DEREGISTRATION OF PENSION FUNDS
Watchdog ‘went for official who exposed errors’
The FSB targeted Rosemary Hunter after she sounded the alarm over ‘orphan’ pension funds’ flawed mass deregistration, court hears
The Financial Services Board’s (FSB’s) treatment of former deputy pension funds administrator Rosemary Hunter was a "classic case of the inconvenient messenger being persecuted", said her counsel in the High Court in Pretoria on Tuesday. Hunter has been fighting a bitter battle — now in court — with the FSB and her former boss Dube Tshidi over the deregistration of 4,600 "orphan" pension funds: shell funds, left without members or assets; or dormant funds, without boards. Hunter has claimed that assets remaining in the cancelled funds may have a value of more than R20bn. She believes that the mass deregistration process from 2007 to 2013 was unlawful and was potentially prejudicial to pensioners and other vulnerable beneficiaries. She wants the court to order a thorough and fully resourced investigation into the deregistration process and to declare that Tshidi and the board acted unlawfully. She also wants the court to supervise the investigation — an unusual step for a court to ta...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.