FSCA overstepped its authority on retirement fund exemption time limit
The Tribunal finds the FSCA acted beyond its legal authority by imposing a three-year time limit on an exemption, reaffirming a key precedent on regulatory overreach.
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Behind the scenes at OPFA: how pension complaints are investigated and resolved
Deputy Pension Funds Adjudicator Naheem Essop shares how OPFA’s inquisitorial process works, the challenges funds face with internal dispute resolution, and what happens when complaints escalate or are deemed frivolous.
Tribunal upholds funds’ broad discretion in death benefit allocation
A nominee who receives a dependency allocation can still claim a share of any surplus death benefit according to the deceased’s nominations.
Funds ‘must do more’ to hold employers accountable for arrear contributions
The OPFA on how retirement funds should address non-compliant employers, death benefit allocations, and requests to withhold benefits.
Adjudicator aligns with High Court’s ruling on the in duplum rule
The OPFA confirms that penalty interest on late employer contributions may not exceed the original capital owing – in line with the Full Bench’s judgment in March.
Fund loses bid to remove limit on interest on arrear contributions
The Full Bench affirms that interest under the Pension Funds Act is capped by the common law in duplum rule.
Navigating the retirement age maze: a practical guide for employers
Synchronising employment agreements with the rules of occupational retirement funds promotes legal certainty, secures employee benefits, and smooths succession planning.
Retirement funds can’t use POPIA to withhold information from the Adjudicator
PAIA and POPIA should not be misused to hide inadequate investigations into dependants’ claims.
Retirement fund cannot withhold benefits without precise liability admission
The Tribunal says the Adjudicator should have addressed the fund’s reliance on two acknowledgements of debt stating different amounts.
Member’s withdrawal bid denied as two-pot rules exclude legacy RAs
The Pension Funds Adjudicator rules the fund acted within the law when it refused a member’s request to dip into his FlexiPension plan.
FSCA moves to simplify RA and preservation fund transfers
In response to industry calls, the Authority has drafted an exemption from the section 14(1) process for retail retirement funds.
Legally wed, financially left out: wife denied pension benefit
The FST has upheld a ruling that a legal spouse must still prove financial dependence or be nominated to receive a share of a deceased member’s pension benefit.
FSCA confirms first-day calculation for late-payment interest
The revised interpretation, which reverses the Authority’s earlier guidance, aligns with the Office of the Pension Funds Adjudicator’s view.
Updated regulatory framework aims for ‘fair customer outcomes’ in pension administration
The Conduct Standard outlines a series of updated requirements for benefit administrators, including governance enhancements, risk management protocols, and processes for ensuring fair outcomes for fund members and beneficiaries.
Amended Conduct Standard for section 14 transfers takes effect
The Authority has withdrawn the temporary exemption for retirement fund transfers, signalling the full implementation of updated regulatory requirements.
FSCA’s contingency plan: navigating COFI delays and licensing overhaul
The FSCA is preparing for the massive task of migrating about 12 500 financial services providers into the new COFI framework.
PA report contradicts Ithala and KZN Treasury’s solvency claims
A PA-commissioned solvency report questions Ithala’s financial health, raising concerns about its equity, loan book, and potential shortfall in repaying depositors.
