Transnet Retirement Fund interdicted from paying R8.9m in benefits to former executives
They are accused of inflating the price of disposable breathalyser straws from 29 cents to R29.99 a straw, resulting in a payment of R33.8m.
They are accused of inflating the price of disposable breathalyser straws from 29 cents to R29.99 a straw, resulting in a payment of R33.8m.
More than a year passed between the employer indicating that it reserved its right to withhold a former employee’s withdrawal benefit and instituting civil proceedings against him.
The decision clarifies the application of an amended rule to the calculation of a withdrawal benefit that accrued before the amendment was approved and registered.
FST does not accept submission that the impact of Covid on the markets absolved the employer of liability for the loss.
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 […]
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 […]
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 […]
A former Nedbank employee whose withdrawal benefit was withheld has failed to convince the Financial Services Tribunal (FST) to have the Pension Funds Adjudicator reconsider her decision to dismiss his complaint. At Nedbank’s […]
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 […]
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 […]
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 […]