Two-pot withdrawal allowed: fund’s arrears rule doesn’t apply to member
The deputy adjudicator finds the ‘freeze’ clause the fund relied on is tied to its DB rules and can’t be used to block a DC member’s savings withdrawal.
#retirementfunds
Tribunal: liquidation does not bar arrear contributions complaint
The Adjudicator conflated jurisdiction with enforcement and overlooked the potential personal-liability provisions in the PFA.
Fund rules prevail over ‘informal understanding’ in contribution dispute
The Tribunal says membership could end only in accordance with the fund’s rules, and WhatsApp exchanges did not amount to a valid withdrawal.
COFI could redraw the lines of accountability in umbrella funds
COFI’s outcomes-based framework may push governance responsibility beyond trustees and require umbrella funds to prove that members are better off.
Old Mutual sees rise in retirement savings preservation under two-pot system
The system appears to be changing member behaviour at exit from employment, even as most eligible members continue to make withdrawals.
Budget’s retirement threshold changes in effect despite legislative omission
IRFA also sets out how exit withdrawals now work when a member resigns and has already withdrawn from the savings component in the tax year.
Adjudicator slams fund over unresolved death-benefit claim
Nearly nine years after the claim was lodged, the fund still could not confirm whether the benefit had been allocated or paid.
Retirement industry flags operational risks in dual contribution regime
IRFA says the FSCA is engaging with the Department of Employment and Labour on the issue.
Tribunal dismisses R824 000 claim over delayed fund credit transfer
The FST rejects the member’s loss calculation based on assumed money market returns, affirming that the fund’s rules limit accrual to bank interest.
Death claims test trustees as section 37C meets real-world complexity
From disputed dependants to contested deaths, trustees are judged on how they investigate and explain their decisions.
Benefit payment hold-up leads to compensation order against fund
The Pension Funds Adjudicator finds that delays in processing a member’s withdrawal and transfer of retirement savings were wrongful and negligent.
Non-responsive retirement funds face stricter action from Adjudicator
Summonses and subpoenas may be used to address non-cooperation by funds and administrators, as the OPFA seeks to improve the efficiency of its investigations.
Trustees urged to rethink private markets as impact and returns align
Naleni Govender says retirement funds need a more deliberate approach to private markets, with stronger due diligence, better partnerships, and clearer accountability.
Funds on the hook as Adjudicator flags failures in benefit payments
Rulings show weak controls can force retirement funds to repay benefits years later, with interest.
FSCA signals delay to Omni pilot as rollout reaches ‘inflection point’
Officials outline key supervisory areas affecting financial institutions, with a focus on governance, AML controls, cyber resilience, and consumer-facing risks.
Two-pot withdrawals surge as repeat claims reshape savings behaviour
Withdrawal activity has spiked again at the start of the new tax year, with data showing repeat claims are becoming entrenched and raising concerns about long-term retirement outcomes.
Ruling clarifies trustee discretion when employers seek to preserve pension benefits
The judgment emphasises the responsibility of trustees to exercise their discretion fairly when deciding whether to withhold benefits in terms of section 37D.
