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…
Source excerpt
- Pension Funds Act Section 30p
- Market Level Adjustor
- Insurance Policy Interpretation
- Jurisdiction Of Adjudicator
- Actuarial Principles