Ismail Momoniat, the acting director-general of National Treasury, told the Pension Lawyers Association virtual conference in May that retirement reform is alive and well, although the various proposals still need to be consolidated. He focused on five main areas, which are discussed below: 1. Proposed two-pot system The proposed two-pot system entails creating a savings […]
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 adviser. The applicant, “IK”, joined the Discovery Classic Pension Preserver Plan in 2014. More than R5.3 million was transferred from his previous […]
Estate planning involves structuring and managing your assets while you are alive and putting measures in place to ensure your wishes are carried out after you pass away. It also ensures that there are no unexpected surprises your family will have to deal with. Although estate planning is often perceived as the final stage of […]
The FSCA has appointed a statutory manager for N-e-FG Administrators (Pty) Ltd, saying it is concerned about N-e-FG’s failure to manage the funds it administers responsibly. It is also investigating N-e-FG’s conduct relating “to certain life insurance annuity policies”. The FSCA withdrew N-e-FG’s licence on 22 December last year for contravening the FAIS Act, the […]
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 divorce. Two issues came into view in this case: The application of section 30I of the Pension Funds Act (PFA), which addresses […]
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 been criminally convicted, it may not do so unless the court has also awarded compensation. The tribunal’s decision provides guidance on whether, […]
The Financial Services Tribunal (FST) has upheld a determination by the Pension Funds Adjudicator that a security guard who lost the use of his right arm following a shooting did not qualify for a disability benefit, because he could perform other duties. The guard (“CN”) retired from the Private Security Sector Provident Fund after his […]
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 request, the Old Mutual Superfund Provident Fund withheld the withdrawal benefit of “GF”, on the grounds that he was overpaid from February […]
The Financial Services Tribunal has dismissed an application by a fund member’s daughter to have the allocation of her late father’s entire death benefit to her mother reconsidered on, among other grounds, that her parents were separated at the time of his death. The fund member (DM) married his wife (SM) in 1966. He retired […]
The FSCA has exempted retirement funds from using the formats in Board Notice 77 when preparing financial statements as long as they use the revised report formats approved by the Independent Regulatory Board for Auditors (Irba), the Authority said in a communication dated 14 April. Board Notice 77 of 2014 prescribes the format of the […]
