Power cuts and benefit payments

Dear Editor, I would like to raise a rather prickly point under discussion due to the power cuts in Cape Town.

How will the Boards of Trustees for both the Retirement Annuity Funds and the Employee Benefits Funds handle the following "power cut" problems and will the Fund's Fidelity and Indemnity Insurance come to the party:

1.  Investment Switching delays, loss of income due to "non actioned" switching options.

2.  Benefit Payments due within set turnarounds, in this instance I use Old Mutual, as they pay Late Payment Interest on delays in Death Benefits payments, this was usually paid on the rates applied by the banks.

3.  Monthly payment and data reconciliation's, in line with the Compliance, I have received no guidelines from FSB, Administrators or Underwriters, based in Cape Town informing me of the contingency plans to handle the power outages.

Interesting are the comments that "everyone" has a generator, well sorry to burst the bubble but we have been dealing with companies, that do not have backup, either to receive any instructions, make payments or process applications.

The best part is the Silence, no urgent emails, letters, employer notices, nothing......

All I see covered is Mr Mbeki's comments on applying to your Insurer for compensation, well under what clause and well sorry but the Insurer won't have power to process the applications, hopefully Parliament has a rather large generator.