erwee attorneys latest news on venda pension fund
The court ruled on 31 August against the Minister of Finance’s efforts to have the Public Protector’s reports set aside. National Treasury says it is reviewing a report on the payment of pensions to beneficiaries of the former Venda Pension Fund in order to develop the next best course of action. Further to the media statement released in December 2017 regarding the Venda Pension Fund1, the actuarial firm appointed to verify potential beneficiaries has now handed over its final report to National Treasury. The Minister of Finance asked on 11 March 2019 that the PP’s report of 2012, as well as the 2016 Special Report, be reviewed and set aside. document.scripts[ uniqueid - 1 ].parentNode.appendChild( scriptNode ); “If the respondent relies exclusively on the notice in terms of rule 6(5)(d)(iii), as the Public Protector does in this case, the allegations in the founding affidavit must be taken as established facts by the court,” she said. var PARAMS = arguments; The Public Protector highlighted the Vhembe Concerned Pensioners case, in which pensioners complained that National Treasury and GEPF had acted improperly while privatising the Venda Pension Fund. “This effectively means that the case is now heading for court and a judge will have to rule on the validity of the PP’s … ! }).join('&'); }).join('&'); Madonsela’s report on the matter dates back to 2012, while Mkhwebane’s special report was made public in 2017. January 21, 2021 Afternoon roundup of labour news on Thursday, 21 January 2021; Promising future for young double amputee, “Orphan” wants to give back to the community, Tshifhiwa dreams of also wearing the Miss SA crown, Tshikovha-Mulaudzi was “a true traditional healer”, Mother dies without seeing son released from Swazi jail, Covid-19 claims the life of well-known businessman. The PP opted not to file an answering affidavit, simply relying on the notice. The apex court order mandated that EPFO give full pension to all EPS subscribers. The VCPG represents a claimed 16 300 former members of the Venda Pension Fund. The consolidated list of complainants estimated the number at approximately 7 000, many of whom are “penniless, relying on old-age grants, while a number had already passed on”. The Vera/Pevos pension fund collapsed in 1996 due to a CHF200m (€125m) funding deficit. } document.scripts.length); In the latest chapter of the seemingly endless story of the Venda Pension Fund, the Gauteng Division of the High Court ruled in favour of the Public Protector. The deficit was caused by overexposure to a local real estate market that was in deep recession. She appointed Boqwana Burns Inc as attorneys on record who will represent her office in the case. The payment of pensions to beneficiaries of the former Venda Pension Fund will be resolved by the end of November 2017. PP’s Venda Pension Fund report going to court By Anton van Zyl. })("3", "video_overlay_youtube", {}, document.scripts.length); var categoryID = 'banner_728x90'; The chairperson of the group, Tshimangadzo Tshiololi, is one of the respondents in the case. if (typeof(options[k]) !== "function") return encodeURIComponent(k) + "=" + encodeURIComponent(options[k]); Such a notice means that the defendant intends to raise issues of law, arguing that the application should be disallowed for non-adherence to legal procedures. National Treasury says it is reviewing a report on the payment of pensions to beneficiaries of the former Venda Pension Fund in order to develop the next best course of action. Title Date; President Cyril Ramaphosa: Closing statement at 14th Extraordinary Session on Silencing the Guns: 6 Dec 2020: President Cyril Ramaphosa: Opening statement at 14th Extraordinary Session on Silencing the Guns ADSSCRIPT['ad' + uniqueid].apply(this, PARAMS); 16. At the time of our going to press, no certainty exists whether the case will now return to court for a review hearing. She said that, once the notice was served on the minister, the matter was ready to be set down for hearing before a review court, “for it to make a determination on the points of law raised in the notice”. Created on 24 Aug 2020 17. The VCPG is represented by Erwee Attorneys from Musina. In 2011, her predecessor, Adv Thuli Madonsela, investigated the complaints by pensioners that the National Treasury and the Government Employees Pension Fund (GPEF) had acted improperly when privatising the Venda Pension Fund. After completing matric, Ms Lukhaimane decided to embark on a career in law and obtained a B.Iuris degree from the University of Venda. A pension pot for north-east council workers has nearly £15 million invested in arms companies, it has emerged. scriptNode.async = true; Judge Kathree-Setiloane did not agree with the Minister’s legal team and ruled against the application. } The single most important characteristic of anyone wanting to understand the GEPF is that it is a defined benefit fund, meaning that the GEPF promises benefits in terms of the rules set out in the Government Employees Pension Law and these benefits are not calculated on the basis of how the fund is invested. He is a founder member of the Association of Independent Publishers. Mkhwebane’s report also tried to address fears expressed that payment of compensation in this matter would open up a floodgate of claims by former state employees. })("2", "video_overlay_youtube", {}, document.scripts.length); The Public Protector, Busisiwe Mkhwebane, has indicated that her office will oppose the application of the Minister of Finance to have the report on the Venda Pension Fund saga reviewed and set aside. Government’s recent default regulations applicable to the pension funds industry will ensure that members are better informed about their decisions at retirement. The chairperson of the group, Tshimangadzo Tshiololi, is one of the respondents in the case. scriptNode.src = "//v3.ad-server.co.za/" + key + "/" + module + ".js?u=" + uniqueid + "&" + Object.keys(options).map(function (k) { In December 2017, Treasury said it was working together with the Government Pensions Administration Agency (GPAA) to address the remedial action. (function(key,module,options, uniqueid ){ Earlier this year Mkhwebane criticised government institutions for not implementing remedial actions stipulated in reports. The hopes of thousands of pensioners to finally receive some sort of compensation were, however, dashed a few months ago when the Minister of Finance indicated that his office will contest the PP’s findings. Anton van Zyl has been with the Zoutpansberger and Limpopo Mirror since 1990. HR Pulse News Desk. In the latest development, the Minister of Finance filed a motion in the Gauteng North High Court indicating that he would apply for the Public Protector’s instruction for remedial action to be set aside. The Venda Pension Fund saga is heading for the high courts and the thousands of pensioners who have pinned their hopes on some sort of compensation may have to wait a few more years. The GPAA embarked on a process of reviewing available data, saying that this was necessary to ensure that the project would be implemented accurately. ! (function(key, module, options, scriptCount) { [].push.call(arguments, document.currentScript || document.scripts[scriptCount - 1]); Further to the media statement released in December 2017 regarding the Venda Pension Fund1, the actuarial firm appointed to verify potential beneficiaries has now handed over its final report to National Treasury. In February 2017 it announced it would be shifting a chunk of its retirement date fund investment cash into a new climate change fund designed … var w = Math.max(document.documentElement.clientWidth, According to past news reports, the scheme had 50% of its assets invested in local real estate. scriptNode.src = "//v3.ad-server.co.za/"+key+"/"+module+".js?u="+uniqueid+"&"+Object.keys(options).map(function(k) { The VCPG represents a claimed 16 000 former members of the Venda Pension Fund. }; Erwee was optimistic that a court date could soon be set and that the matter will be heard before the end of the year. “This effectively means that the case is now heading for court and a judge will have to rule on the validity of the PP’s report, in other words whether or not the remedial action prescribed is enforceable,” said Erwee. Hence trustees must have the relevant experience and skills to make investment decisions consistent with the best interest of the pension fund and its beneficiaries. if (typeof ADSSCRIPT['ad' + uniqueid] == "function") { ADSSCRIPT['ad'+uniqueid].apply(this, PARAMS); Five points of law were raised, among these pre-emption, non-joinder of the National Assembly, and the fact that the 2016 special report prescribed no remedial action, but merely sought to facilitate the implementation of the 2012 Report. In 2011, the former Public Protector (PP), Adv Thuli Madonsela, investigated complaints by pensioners that the National Treasury and the Government Employees Pension Fund … Finance Minister Gigaba: Former Venda Pension Fund victims will be resolved News Home » News » I collect less than N1m pension as former Governor ― Alao-Akala I collect less than N1m pension as former Governor ― Alao-Akala On December 5, 2019 6:45 pm In News … document.scripts[ uniqueid - 1 ].parentNode.appendChild( scriptNode ); What the proposed amendments to the Pension Funds Act means for retirement savers In her “Special Report” she directed Lungisa Fuzile, the director general of finance, to submit an action plan on remedial action to be taken. ADSSCRIPT['ad'+uniqueid].apply(this, PARAMS); They alleged that the Government Employees Pension Fund (GEPF) and the National Treasury acted improperly during the privatisation of the Venda Pension Fund … “The remedial action in [the 2011 report] was designed to address maladministration that is demonstrably unfair and unreasonable in the specific set of circumstances of this matter,” it said. The VCPG is represented by Erwee Attorneys from Musina.