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