses. It becomes necessary when one or both spouses have pension fund interests that form part of the matrimonial estate or are subject to division upon divorce. The agreement must comply with several pieces of legislation, including the Divorce Act 70 of 1979 and the Pension Funds Act 24 of 1956, particularly regarding the Clean Break Principle. This document typically includes detailed provisions about the calculation and division of pension interests, transfer mechanisms, tax implications, and administrative procedures required by pension fund administrators. It serves as a binding agreement between the parties and provides clear instructions to pension fund administrators for implementing the agreed-upon division.
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1. Parties: Full details of both spouses including full names, identity numbers, physical addresses, and occupation
2. Background: Details of the marriage, date of marriage, matrimonial property regime, and brief overview of the pension fund interests
3. Definitions: Definitions of key terms including 'Pension Interest', 'Clean Break Principle', 'Transfer Date', and other relevant terms
4. Pension Fund Details: Complete details of the pension fund(s) including fund name, registration number, and member details
5. Division of Pension Interest: Specific agreement on how the pension interest will be divided, including percentages or fixed amounts
6. Payment Terms: Details of how and when the pension interest will be paid or transferred
7. Tax Provisions: Agreement on how tax implications will be handled between the parties
8. Implementation: Steps to be taken to implement the agreement, including notifications to pension fund administrators
9. General Provisions: Standard clauses including entire agreement, variation, governing law, and jurisdiction
10. Signatures: Execution clause and signature blocks for both parties and witnesses
1. Multiple Pension Funds: Additional section required when there are multiple pension funds to be divided
2. Additional Retirement Annuities: Section dealing with retirement annuities separate from pension funds
3. Foreign Pension Interests: Required when any pension interests are held in foreign jurisdictions
4. Growth Provisions: Specific provisions for handling growth on pension interest between date of divorce and date of transfer
5. Medical Aid Continuation: Provisions regarding medical aid benefits linked to the pension fund membership
6. Death Benefits: Provisions regarding death benefits associated with the pension fund
7. Maintenance Provisions: Section linking maintenance obligations to pension payments where relevant
1. Schedule A - Pension Fund Details: Detailed schedule of all pension fund information including account numbers, current values, and administrator details
2. Schedule B - Calculation Method: Detailed methodology for calculating the pension interest division
3. Schedule C - Supporting Documents: List of required supporting documents including pension fund statements, marriage certificate, etc.
4. Schedule D - Tax Calculations: Detailed breakdown of tax implications and calculations
5. Appendix 1 - Pension Fund Statements: Latest statements from all relevant pension funds
6. Appendix 2 - Actuarial Calculations: Any actuarial calculations or valuations of pension interests
7. Appendix 3 - Forms: Required forms for submission to pension fund administrators
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