To amend the Pension Funds Act, 1956, so as to clarify, define or further define certain expressions, to clarify certain provisions in line with their practical application; to update references to legislation and institutions; to delete outdated provisions; to clarify the provisions on the determination and apportionment of actuarial surplus in a pension fund; to provide for the application of the said Act to certain funds; to provide for the obligations and proper conduct of an administrator of a pension fund and the sanctions for misconduct; to regulate the amalgamation or transfer of the business of a registered fund; to provide for the granting of a minimum pension increase to pensioners; to extend and clarify the provisions on deductions that may be made from pension benefits; to further define and clarify the powers and functions of the Pension Funds Adjudicator; to extend the regulatory powers of the registrar; and to provide for administrative penalties for non compliance with the said Act; and to provide for matters connected therewith.