Nampak pension fund vs Nampak provident fund over members’ share of surplus accounts
Financial Services Tribunal considers the Adjudicator’s powers relating to section 14 transfers
Pension Funds Adjudicator
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Pension Funds Adjudicator’s creation of a new complaint unfair to the applicant
The Adjudicator also failed to apply the Pension Fund’s Act prescription provision correctly, tribunal says.
‘No undue delay’ in bringing civil claim against bank employee linked to R79m fraud
Pension Funds Adjudicator also failed to appreciate the prospect that Absa’s civil claim would succeed, says the tribunal.
Fund was right, Adjudicator was wrong, in death benefit allocation decision, High Court finds
Adjudicator said the fund was ‘wrong’ to rely on the fact that the sons were not financial dependants.
‘When free money is in the air, truth evaporates’
A decision by a pension fund was referred to the Pension Funds Adjudicator’s office, and subsequently to the Financial Services Tribunal by the disgruntled siblings of the deceased. Background After the death of […]
‘Interrogate a guardian’s circumstances before deciding where to pay a death benefit’
A beneficiary fund should not be the default choice when a retirement fund pays out a death benefit due to minor beneficiaries, but trustees must interrogate a guardian’s circumstances and intentions before making […]
Was the tribunal’s decision on causal event penalties warranted?
In an article about a case in which the High Court in Johannesburg ordered the South African Special Risk Association to pay Blackspear, the judge noted that, despite the complexity of the relevant […]
Transport company can’t recover damages from negligent driver’s retirement withdrawal benefit
The Financial Services Tribunal (FST) has decided that a retirement fund was correct in refusing to deduct a judgment debt from the withdrawal benefit of a former employee whose negligent or reckless driving […]
The law – should it be applied or enforced?
In District Six, the musical, one of the songs asks: The law, the law, the law. What for? The answer comes from Kris Kristofersson: The law is for protection of the people. After […]
Retirement fund’s justification for allocating 15% of a death benefit to a ‘customary wife’ was legally defective
The eJoburg Retirement Fund has been ordered to revise a death benefit allocation after the High Court found the deceased’s alleged customary marriage was unlawful and the fund’s justification for allocating 15% of […]
Tribunal: Adjudicator did not give employer and provident fund a fair hearing
The Financial Services Tribunal (FST) has set aside a determination by the Pension Funds Adjudicator after finding that her office did not serve the complaint on all the affected parties, thereby denying them […]
Adjudicator hits back after High Court overturns withdrawal deduction determination
A recent order by the High Court in Johannesburg does not set a precedent for an employer or a creditor to make deductions from a retirement benefit that are prohibited by the Pension […]
Was market volatility or admin problems the reason a fund member lost R340 000?
The Financial Services Tribunal (FST) has ordered the Pension Funds Adjudicator to reconsider a determination that attributed a fund member’s loss to the employer’s failure to submit his withdrawal form timeously to the […]
Tribunal recommends investigation of pension fund, its administrator and trustees
The Financial Services Tribunal (FST) has set aside decisions by both Liberty, the pension fund administrator, and the Pension Funds Adjudicator (PFA), and recommended that the FSCA should consider taking regulatory action against […]
‘Fund member should lodge a complaint against his adviser, not the Adjudicator’
The Financial Services Tribunal (FST) has upheld a decision by the Pension Funds Adjudicator to dismiss a complaint against a Discovery preservation fund, saying the applicant’s complaint was, in fact, against his financial […]
No happy ending at the tribunal for couple who reconciled after divorce
The Financial Services Tribunal (FST) has dismissed a reconsideration application by a couple who wanted to be provided with a joint-and-survivorship pension because they reconciled and lived together as if married after their […]
Fund cannot withhold a benefit if an employer has only instituted criminal charges
The Financial Services Tribunal (FST) has reiterated that a retirement fund cannot withhold a benefit if only a criminal case has been instituted against a member. In fact, even if the member has […]
