Latest News & Developments
The wife argued that the girlfriend was 60 years and eligible for pension, and it was fundamentally unfair for her to receive the bulk of the benefit as none of the other dependants qualified for state support.
A retired employee of Unisa, who has passed away, indicated that he was not married and designated zero percent for a spouse pension. As a result, his partner has been left struggling to gain access to millions from his pension fund.
The man was nominated as a beneficiary; however, it was established that the girlfriend, as well as the deceased's daughter were his dependants whose needs had not been fulfilled.
The man found himself in financial difficulties and approached the bank to withdraw R650,000 from his life annuity, unfortunately, the request was denied.
Emfuleni Local Municipality workers have escalated their grievances to the Pension Fund Adjudicator after experiencing a lack of communication regarding their two-pot applications, raising concerns about the management of the Municipal Workers Retirement Fund
The OPFA has declared the PSSPF as the most problematic pension fund in South Africa, with thousands of security guards facing uncertainty over their retirement benefits
Finance Minister Enoch Godongwana said the repeated complaints of withdrawal benefits and non-payment of contributions by employers remained a great concern.
The deceased was a member of the fund until his death on May 4, when a lump sum death benefit of R1 743 909 became available for allocation to his beneficiaries.
Most funds choose to act late against employers, thereby rendering a portion of the outstanding amount legally unrecoverable.
THE decision by South African lawmakers to amend legislation to allow people the opportunity to withdraw their pension savings early, may come as a welcome lifeline for some, but trade union Solidarity has criticised the ‘rushed pace’ of amendments.
Curators have updated the court on progress made in the six years that municipality bosses’ pension fund has been under their control.
The GEPF has just officially launched a new Transformation Policy that seeks to create a framework for future GEPF investments by to stimulate and achieve socio-economic transformation,
PIC acting chief financial officer Brian Mavuka said global financial markets had to contend with tighter financial conditions, heightened geopolitical tensions, risk aversion, and slower economic growth.
When employees leave jobs, they have several options to choose from when it comes to their pensions, but cashing it in can be the worst option. So what happens when you withdraw your pension fund - a part of it or a full withdrawal after resigning?
The National Assembly’s ad hoc committee that was responsible for the selection of the next public protector is meeting to decide on the name of the successful candidate.
The Office of the Pension Funds Adjudicator has been inundated by a raft of complaints about unnecessary delays in the payment of death benefits. Three recent cases involved Old Mutual Superfund Provident Fund, with Old Mutual Life Assurance (SA) Limited being the administrator.
The ad hoc committee will send its report to the National Assembly on Thursday to approve the name of the candidate who will take over as Public Protector.
Pension Funds adjudicator Muvhango Lukhaimane said the PAN project was a covert operation.
A ruling by the highest court in the land, the Constitutional Court, has put to rest concerns about pension fund rule amendments, which arose after a determination against a fund by the Pension Funds Adjudicator (PFA) was upheld by the High Court but then overturned by the Supreme Court of Appeal (SCA).
An Alexander Forbes retirement fund’s decision to allocate a death benefit has been set aside by the Pension Funds Adjudicator because the administrator had failed to conduct thorough investigations and instead relied on a benefits calculator to tell them what to do.
OPFA said employers had taken advantage of the Covid concession on provident fund contributions, which allowed for a lower deduction from employee salaries.