Pension Funds Adjudicator deals with employers deducting higher amounts from employee salaries for Covid concession iol.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from iol.co.za Daily Mail and Mail on Sunday newspapers.
Retirement, medical and other contributions deducted from employees’ salaries are not being paid to the relevant funds and schemes by some SOEs and unions.
The law is very specific about the circumstances under which employers can deduct or withhold cash when it comes to your retirement money, as some firms found out.
In its annual report released this week, the office of the Pension Funds Adjudicator reveals that of the 10 940 complaints finalised in the 2020/21 financial year, 52.9% related to retirement fund withdrawal benefits.
Pension Funds Adjudicator Muvhango Lukhaimane is not able to take action against the penalties applied by life assurance companies.
Delays by the Financial Sector Conduct Authority (FSCA) to enforce the new regulation regime of Treating Customers Fairly (TFC) is the main reason why Pension Funds Adjudicator Muvhango Lukhaimane is not able to take action against the penalties applied by life assurance companies to contractual retirement annuity funds.
It is something the adjudicator s office has been concerned about for many years, going back to Vuyani Ngalwana, who raised the penalties in 2004. He ruled against them but life assurance companies took him to the Supreme Court and had his rulings reversed, basically on the back of technical arguments and past secrecy.