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Tag Archives | Pension Funds Adjudicator

rules-break

Tribunal recommends investigation of pension fund, its administrator and trustees

The Financial Services Tribunal (FST) overruled decisions by both Liberty, the pension fund administrator, and the Pension Funds Adjudicator (PFA), recommending that the FSCA should consider taking regulatory action against the fund, its trustees and the administrator. Background The applicant contested the quantum of the retirement benefit paid out to him. He was a member […]

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signing

‘Fund member should lodge a complaint against his adviser, not the Adjudicator’

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 […]

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time-barred

No happy ending at the tribunal for couple who reconciled after divorce

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 […]

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criminal-charge

Fund cannot withhold a benefit if an employer has only instituted criminal charges

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, […]

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PSSPF

Security guard who lost the use of his right arm doesn’t qualify for disability benefits

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 […]

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salaries

Pension fund’s decision to permit withholding of withdrawal benefit upheld

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 […]

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pension-fund

Supreme Court of Appeal upholds amended rule affecting withdrawal benefits

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 amended rule that reduces members’ withdrawal benefits. Read: Adjudicator overstepped her authority in deciding that pension fund’s rule did not apply retrospectively […]

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evidence

Tribunal orders Adjudicator to reopen case into policy conversion

The Financial Services Tribunal has ordered the Pension Funds Adjudicator to reopen a complaint against Old Mutual involving the alleged conversion of a policy to an annuity without the client’s consent. The Adjudicator closed the case in September last year because of a lack of evidence. New information and documentation have subsequently been placed before […]

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complaint

Constitutional Court revises who is entitled to complain to the Pension Funds Adjudicator

The Constitutional Court has ruled that the Pension Funds Adjudicator has jurisdiction to hear cases where the complainant was unlawfully admitted as a member of a retirement fund. The court’s ruling clarifies how the definition of a “complainant” in section 1 of the Pension Funds Act (PFA) should be interpreted and states that a “complaint” […]

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