Adding sugar to the Cofi?
Business Day reported on an FSCA briefing for the select committee on finance on Tuesday on the current status of the Conduct of Financial Institutions (Cofi) Bill. “The Treasury is processing the bill. […]
Pension Funds Act
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SCA judgment ‘puts fund retirement members’ accrued benefits at risk’
The Supreme Court of Appeal’s “deeply disturbing” decision in the case of Municipal Employees’ Pension Fund vs Pandelani Midas Mudau puts at risk the accrued retirement benefits of millions of fund members, says […]
Supreme Court of Appeal upholds amended rule affecting withdrawal benefits
The Municipal Employees Pension Fund (MEPF) and its administrator, Akani, have won another court case – this time in the Supreme Court of Appeal (SCA) – that upheld the retrospective application of an […]
Constitutional Court revises who is entitled to complain to the Pension Funds Adjudicator
The Constitutional Court has ruled that the Pension Funds Adjudicator has jurisdiction to hear cases where the complainant was unlawfully admitted as a member of a retirement fund. The court’s ruling clarifies how […]
Adjudicator overstepped her authority in deciding that pension fund’s rule did not apply retrospectively
The Gauteng High Court has overturned a determination by the Pension Funds Adjudicator, ruling that she exceeded her jurisdiction and did not follow a fair procedure when deciding that a fund’s amended rule […]
Adjudicator has no jurisdiction over non-participating employers
Two recent applications before the Financial Services Tribunal – in which the facts of the cases were virtually identical – have highlighted that the Pension Funds Adjudicator does not have jurisdiction over complaints […]
Draft standard on retirement fund contributions goes to Parliament
The draft conduct standard on the “Requirements related to the payment of pension fund contributions”, which will replace Regulation 33 of the Pension Funds Act (PFA), was submitted to Parliament in December last […]
Employer cannot shirk its obligations if an employee is on sick leave
Retirement funds should ensure employers are aware of their obligation to pay contributions, even while their employees are absent from duty. This was said by the Financial Services Tribunal when it upheld a […]
Employer cannot shirk its obligations if an employee is on sick leave
Retirement funds should ensure employers are aware of their obligation to pay contributions, even while their employees are absent from duty. This was said by the Financial Services Tribunal when it upheld a […]
Parliament rejects pension-backed loans amendment
Parliament’s Standing Committee on Finance has rejected a proposed amendment to the Pension Funds Act (PFA) that would allow retirement fund members to take out loans of up to 30% against their pension […]
FSCA withdraws proposed hedge fund conduct standard
The FSCA has withdrawn a proposed conduct standard for retirement fund investments in hedge funds, saying subsequent events have made the standard unnecessary. The draft standard was published by the erstwhile Financial Services […]
New Sars conditions on buying an annuity at retirement
The SA Revenue Service (Sars) has issued Binding General Ruling 58, which sets out the approvals by the Sars Commissioner when purchasing an annuity at retirement. This follows the withdrawal of General Notice […]
‘Aggressive living annuity option is not in the public interest’
The “default” annuity regulations were introduced to encourage the preservation of pension benefits and not to enable retirement funds to duplicate the investments offered by the financial services industry. This was the finding […]
Pension fund trustees have a wide discretion when distributing a benefit
Pension fund trustees often have a difficult task in determining who is a dependant – and how much of a death benefit should be allocated to each dependant – when a fund member […]
Section 37D of Pension Funds Act ‘is also designed to protect employers’
An employer does not have to prove fraud, dishonesty or theft to a retirement fund, and a fund is not expected to make a judgment about whether the employer has, in fact, proved […]
Treasury revises restrictions on infrastructure investments
National Treasury’s second draft amendments to Regulation 28 of the Pension Funds Act have relaxed the restrictions on investments in infrastructure and will prevent funds from investing in crypto assets. Treasury said it […]
FSCA was right to reject another extension to transfer funds, says tribunal
A provident fund’s poor governance processes were to blame for the administrative problems that delayed a benefit transfer, and it had not made a valid case for being granted another extension to effect […]
