In this newsletter:
Benchtest 01.2017, paying less can become expensive, member communication, safeguarding your nest egg and more...
Important notes and reminders
Member Communication – The need for a study if trustees measure up?
For the peace of mind of trustees our safety net offers you:
How much is good governance worth to you as a trustee – can you afford to pay less for compromising on any of these credentials?
* Note – while this information is provided by the pensions industry at least on an annual basis, it is not provided in the quarterly statistical bulleting published by NAMFISA. The latest published bulletin is for Q2 of 2016.
In this case, the mother of a deceased member laid a complaint with the SA adjudicator on the trustees’ decision to allocate a portion of the death capital to a daughter of the deceased who was born 2 days before the deceased passed away. The complainant contended that the deceased was not married and had no children. The suggestion of the fund to have the complainant undergo a paternity test [DNA test?] to determine whether or not the girl was the daughter of the deceased was turned down by the complainant. On that basis the trustees accepted that the girl was his child and allocated a portion of the lump sum to her.
Concluding this case the adjudicator ruled that in the circumstances, this Tribunal is convinced that the board of the trustees correctly identified the deceased’s dependants. The deceased would have been legally compelled to provide financial support to the child had he survived. However, a minor child would need a longer period of financial assistance as compared to the complainant who was working at the time of the deceased’s demise and had gone on retirement. Therefore, this Tribunal is satisfied that the board of trustees applied its mind to relevant considerations when it took into account the age of the child in deciding to allocate a bigger share of the death benefit to her.”
Forex collusion: ‘No penalties sought against Absa’
Here are her 4 key points -
Read the short article by Dineshrie Pillay in Accountancy SA, here...