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A portion of the pension interest assigned to the non-member spouse in terms of a decree of divorce may not be paid out when parties are married out of community of property, the Pension Funds Adjudicator has ruled.
Pension Funds Adjudicator Muvhango Lukhaimane has read out the riot act to a pension fund and its administrator for failing to willingly provide a response to a complaint.
The board of a pension board did not conduct a proper investigation when it resolved to allocate the entire amount of the death benefit to the deceased mother, to the exclusion of the complainant who had been nominated as beneficiary.
The conduct of a pension fund, its chairperson and its administrator have been forwarded to the Financial Services Board (FSB) by the Pension Funds Adjudicator for remedial action after they repeatedly failed to provide requested information.
If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?