Poor governance within funds and administrators is the reason behind most complaints to the pension funds adjudicator, it has emerged. Adjudicator Muvhango Lukhaimane said, after releasing her office’s 2017-2018 annual report, that fund members have been forced to complain after things that should have been dealt with are left hanging, resulting in thousands of complaints and stretched resources at her office. “Fund members are forced to approach the [adjudicator] on a myriad of issues that should be attended to by funds in the ordinary course of business,” Lukhaimane said The most common problems are non-payment or late payment of contributions by employers, and the funds and administrators not paying out benefits. An employer withholding payments to a fund is not a technical issue, but theft of a member’s pension, she said. Retirement funds are obliged by law to monitor the payment of contributions into the fund and to report to the trustees when contributions are not paid within ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.