Central Retirement Annuity Fund v Adjudicator of Pension Funds and Others (3404/05)
Central Retirement Annuity Fund v Adjudicator of Pension Funds and Others (3404/05) [2005] ZAWCHC 77; [2006] 4 All SA 251 (C) (20 October 2005)
The court held that the second respondent's letter constituted a valid complaint under the Pension Funds Act, and that the fund's management committee was subject to statutory fiduciary duties to protect members' interests and ensure adequate communication. However, on the evidence, the reduction in retirement benefits was reasonably explained by lower inflation and investment growth rates, as well as the member's own contribution history. The management committee had not acted unreasonably or failed in its statutory duties, and the member had been kept informed of the investment progress. Th…
Source excerpt
- Pension Fund Administration
- Fiduciary Duties
- Complaints Procedure
- Illustrative Benefits
- Administrative Costs