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Pension Funds Adjudicator flooded with complaints about withdrawal benefits delays

29 September 2021 - 11:51
Pension funds adjudicator Muvhango Lukhaimane. Thousands of complaints were received and disposed of.
Pension funds adjudicator Muvhango Lukhaimane. Thousands of complaints were received and disposed of.
Image: FINANCIAL MAIL

Most complaints lodged with the Pension Funds Adjudicator  (PFA) over the past year were related to delays in the payment of withdrawal benefits.

The office of the PFA released its annual report for 2020/2021 on Tuesday in which it detailed complaints received during this period.

“Withdrawal benefits remained the highest category of complaints, at 52.93% of the 7,014 complaints received ... in the last financial year.”

According to the office, complaints relating to the nonpayment of retirement fund contributions (section 13A compliance) came in second at 23.87%.

Key figures presented in the report.
Key figures presented in the report.
Image: Office of the Pension Funds Adjudicator

“Both withdrawal benefit and section 13A complaints involve complainants experiencing delays in payment of withdrawal benefits, either because proper documents have not been submitted, or more commonly, a partial payment has been made/no payment has been made at all, owing to nonpayment of contributions by the employer or the failure to register the complainant as a member of the fund in the first place, while deducting contributions from their monthly salary.”

The Private Security Sector Provident Fund (PSSPF) remained the biggest contributor to new complaints.

But under statutory management and having increased its complaints management capacity, the PSSPF’s turnaround times had somewhat improved, said the office.

TimesLIVE


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