Retirement fund ordered to pay fraud victim’s R800 000 benefit
A pension fund mistakenly paid out a fraudulent claim to a syndicate while the rightful member was in prison.
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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.
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.
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.
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.
Key aspects of Treasury’s proposals to reform SA’s financial ombud system
The National Financial Ombud’s jurisdiction will be expanded in phases to include the activities of all regulated financial institutions.
Existing financial ombud system is ‘too complex’ for consumers to navigate
There is a high degree of consensus over the reform recommendations put forward by the World Bank Group, says Treasury.
Ombuds will handle cases involving disputes of fact or law and award compensation
And the requirement to accept oral complaints applies to financial institutions, not only ombuds.
