Tribunal considers the FSCA’s powers when exempting a retirement fund from a valuation
Is the FSCA obliged to grant an exemption if a fund has met all the conditions set out in Board Notice 59 of 2014?
Pension Funds Act
Must a retirement fund impose a timeline on an employer to institute civil proceedings?
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.
Adjudicator questions compulsory membership of private security sector fund
The Pension Funds Adjudicator also says the conduct of retirement fund administrators during a transfer of administration should be regulated.
Deadlines to complete new Trustee Training Toolkit’s first 11 modules
The FSCA plans to release the remaining modules in March 2024.
‘T-Day’ provident fund members ‘should have to opt in to two pots’
Organisations representing the retirement industry call attention to the ‘problematic’ provisions in the draft legislation for the two-pot retirement system.
Adjudicator is studying judgment on late-payment interest on arrear contributions
There is a view that the High Court’s judgment means the in duplum rule does not apply to section 13A(7) interest.
Retirement fund must make up for a member’s lost investment growth
The member’s benefit was transferred from the money market investment into the fund’s business account.
FSCA names employers that owe retirement fund contributions
The document lists 3 262 employers that are at least four months in arrears – and the worst offenders are 20 years behind.
New Trustee Training Toolkit will come online in September
A trustee must attain TKK certification within six months from the date of appointment or election to the board.
Adjudicator did not allow retirement fund to respond fully to a complaint
SCA also finds that the High Court should not have granted punitive cost orders against the fund.
FSCA to issue a new interpretation ruling on section 37C
Interpretation Ruling 1 of 2020 incorrectly brought an unclaimed benefit within the ambit of section 37C of the Pension Funds Act.
Constitutional Court overturns ‘deeply disturbing’ retirement fund rule judgment
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.
Employer liable for fund member’s reduced withdrawal benefit, says tribunal
FST does not accept submission that the impact of Covid on the markets absolved the employer of liability for the loss.
GEPF and other public sector funds ‘will be part of the two-pot system’
How accessibility and seeding will impact members of defined-benefit retirement funds.
A handy guide to the payment of retirement fund contributions for trustees
What you should know about reporting, calculating penalty interest, the in duplum rule, and the employer’s liability.
Trustees of non-PFA fund not bound by a member’s nomination form
A reviewing body will have grounds to intervene only if a fund fails to take into account relevant considerations and ignores irrelevant considerations.
Bargaining councils can’t intrude on retirement funds’ statutory protections
Collective agreements dealing with retirement funds must be concluded with reference not only to employment laws but also the Pension Funds Act.
