THE DEPUTY Pension Funds Adjudicator has recently reprimanded a retirement fund for withholding payment of a withdrawal benefit without affording the member an opportunity to make representations to it as to why the benefit should not be withheld.
According to the Office of the Pension Funds Adjudicator (Opfa), the deputy Pension Funds Adjudicator, Naheem Essop, said Fedex Express South Africa Retirement Fund had acted in breach of its fiduciary duties when it failed to comply with basic procedural requirements before exercising its discretion to withhold payment.
