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South Africa decisions
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Kitshoff v Fedsure Staff Pension Fund and Others (597/16) [2017] ZASCA 31 (28 March 2017)
The appeal concerned enhanced pension benefits after retrenchment. The court held the appellant’s fund membership had ended before retrenchment, so no further claim lay.
Grant Thornton Capital Umbrella Fund v Da Silva (A5066/2012) [2013] ZAGPJHC 231 (20 September 2013)
The plaintiff, acting in a representative capacity as a provident fund, paid R360 417.97 to the defendant in error after the defendant had already received his pension benefits via a section 14 transfer to Liberty Life. The payment was made due to an administrative system error and was ultra vires the fund's powers under the Pension Funds Act and its rules, which prohibit payments to former members beyond those authorised. The defendant admitted receiving the second payment but failed to provide any evidence rebutting the presumption of enrichment. The court a quo erred in excluding relevant…
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Associated Institutions Pension Fund and Others v Van Zyl and Others (268/03) [2004] ZASCA 78; [2004] 4 All SA 133 (SCA); 2005 (2) SA 302 (SCA) (17 September 2004)
The Supreme Court of Appeal held that the transfer regulations required the actuary to apply professional actuarial methodology, including the use of assumptions and projections, in determining both the market value of assets and aggregate liabilities for the purpose of calculating the funding percentage. The court rejected the literal and alternative interpretations advanced by the respondents and the court a quo, finding that both the wording and the context of the regulations supported the application of actuarial practice to asset determination. The court further found that the respondent…
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Associated Institutions Pension Fund v Le Roux and Others (196/2000) [2001] ZASCA 70; [2002] 1 All SA 261 (A); 2001 (4) SA 262 (SCA) (30 May 2001)
The Supreme Court of Appeal held that the transfer regulations contemplated the use of actuarial methods and expertise in determining the benefits to be credited to departing pension fund members. The actuary was required to make assumptions in respect of contingencies, including unreliable membership data, and acted reasonably and lawfully in applying a 7.5% data loading factor. The regulations did not require the actuary to wait for accurate membership figures, and the determination was made within a reasonable time using appropriate professional methodology. The court found no basis to set…
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