Question NW2691 to the Minister of Finance
19 September 2017 - NW2691
Alberts, Mr ADW to ask the Minister of Finance
Whether he is prepared to place all public service pension funds, including the pension funds of state enterprises, under the jurisdiction of the Pension Funds Adjudicator in order to ensure transparent management and cheap adjudication; if not, (a) how will this decision be justified in terms of the principles of fairness and the Constitution of the Republic of South Africa, 1996, and (b) to what extent will pension fund members enjoy protection in the absence of oversight by the Pension Funds Adjudicator; if so, what are the (i) relevant details and (ii) time lines?
Reply:
The Pension Funds Act, 24 of 1956 as it stands does not make provision for the Office of the Pension Funds Adjudicator to have jurisdiction over pension funds other than those registered in accordance with the Act.