Today's Labour News

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pfaTimesLIVE reports that the Office of the Pension Funds Adjudicator (PFA) received 11,399 new complaints over the past year from aggrieved members of pension funds and the beneficiaries of deceased members.  

This was a 16% increase on the previous year, and the highest number of complaints received in a financial year since the PFA’s office opened 20 years ago.  In her latest annual report, Muvhango Lukhaimane, the PFA, said most complaints related to the failure of funds to comply with the law governing funds and delays in the payment of benefits to members or their beneficiaries.  This, she said, was a “grave indictment” on the pension fund industry’s commitment to treating customers fairly.  In many respects, non-compliance was concentrated in the large funds, namely umbrella funds set up for industry sectors, such as the Private Security Sector Provident Fund, and industry funds.  The non-compliance had to do with funds failing to collect member contributions from employers and their failure to act against an errant employer or responsible person.  This was along with the failure to provide basic information to members, such as benefit statements.  Lukhaimane picked out the municipal sector for its failure to pay member contributions to the relevant pension funds.

  • Read the full original of the report in the above regard by Angelique Ardé at BusinessLive

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