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As a central knowledge portal to the retirement and related industries, EBnet publishes a range of daily articles submitted by a range of industry organisations, experts and contributors. Readers can also comment on and contribute to articles.

Huge damages award against actuary. Fund’s reserve account cannot be used to offset loss. Trustees and administrator in the clear.

Every actuary in the land will read with horror the determination of Pension Funds Adjudicator Muvhango Lukhaimane that one of their number, independent practitioner Vivian Cohen, must pay R40,5m to the Amplats Group
Provident Fund.

Instead of challenging the Adjudicator in court, under new legislation he can now appeal to the Financial Services Tribunal (see Currents). Should he lose, he’d have to pay the R40,5m from his own pocket – plus intere...

There are two contrasting perceptions of SA, rarely to mix. They’re as distinct as oil from water.

One is in the quagmire of crime, corruption, unemployment and unsatisfied expectations in an environment of economic shrinkage. In political speak, racism stereotypically intrudes. Dominating airtime, it’s the stuff of depression.

The other is its polar opposite, of South Africans harmoniously progressing across the lines of class and colour. Because it happens in the ordinary course of daily lives, it usually grabs attention only on the occurrence of an exceptional event; no better example suffice...

In a trial that goes before the South Gauteng High Court next week, four erstwhile trustees of the IF pension and provident funds will be hoping for relief from a determination by the Pension Funds Adjudicator that they be held personally liable for some R17m in expenses which the funds had incurred. The Adjudicator is not party to the litigation.

Should judgment go against the former trustees, each of them would be exposed to pay over R4m from their own pockets. Plus costs of the litigation. Plus legal expenses in the protracted run-up. Whichever way the court decides, the warnings for existin...

New authority must fundamentally change perceptions of the FSB bureaucracy as applied particularly to retirement funds.

Every now and then there come once-off opportunities to begin the clean-ups of public entities. Often they follow the exposure of maladministration, or worse, and the appointment of a new leader intent on remedial action.

It begins at the top, seen by the election of Cyril Ramaphosa as state president. In rapid succession, he returned Nhlanlhla Nene and Pravin Gordhan to key ministerial positions. Under their watch now fall such troubled state-owned enterprises as Eskom, Transn...

Welcome to dreamland.

So pervasive has corruption supposedly become in the retirement-fund industry that Registrar Dube Tshidi has considered it necessary to issue a directive that will prevent it. The directive bears the formidable title “Prohibition on the acceptance of gratification”.

So inadequate are existing provisions of the Pension Funds Act (for trustees to avoid conflicts of interests and to act independently) and the general code of conduct for authorised financial- services providers under the Financial Advisory & Intermediary Services Act (which defines the “financial interest” that...

Ring another alarm bell. It’s sounded by the intention of the ANC government to review and amend section 25 of the constitution that deals with property rights.

Eerily included in section 25 is the provision that “property is not limited to land”. Whatever does this mean? What is it intended to mean, and to what mischievous interpretations might it lead?

Amid the heated contention over the move by the ruling party for the state to expropriate land without compensation, this tiny insertion at section 25(4)(b) has so far attracted no attention as to the perils that meddling with constitutional “pr...

In this edition...

  • Our current concepts of retirement and employee benefits are under fire

  • Beware! The FSB can replace the board of your pension fund!

  • What difference does a quarter of a percent interest rate change make?

  • Information analysis and the future of investing

  • What do foreigners see that local investors don’t?

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Can Gigaba halt the plan? Does he want to?

Whisper the thought, hoping perhaps in vain that finance minister Malusi Gigaba isn’t already contemplating it, that he does have a means to evade the jam of unaffordable government guarantees colliding with underfunded state-owned enterprises (SOEs). By hook or by crook, Gigaba must find a way.

Introduction of prescribed assets will be by crook. Be ready to resist.

From his perspective, the route of prescribed assets will be easier than hooking the Public Investment Corp (PIC) into loading up on stock in badly run SOEs. It won’t cause consternation amon...

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