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Tag Archives | Pension

calculation

Calculation of pension payouts – Complexities of transfers and switching

Parties that are aggrieved by decisions of the Pension Funds Adjudicator may lodge appeals with the Financial Services Tribunal. The Financial Sector Regulation Act, 9 of 2017 (“FSR Act”) considers the Pension Funds Adjudicator as a “decision-maker” and his/her decisions are “decisions” as respectively defined in paragraphs (e) and (d) of section 218 thereof. This […]

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Withholding of Pension Withdrawal Benefits

A recent determination by the Pension Funds Adjudicator concerns an employer’s decision to instruct the administrator of the pension fund to withhold the complainant’s withdrawal benefits after terminating his service. In their response to a complaint in this regard, the employers held that their actions sprang from losses incurred as a result of the complainant […]

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Positive News from PFA

The Pension Fund Adjudicator published her annual report last week. It contains some very positive indicators, as well as concerns for the industry, and the public. In the message from the Minister of Finance, Pravin Gordhan, quotes the following statistics which point at major improvements in the handling of complaints: The Office of the Pension […]

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