Lub:
- fundusze nieposiadające/pozbawione (prawa do) zwolnień (z audytu i wyceny)

In the changes made to the Regulations to the Pension Funds Act, the previous distinction between underwritten and privately administered retirement funds became obsolete.
1. Underwritten funds were fully insured funds which were administered by life insurers. These funds now qualify as:
* Non-exempt funds: The fund may be exclusively invested in policies of insurance but may be administered by an institution other than a life insurer. Fully non-exempt funds must appoint a valuator who must perform an evaluation every three years, and an auditor must be appointed to check the books of the fund; or
* Audit exempt funds. The fund is exclusively invested in policies of insurance, life insurers undertake all administration and the benefits are paid by life insurers; or
* Valuation exempt funds. The benefits payable by the fund are either fully secured by the life insurer or are linked to the investment fund in such a way that the fund’s liabilities cannot exceed its assets; or
* Both audit and valuation exempt funds. The administering life insurer of these only have to prepare an annual income-and-expenditure account and a statement of investments at both book and fair value. Every three years, and whenever the rules are changed, an actuarial certificate stating that the fund is valuation exempt, must be produced.

2. Privately administered funds can now qualify as:
* Non-exempt funds. These are subject to both audit and valuation requirements, or
* Valuation exempt funds, as discussed above.

Note: Privately administered funds cannot qualify as audit exempt funds.
http://www.todaystrustee.co.za/200612_libertylife.htm

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Note added at 1 hr (2009-01-31 17:46:04 GMT)
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Jeśli fraza "z audytu i wyceny" będzie użyta w tłumaczeniu, to można też tak:
- FUNDUSZE NIEZWOLNIONE Z AUDYTU I WYCENY