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In a victory for long suffering members of the Private Security Sector Provident Fund, the Gauteng High Court dismissed four applications by a security company for the determinations issued by the Pension Funds Adjudicator against it to be set aside.
A provident fund that withheld payment of a withdrawal benefit on the basis that the member had defrauded the company has been ordered by the Pension Funds Adjudicator to request the complainant to place her version of events before it.
The Office of the Pension Funds Adjudicator has reported the Private Security Sector Provident Fund to the Financial Services Conduct Authority for unwarranted delay before conducting investigations to make a death benefit distribution.
If South Africa’s Office of the Pension Funds Adjudicator (OPFA) could have one wish granted, it would be for pension funds and their members to make better use of internal dispute resolution processes. This shift from external to internal resolution would help to offset the forecast spike in pension fund disputes on the back of hiccups in the two-pot savings withdrawal process.
If you had to choose one approach to protect your hard-earned investment cash from today’s market madness, which would it be?