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South Africa Case Law

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Banking And Finance [2008] ZAKZHC 76

Old Mutual Life Assurance Co. SA. Ltd v Pensions fund Adjudicator and Others, Old Mutual Life Assurance Co. SA. Ltd v Pensions fund Adjudicator and Others (7248/06, 7343/06)

Old Mutual Life Assurance Co. SA. Ltd v Pensions fund Adjudicator and Others, Old Mutual Life Assurance Co. SA. Ltd v Pensions fund Adjudicator and Others (7248/06, 7343/06) [2008] ZAKZHC 76 (15 October 2008)

The court held that the Pension Funds Adjudicator lacked jurisdiction to determine the complaints, as they did not relate to the administration, investment, or rules of the pension funds but rather to the calculation of insurance policy values—a matter for the Long-term Insurance Ombudsman. The policies in question entitled Old Mutual to determine surrender and early retirement values using actuarial principles, which included the application of a Market Level Adjustor. The accumulation account was not an absolute entitlement except at maturity or death, and the contractual provisions did not…

  • Pension Funds Act Section 30p
  • Market Level Adjustor
  • Insurance Policy Interpretation
  • Jurisdiction Of Adjudicator
  • Actuarial Principles
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Civil Procedure [2006] ZAWCHC 47

Old Mutual Life Assurance Company (South Africa) Limited v Pension Funds Adjudicator and Others (7492/06)

Old Mutual Life Assurance Company (South Africa) Limited v Pension Funds Adjudicator and Others (7492/06) [2006] ZAWCHC 47; [2007] 2 All SA 98 (C); 2007 (3) SA 458 (C) (26 October 2006)

The court held that the Pension Funds Adjudicator, having performed a judicial function in determining the complaint, lacked standing to oppose the High Court review of his own determination. The Adjudicator's participation would compromise the impartiality required of his office. On the merits, the court found that the reduction of the paid-up value of the policy was justified and calculated in accordance with generally accepted actuarial principles, the rules of the fund, the terms of the policy, and the requirements of the Long-Term Insurance Act. The Adjudicator erred in concluding that t…

  • Pension Funds Act Section 30p
  • Long Term Insurance Act
  • Actuarial Principles
  • Standing Of Statutory Adjudicator
  • Paid Up Policy Value
  • Maladministration Of Fund
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