Tag Archives | withdrawal benefit


Tribunal recommends investigation of pension fund, its administrator and trustees

The Financial Services Tribunal (FST) overruled decisions by both Liberty, the pension fund administrator, and the Pension Funds Adjudicator (PFA), recommending that the FSCA should consider taking regulatory action against the fund, its trustees and the administrator. Background The applicant contested the quantum of the retirement benefit paid out to him. He was a member […]

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Fund cannot withhold a benefit if an employer has only instituted criminal charges

The Financial Services Tribunal (FST) has reiterated that a retirement fund cannot withhold a benefit if only a criminal case has been instituted against a member. In fact, even if the member has been criminally convicted, it may not do so unless the court has also awarded compensation. The tribunal’s decision provides guidance on whether, […]

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Pension fund’s decision to permit withholding of withdrawal benefit upheld

A former Nedbank employee whose withdrawal benefit was withheld has failed to convince the Financial Services Tribunal (FST) to have the Pension Funds Adjudicator reconsider her decision to dismiss his complaint. At Nedbank’s request, the Old Mutual Superfund Provident Fund withheld the withdrawal benefit of “GF”, on the grounds that he was overpaid from February […]

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Supreme Court of Appeal upholds amended rule affecting withdrawal benefits

The Municipal Employees Pension Fund (MEPF) and its administrator, Akani, have won another court case – this time in the Supreme Court of Appeal (SCA) – that upheld the retrospective application of an amended rule that reduces members’ withdrawal benefits. Read: Adjudicator overstepped her authority in deciding that pension fund’s rule did not apply retrospectively […]

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Adjudicator overstepped her authority in deciding that pension fund’s rule did not apply retrospectively

The Gauteng High Court has overturned a determination by the Pension Funds Adjudicator, ruling that she exceeded her jurisdiction and did not follow a fair procedure when deciding that a fund’s amended rule did not apply retrospectively to an accrued benefit. The court also condoned the late filing of the applicants’ appeal, saying leaving the […]

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