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Clarity on beneficiary nominations – Does dependent outrank beneficiary?

The Pension Funds Adjudicator recently ruled that a death benefit was distributed fairly although one of the beneficiaries was not financially dependent on the deceased. “The entitlement stems from the fact that the person concerned was nominated by the deceased and nothing more is required,” said Ms Lukhaimane in her ruling. Lukhaimane told the media […]

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Death Benefits – To be a dependant or not?

Section 37C of the Pension Funds Act 24 of 1956 governs the distribution and payment of lump sum benefits payable on the death of a member of a pension fund, provident fund, pension and provident preservation fund and retirement annuity fund. These benefits are informally known as “death benefits”. In one of the recent Financial […]

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NCR warns against loan scam – National Credit Regulator issues public warning

The National Credit Regulator (NCR) has recently warned consumers against fake credit providers offering loan scams. “These scams typically target those who are in distressed financial circumstances and looking for a loan, using slogans such as “blacklisted” or “debt review clients welcome”, Jacqueline Peters, Manager: Investigations and Enforcement at the NCR explains. According to Peters […]

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Advanced training workshop – Council for Medical Schemes training for accredited brokers

The Council for Medical Schemes (CMS) will be hosting an advanced training programme workshop for accredited healthcare brokers in the Gauteng Province. Participants are requested to register on-line and submit proof of payment to the email provided above, by 15 February 2019. Please include your current BR number as your reference number. Each participant must have a […]

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Financial Tribunal outcome

– The right to state your case is not negotiable Audi alteram partem (or audiatur et altera pars) is a Latin phrase meaning “listen to the other side”, or “let the other side be heard as well”. It is the principle that no person should be judged without a fair hearing in which each party […]

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Rise in data breaches

– Affects banking safety On Monday it was World Data Privacy Day – a day which aimed to highlight that millions of people worldwide are unaware of how their personal information is being used, collected or shared in an increasingly digital society. ABSA bank mentioned in a FIN24 article that banking fraud is on the […]

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