Benefit allocation | When may a retirement fund consider DNA testing?
When the paternity of a retirement member’s child is in doubt, boards must tread a fine line between equitable distribution and undue intrusion.
#retirementfunds
Two-pot’s billion-rand bill: future fund members could carry the cost
The FSCA finds wildly inconsistent withdrawal charges under the two-pot retirement system, with some members paying up to R750 per transaction.
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.
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.
Three-quarters of withdrawals in the new tax year are repeat claims
Many fund members are tapping into their savings components as soon as the tax window opens, data from the Actuarial Society indicates.
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.
Survey highlights the role of BEE in shaping retirement fund investments
Alexforbes’ latest annual Manager Watch Survey also shows the trend of increasing allocations to multi-managers.
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.
