FSCA alerts funds of consequences if two-pot rule amendments aren’t submitted by 31 July
Funds that cannot pay withdrawals because their rules are invalid must inform members why they may not be allowed to access their benefits.
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Adjudicator blocks acknowledgement of debt signed under duress
The employee was told she would be granted immunity from prosecution if she agreed to sign the AOD.
Guidelines published on how to file arrear contribution reports
The FSCA says submissions have either not been in the prescribed format or contain incorrect information.
FSCA sets out how benefit transfers must be effected during transition to two pots
The Authority also publishes the proposed changes to the section 14 application forms for public consultation.
FSCA to launch retirement fund education campaign
The FSCA encourages members of retirement funds to check whether their employer is in arrears with their contributions.
Fund rapped for not giving a member a hearing before deciding to withhold his withdrawal benefit
The member, along with two others, was criminally charged because of allegedly fraudulent conduct that cost the employer R4 million.
FSCA proposes amending the conditions for section 14 transfers
The draft amendments address the misalignment between the current prescribed section 14 application forms and the upcoming two-pot regulations.
Failure to act timeously over arrear contributions places members’ benefits at risk
Over half of the awards issued by the Pension Funds Adjudicator for complaints about unpaid contributions were affected because part of the claim had expired.
Arrear contributions: publishing employers’ names ‘is having an impact’
Deputy commissioner sets out the FSCA’s priorities for the supervision and regulation of the retirement industry.
No death certificate, no benefit pay-out for wife
A missing person’s affairs are in legal limbo until a death certificate is issued or the High Court makes a presumption of death declaration.
Arrear contributions: 10 employers should not have been on the list
The FSCA publishes its latest list naming thousands of entities that allegedly owe retirement fund contributions.
Treasury addresses industry’s main concerns about Pension Funds Amendment Bill
An application clause will provide for the Pension Funds Act to prevail over the Divorce Act where the Acts’ provisions conflict.
Social media firestorm: what went wrong and how Old Mutual is responding
Old Mutual provides context to the Molefi complaint, and how the group is planning to address the alleged non-payment.
Industry red-flags contradictions between Divorce Act and pension law amendments
The Association for Savings and Investment SA and the Institute of Retirement Funds Africa also call for amendments not related to the two-pot system to be held over.
Wife accused of murder cannot receive a death benefit
‘The bloody hand does not inherit’ is an established common law principle, says the Pension Funds Adjudicator.
Two pots: administrators encouraged to submit draft rule amendments
The FSCA expects to receive a large number of amendments, so it would like to have prior sight of the proposed amendments beforehand.
FSCA finalises new Interpretation Ruling on section 37C of the PFA
Interpretation Ruling 1 of 2020 incorrectly brought an unclaimed benefit within the ambit of section 37C of the Pension Funds Act.
