Tag: Pension Funds Adjudicator

Rather than conducting a proper investigation to trace who should be allocated a death benefit, a retirement fund decided to go “through the back door” and allocate the benefit to the deceased’s estate. This follows the decision of the South African Retirement Annuity Fund to pay a death benefit into the deceased’s estate following the death of its member.

The financial services dispute resolution landscape is being radically reshaped to ensure a consistent framework across the financial services sector whilst providing for quick and cost-efficient review of an aggrieved party’s grievance. Along with the proposed amendments is a name change for our office, which will be renamed the 'Retirement Funds Ombud'

With the lifting of COVID-19 lockdown restrictions, complaints to us came thick and fast – and cases were closed without undue delay. In the 2021-2022 financial year under review, we received 8,858 new complaints, an increase of 26% compared to the previous year when the COVID-19 level 4 and 5 lockdowns were implemented.

The Office of the Pension Funds Adjudicator (OPFA) is a statutory body established to resolve disputes in a procedurally fair, economical and expeditious manner. The adjudicator's office investigates and determines complaints of abuse of power, maladministration, disputes of fact or law and employer dereliction of duty in respect of pension funds.

In a case that illustrates the devastation of employers’ failure to keep up to date with contributions, two complainants - a daughter and a son - have failed in their respective bids to get risk benefits to be paid when their parents passed away.

It is sometimes said that the 'law is an ass' when one thinks the law is too rigid, unnecessary or ridiculous. The complainant sought payment of a surplus benefit following the death of her husband who was a member of the Auto Workers Provident Fund.