Business Day Spotlight
PODCAST | The unlawful cancellation of pension funds in SA
Mudiwa Gavaza speaks to Tabitha Paine, attorney and acting head of legal at Open Secrets, and Thomas Malokotsa from Unpaid Benefits Campaign
The unlawful cancellation of pension funds is focus in this edition of Business Day Spotlight.
Host Mudiwa Gavaza is joined by Tabitha Paine, attorney and acting head of legal at Open Secrets, together with Thomas Malokotsa from Unpaid Benefits Campaign (UBC).
In late 2021, Open Secrets and UBC, represented by the Centre for Applied Legal Studies, brought an application in the Gauteng High Court against the Financial Sector Conduct Authority (FSCA).
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At the heart of the matter is what the groups call the unlawful cancellation of pension funds, which saw fund administrators deregister thousands of funds over the years, some of which owed pensioners and beneficiaries money.
The parties are asking the court “to remedy the unlawful cancellation of pension funds.”
Paine and Malokotsa discuss the history of the case; what their organisations hope to get out of the legal action; possible capture of the industry; some of the issues faced by people trying to claim pensions; and how the system can be improved.
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