On Feb. 13, ISR CMA confirmed postponement of transfer deadline.
ISR CMA announced following a version update of pension clearing system, deadline for transferring funds and information regarding funds, will be postponed by one day.
Announcement Overview
Regulation 5(a) of the Financial Services Supervision Regulations (Provident Funds) (Transfer of Funds between Provident Funds), 5768-2008, stipulates a provident fund must transfer to a member accumulated balance in account within ten business days.
On Thursday, Feb. 20, 2025, the current pension clearing system is now expected to be shut down for a version update, which has all been fully approved by the ISR CMA.
In this situation, the institutional pension bodies will not therefore be able to transmit information regarding the transfer of funds on the same business day, as required.
According to provisions of Section 5(a) of Money Transfer Regulations, if deadline for transferring funds and information regarding funds, is Feb. 20, 2025, following the system shutdown, deadline will be postponed by one business day to Feb. 23, 2025.
