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The Constitutional Court yesterday ruled that all pension funds cannot simply backdate changes to their rules – however important – without first registering the change with the authorities, overturning a previous decision by the SCA.
Old Mutual expects one million of its clients to withdraw up to R25 000 each from their pension savings when the new two-pot retirement system comes into effect next year, reports Fin24.
SA will be the first country to pilot the two-pot retirement system, reports The Citizen. But when exactly this will happen is a mystery to everyone outside of government.
The Financial Sector Conduct Authority (FSCA) has conducted a search and seizure operation at the property of financial services company, Akani Retirement Fund Administrators.
Former Eskom CEO Brian Molefe has been directed to pay back just under R10m, plus interest, to the power utility's pension fund.
The Ministry of Finance and National Treasury will be seeking to set aside Public Protector Busisiwe Mkhwebane’s report on the termination of anti-apartheid activist Mzunani Sonto’s Special Pension in the Gauteng High Court (Pretoria) on 28 June.
President Cyril Ramaphosa says he is still pursuing a controversial plan which will see government pension funds used to reduce Eskom’s debt, reports Fin24.
A recent watershed ruling by the SCA represents a positive upshot for pension funds and could see members benefiting from billions of rands in unclaimed funds, according to a Moneyweb report.
After nearly five years of fighting a provident fund over paternity tests, an unemployed mother will now receive more than R300,000 for her minor child.
The Post Office retirement fund has failed in its court bid to force the SA Post Office (Sapo) to continue making contributions to the fund despite the tough financial situation the postal agency finds itself in due to Covid-19.
After nine years of litigation, the class action brought by impoverished pensioners of the Transnet Second Defined Benefit fund has finally produced a court order confirming a settlement.
The Eskom Pension and Provident Fund has launched legal proceedings against its former administrator, ASP Global, in an effort to force its former manager to provide the fund with its own data, putting paid to suggestions that the changeover to a new administrator is on track, according to a Daily Maverick report.
The R42bn in unpaid benefits owed to more than four million South African pensioners is ‘a fundamental failure’ of public interest by state regulators and pension fund administrators, a year-long investigation by Open Secrets has concluded, according to a Daily Maverick report.
Trustees of the Transnet Second Defined Benefit Fund, which is locked in an R100bn class action against state-owned logistics company, have in principle agreed to a settlement offer, Beeld reports.
Impoverished Transnet pensioners are considering a new settlement offer in the class action brought against the government and Transnet for allegedly plundering the Second Defined Benefit Fund, Beeld reports.
The SCA has ruled against an insurer in a dispute over a payment made to a deceased beneficiary. The Cape Times reports that the FundsAtWork Umbrella Pension Fund had allocated 42% of member Massimiliano Guarnieri's death benefits to his mother without first checking if she was alive.
With a court date set for 7 October, Transnet has re-entered discussions with aggrieved pensioners who are claiming more than R80bn in a class action suit, Beeld reports. Previous settlement negotiations failed and Transnet has raised several legal hurdles over the years to prevent the class action.
The former life partner of a man killed in a car accident has won her battle against Absa Pension Fund, which had allocated his entire death benefit worth more R1m to his mother. This was despite the fact that the complainant – identified as JT Damoense – was a 50% beneficiary on the man’s nomination form.
Public Protector Busisiwe Mkhwebane's office stepped in after a father ignored a court order stating he should support his child. The father has now had R300 000 taken from his pension fund to cover years of outstanding child support payments and future maintenance costs. Mkhwebane's office said it had decided to step in after the mother complained that the Government Pension Administration Agency (GPAA) had failed to comply with maintenance court orders to pay the amount from the father's pension fund, notes TimesLIVE.
The Gauteng High Court (Pretoria) has ruled in favour of a retirement fund and its administrator, overturning a determination by the Pension Funds Adjudicator, after a member complained to the adjudicator that he had received less than his expected pension payout because the fund had changed the rules on how the payouts were calculated.