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Tag Archives | Pension Funds


Unclaimed benefits – The problems persist

The problem with unclaimed benefits is decades old. Each year various statistical reports add up the billions and initiatives are launched to track the beneficiaries of the unclaimed funds. Will the latest drive by the FSCA reduce the unclaimed “pot of gold”? Will the current financial distress of South Africans increase the call to claim? […]

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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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Proposed closure of Pension Funds

The Registrar of Pension Funds published Notice 4 of 2017 which gave notice of its intention to cancel a substantial number of funds in response to applications from fund administrators. Any person aggrieved by the intended cancellation is invited to submit objections to the proposed cancellation. The original deadline for submission of objections was extended to […]

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Prohibition of Inducement and Acceptance of Gratification

The Registrar of Pension Funds published, for comment, a draft Directive to determine conditions in respect of inducements and acceptance of gratification to ensure compliance with and to prevent contraventions of the objectives of a board as determined in terms of section 7C of the Pension Funds Act. The purpose of the Directive is to […]

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