Today's Labour News

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gavel thumb100 Allan Greenblo reports that in a trial that goes before the South Gauteng high court next week, four ex trustees of the IF pension and provident funds will be hoping for relief from a determination by the pension funds adjudicator that they be held personally liable for R17m in expenses which the funds had incurred.  

The adjudicator is not party to the litigation.  Should judgment go against the former trustees, each of them would be exposed to pay more than R4m from their own pockets, plus costs.  The two IF funds are umbrella arrangements for a few dozen participating employers and several hundred employees.  The former trustees — Gail le Grellier, Renier Botha, David Lepar and Carel Smith (the “IF Four”) — seek an order to set aside the adjudicator’s 2013 determination.  Her declaration was that the IF Four had managed the funds improperly, causing them financial loss, and directed that they personally pay the funds for the database rebuild they had commissioned.  The IF Four want the complaint to the adjudicator — by various employers who contend that the rebuild should not have been paid from deductions in the members’ share of funds — to be reheard afresh.  The IF Four were not accused of themselves having maladministered the funds.  Rather, the complaint was that they, as trustees, were responsible for the actions of then administrator Dynamique.  The principles awaiting decision will have wide application to the proper exercise of trustees’ fiduciary duties.

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