Pensioners lose out to ‘greedy’ firms
Pension fund industry continues to profit from the R42-billion owed to the four million South Africans still waiting to be paid their pensions.
The corporations and regulators who enable the abuse of social welfare systems and illicitly profit from pensions and social grants.
WATCH: Millions waiting for pension payouts
ENCA | 24 October 2019 | JOHANNESBURG – More than four million people are apparently waiting for pension payouts. Non-profit organisation Open Secrets said these benefits amount to more than R42-billion. Thomas Malokotsa is still waiting for benefits from his deceased father’s pension fund, more than 30 years after his death. Malokotsa joined the Unpaid Benefits Campaign…
Millions waiting for pension payouts
OFM | 24 October 2019 More than four million people are apparently waiting for pension payouts. Non-profit organisation Open Secrets said these benefits amount to more than R42-billion. Thomas Malokotsa is still waiting for benefits from his deceased father’s pension fund, more than 30 years after his death. Malokotsa joined the Unpaid Benefits Campaign in…
Report reveals over R42-billion in unpaid benefits
The massive theft of pensions should be called a crime, but because it has been perpetrated by corporate South Africa, it is put down to regulatory failure.
Who profits from unpaid pensions, asks new report probing wrongfully cancelled funds
Carin Smith | fin 24 | 23 October 2019 | A new investigative report released by advocacy group Open Secrets on Wednesday evening aims to put pressure on authorities to hold accountable those who wrongly deregistered a large number of pension funds, affecting thousands of people. According to the report, entitled The Bottom Line, Who Profits…
The Bottom Line: Dissecting new report on pension money in SA with Michael Marchant
22 October 2019 | SABC News | Tonight we look at an explosive new report on pension money in South Africa. Specifically unclaimed funds that could help millions of poor people. It will be released by the advocacy group, Open Secrets, on Wednesday. But we can bring you this exclusive, early look tonight. The report…
Stolen Pensions
Refilwe Moloto speaks to Open Secrets’ Researcher Michael Marchant this follows on the Financial Sector Conduct Authority’s directive to all pension fund administrators to urgently get cancelled pension funds reinstated by the courts if they found that they had been erroneously deregistered before 1 April 2018.
A first step towards justice for South African pensioners
Between 2007 and 2013, more than 6,000 pension funds in South Africa were cancelled in a process littered with errors and oversights. Today, Open Secrets has written to five of the country’s largest pension fund administrators to demand swift action to reinstate pension funds that have been incorrectly cancelled. This is the first of many…
Justice still needed for poverty-stricken pensioners after deregistration blunder
“I have saved enough to retire peacefully. But now I will turn in my grave because I will die in poverty.” This was said by Douglas Maila, a member of the Unpaid Benefits Campaign, at a protest outside Alexander Forbes demanding that it pay pensioners the benefits they are owed. Maila’s experience of contributing a…
Correspondence with the FSCA
Correspondence with the Financial Sector Conduct Authority Our letters to and from the Financial Sector Conduct Authority regarding cancelled pensions.