FSCA confirms first-day calculation for late-payment interest
The revised interpretation, which reverses the Authority’s earlier guidance, aligns with the Office of the Pension Funds Adjudicator’s view.
PFA
Updated regulatory framework aims for ‘fair customer outcomes’ in pension administration
The Conduct Standard outlines a series of updated requirements for benefit administrators, including governance enhancements, risk management protocols, and processes for ensuring fair outcomes for fund members and beneficiaries.
Tribunal ruling draws clear line on Adjudicator’s jurisdiction over unapproved disability claims
The ruling underscores that disputes over unapproved disability claims underwritten by insurers through employer-held policies must be addressed with employers and insurers.
Arrears in local government sector reach alarming levels
58% of South Africa’s municipalities – 149 out of 257 – are behind on their retirement fund contributions, highlighting a growing issue in local government finances.
Unpaid contributions: FSCA prepares to hold non-compliant employers accountable
With over R5.2 billion in unpaid retirement fund contributions and municipalities among the worst offenders, the FSCA is poised to gain expanded powers under the COFI Bill.
Lukhaimane urges caution as litigation over beneficiary tracing continues
The SA Retirement Annuity Fund is looking to the Supreme Court of Appeal to overturn a High Court decision in favour of the Pension Funds Adjudicator.
PFA report – Funds do not act in keeping with the spirit of the TCF
The Pension Fund Adjudicator published her annual report last week. Besides the statistics, indicators and conclusions about challenges faced, the report shares a few case studies as an illustration of these challenges. One […]
PFA report – Funds do not act in keeping with the spirit of the TCF
The Pension Fund Adjudicator published her annual report last week. Besides the statistics, indicators and conclusions about challenges faced, the report shares a few case studies as an illustration of these challenges. One […]
PFA Annual report – Substantial increase in pension fund complaints
“The Office of the Pension Funds Adjudicator (OPFA) has contributed immensely in the country’s priorities of social protection by ensuring consumers of pension fund products and services are empowered and that there are […]
PFA Annual report – Substantial increase in pension fund complaints
“The Office of the Pension Funds Adjudicator (OPFA) has contributed immensely in the country’s priorities of social protection by ensuring consumers of pension fund products and services are empowered and that there are […]
Non-payment of pension contributions – PFA’s ruling challenged
Section 13A of the Pension Funds Act (PFA) requires that employers pay contributions for a particular month within seven days after month-end. It also stipulates that they provide member schedules in respect of […]
Non-payment of pension contributions – PFA’s ruling challenged
Section 13A of the Pension Funds Act (PFA) requires that employers pay contributions for a particular month within seven days after month-end. It also stipulates that they provide member schedules in respect of […]
Tribunal decisions – Detailed information critical for proper outcome
Since April 2018, the FSR Act includes the Pension Funds Adjudicator (PFA) as a “decision-maker” and is therefore in a position to entertain appeals against determinations handed down by the PFA. In one […]
TCF and Causal Event Charges
The Pension Fund Adjudicator (PFA) recently ruled on an investor’s complaint regarding the excessive causal event charges. The PFA found in favour of the product house, but was rather scathing in her comments […]
PFA Ruling on Fund Returns
It is standard practice that Ombuds do not rule on what investors may deem to be unsatisfactory returns. This ruling is interesting for two reasons: The complainant alleged that excessive fees caused the […]
Withholding of Pension Withdrawal Benefits
A recent determination by the Pension Funds Adjudicator concerns an employer’s decision to instruct the administrator of the pension fund to withhold the complainant’s withdrawal benefits after terminating his service. In their response […]
Causal Event Charges Back in the Spotlight
The latest determination by the Pension Fund Adjudicator (PFA) brought the levying of penalties on retirement annuities, when changes are effected, to the fore again. I was unable to obtain a copy of […]
