cancelled pensions

open secrets is working to hold private pension fund administrators to account for their role in unlawful de-registration of pension benefits.

This investigation is about the potentially unlawful and criminal conduct of private sector actors (acting alone or with state actors) in relation to the 2007-2013 Financial Services Board (FSB) Cancellations Project. This entailed the mass-cancellation of almost 5000 orphan pension and provident funds (funds without a board of trustees), many of which contained assets owed to beneficiaries. This resulted in billions of Rands in pensions unaccounted for. Open Secrets is focused on the role played by the big corporations who administer these funds, such as Liberty Corporate and Alexander Forbes.

the bottom line

This investigative report is the culmination of a year-long investigation by Open Secrets into the pension fund industry in South Africa. According to the Financial Services Board’s 2018 Annual Report, over R42 billion in benefits is owed to over 4 million pensioners and pension fund members.

look beyond the bottom line

This booklet looks beyond the bottom line. It aims to focus on and centre the stories of the most vulnerable members of our society, those who have been systematically and structurally precluded from enjoying civil and human rights throughout South Africa’s history.

our letter to the minister of finance

open secrets wrote to the minister of finance to enquire into the excessive delay in the appointment of a commissioner and deputy commissioner of the Financial Sector Conduct Authority (FSCA)

our letters to pension fund administrators

open secrets wrote to five of the largest pension fund administrators (Liberty Corporate, Sanlam, MMI Holdings, Alexander Forbes & Old Mutual) to demand that they swiftly approach courts to reinstate all pension funds cancelled in error over the past decade.

this follows on the financial sector conduct authority’s circular on the 4th of March 2019.

our letter to the FSCA

open secrets wrote to the financial services conduct authority to ensure that the private administrators of funds unlawfully de-registered during the cancellation project are directed to court.

intervention is needed to re-instate the funds urgently so pensions can be paid.

read our pamphlet

to distribute these pamphlets, open the PDFs below. print them double-sided and fold the page in half. the pamphlet is available in English, isiZulu, and seSotho.