Sasol Limited v Chemical Industries National Provident Fund (20612/2014)
Sasol Limited v Chemical Industries National Provident Fund (20612/2014) [2015] ZASCA 113 (7 September 2015)
The court held that the process for transferring members from the respondent fund to the appellant funds was not validly completed. Although some steps were taken to comply with the rules, the trustees of the respondent fund did not make an express or tacit decision that they were satisfied the transfer was reasonable and equitable and accorded full recognition to members' rights and expectations, as required by rule 10.2.3. The communication exercise, while substantial, did not substitute for the trustees' fiduciary decision. Furthermore, the effective date for cessation of contributions is…
Source excerpt
- Pension Funds Act
- Interpretation Of Fund Rules
- Fiduciary Duties Of Trustees
- Transfer Of Membership
- Section 14 Transfers