Adjudicator needed to protect pension funds

AT THE moment, there is no adjudicator or body of appeal that members of the public service pension fund or any other public service fund can approach with problems regarding their funds.

Thus the Freedom Front Plus (FF+) decided to table a Private Members Bill for the protection of these members.

The primary objective of the bill is to shed light on the funds by means of an adjudicator, and to establish a body that people can approach for help or request an investigation into irregularities free of charge. The adjudicator must have the same kind of powers as the public protector in order to launch investigations and call people to testify, as well as to make binding rulings regarding the misuse of, or irregularities with, funds.

The existing funds are currently managed according to special legislation with its own unique rules. The FF+ wants to do away with the uncertainty this creates. This can only be done by means of a new bill. That is why the FF+ decided to withdraw its proposals for changes in this regard to the Public Investment Corporation (PIC) Amendment Bill, because it is not comprehensive enough.

It will be replaced with a new Private Members Bill that will determine that members of all pension funds, including private funds, must fall under the administration of the adjudicator in accordance with the stipulations in the Pension Funds Act of 1956.

The looting of the Transnet pension fund over the years could have been prevented if an adjudicator – like the FF+ plans to establish – had been in place.

The FF Plus is confident that the bill will be successful, seeing as it will protect everyone in our society against the exploitation of their investments.