In December 2021, Open Secrets and the Unpaid Benefits Campaign (UBC), represented by the Centre for Applied Legal Studies (CALS), brought an application in the Gauteng High Court against the Financial Sector Conduct Authority (FSCA). In the spirit of greater transparency and responsiveness to the plight of pensioners, the application asks the Court to remedy the unlawful cancellation of pension funds.
In August 2022, we signed a settlement agreement with the FSCA.
Before we litigated against the FSCA, fund administrators had only reinstated 48 of the thousands of cancelled funds, and all done by one fund administrator, Liberty Life. This is 48 funds in the more than ten years since the Cancellations Project.
In the 7 months after Open Secrets and UBC launched the application against the FSCA, the FSCA did more than it had in the last 10 years. In this time, Liberty reinstated the remaining funds it had identified as needing to be reinstated. As a result, hundreds of beneficiaries can now access their benefits and we now know a little more about how/whether the FSCA has been exercising its powers in the public interest.
Recognising this in August 2022, we signed a settlement agreement with the FSCA.
With a reputation of being incapable of managing the technical constraints of its internal systems, it must be questioned why the South African Social Security Agency and the South African Post Office would make Postbank the preferred partner to take over the administration of social grant payments.
Michael Marchant speaks to Sakina Kamwendo about the nearly R50 billion in Unpaid Pensions that belong to almost 5 million people in Southern Africa
Nearly R50 billion. That is how much greedy and negligent pension funds and pension fund administrators owe to almost 5 million people in Southern Africa in unpaid pensions
Mudiwa Gavaza speaks to Tabitha Paine, attorney and acting head of legal at Open Secrets, and Thomas Malokotsa from Unpaid Benefits Campaign
Media Statement Civil Society organisations take Financial Sector Regulator to court In December 2021, Open Secrets and the Unpaid Benefits Campaign (UBC), represented by the Centre for Applied Legal Studies (CALS), brought an application in the Gauteng High Court against the Financial Sector Conduct Authority (FSCA). In the spirit of…
The Citizen | Bernadette Wicks | 13 May 2021 Tito Mboweni contends that appointments to statutory or public institutions do not always have to follow a public process. Open Secrets and the Unpaid Benefits Campaign is set to square off against Finance Minister Tito Mboweni in the High Court in…
13 May 2021 Open Secrets and the Unpaid Benefits Campaign (UBC), represented by the Centre for Applied Legal Studies (CALS), have approached the Gauteng High Court to set aside portions of the regulations that were made in terms of section 61(4) of the Financial Sector Regulation Act 9 of 2017…
Tumisang Ndlovu speaks to Michael Marchant, researcher – Investigations and Advocacy – Open Secrets and the Unpaid Benefits Campaign about the Financial Sector Conduct Authority (FSCA) commissioner appointments process.
Mamello Mosiana | Daily Maverick | 17 June 2020 | While few immediately associate youth issues with pensions, the reality is that many young people actively participate in and even depend on the pensions industry. This includes their participation in the ongoing struggle of millions to access more than R42-billion…
16 June 2020 | Mamello Mosiana | While few immediately associate youth issues with pensions, the reality is that many young people both actively participate in, and depend on, the pensions industry. This includes their participation in the ongoing struggle of millions to access over R42 billion in pension benefits…
Business Live | 11 June 2020 | Questionable appointments, or failure to appoint people, remain a blot on the finance minister’s copybook. It raises the question: has he lost interest? Tito Mboweni is a politician wrapped in contradiction. He clearly thrives on the warm affirmation he elicits from his 778,000…
10 May 2020 | You may be facing hardship but what if you’re owed money? Michael Marchant of Open Secrets of tells me there’s R43b in retirement funds owing to 5m beneficiaries & they don’t know about it. Find out how you can claim in this podcast.
Michael Marchant | Daily Maverick | 8 May 2020 | In the context of a strained fiscus and a dysfunctional social security agency – freeing up private assets that are owed to poor and vulnerable individuals could also go a long way to supporting the increase in social welfare grants.…
After hounding out the whistleblower who exposed Liberty Life’s disastrous pension fund cancellations programme, the insurer has sat on its hands. It is extraordinary to see how pension industry insiders leap to defend insurance behemoth Liberty Life for its scandalous handling of the unlawful cancellation of hundreds of pension funds.…
GroundUp | Ciaran Ryan | 16 January 2019 | “This may seem small compared to the billions of unclaimed assets, but it is always nice to see a direct impact” It’s nice to share good news every now and again. Late last year we published two stories (here and here) on R42…
Unaccountable 00003: Captured Regulator?- The FSCA and Dube Tshidi By Michael Marchant Open Secrets | Daily Maverick | 3 December 2019 In part two of the Open Secrets Unaccountable series, we profiled the conduct of Liberty Group in the incorrect cancellation of hundreds of pension funds when they still held…
Christi Nortier | Maverick Citizen | 29 November 2019 | Every Friday for the past decade, Sphiwo William Casiwe has made his way from his home in Khayelitsha to the local activist hub, the Isivivana Centre, for a meeting with fellow ex-mineworkers. He clutches his satchel as he hails taxis…
Unaccountable 00002: Liberty- Profit over Pensioners By Michael Marchant More than 16 million South Africans contribute to a pension fund, most of which are run by financial behemoths like Liberty. They do so in the hope of a decent dignified life in retirement, and to ensure their dependants will be…
Ciaran Ryan | GroundUp | 26 November 2019 R19 billion owed to beneficiaries in metal industry More than half the unclaimed benefits of R42 billion owed to roughly 4.2 million former workers are bottled up in just two trade union-affiliated pension schemes. This is one of the findings in a…
Ciaran Ryan | GroundUp | 19 November 2019 | A campaign to reclaim billions of rands in unclaimed benefits is about to kick into high gear. The Unclaimed Benefits Committee (UBC), representing a group of claimants, and non-profit organisation Open Secrets, are planning to lobby Parliament. “We will also be…
Weekend Breakfast with Refiloe Mpakanyane | 702 | 16 november 2019 | Senior Researcher at Open Secrets, Michael Marchant unpacks Open Secrets’ report looking in to the saga behind the FSCA’s unclaimed pension funds which is reportedly nearing R50 Billion now.
Lotus FM | Newsbreak | 13 November 2019 | SABC News and Current Affairs — By Newsbreak Producer Hoossen Ebrahim – Non-profit organisation “Open Secrets” has written to the Finance Minister to investigate their report which found over 42-billion-rand worth of unpaid benefits of pension funds – still under the…
Marianne Thamm | Daily Maverick | 10 November 2019 The R42-billion in unpaid benefits owed to more than four million South African pensioners is ‘a fundamental failure’ of public interest by state regulators and pension fund administrators, a year-long investigation by Open Secrets has concluded. Open Secrets researchers Michael Marchant,…
Weekend Breakfast with Africa Melane | Cape Talk | 9 November 2019 | This is the 3rd and final installment of a conversation which this show has been having about unpaid pension schemes in South Africa. Around R42 Billion is sitting in pension schemes which are administered in South Africa.…
Ruan Jooste | Daily Maverick | 7 November 2019 | There is a mountain of money, R42bn to be exact, sitting in unclaimed benefit schemes out there, just sitting there, getting fatter, which means money for jam for the fund managers, but doesn’t afford any jam to the estimated four…
Sarah Smit | Mail & Guardian | 5 November 2019 | An “angry, distrustful and even vengeful woman”. This is how whistleblower Rosemary Hunter was described in an affidavit to the high court by her one-time boss, erstwhile Financial Services Board (FSB) chief executive Dube Tshidi. The former deputy registrar…
While politics continues to focus the public’s attention, many may be losing out on their pensions. The network is joined by Open Secrets’ Investigator Michael Marchant to discuss this matter. Courtesy #DStv403
Weekend Breakfast with Africa Melane | 702 | 26 October 2019 | Whistle blower Rosemary Hunter faced massive opposition when she called out her colleagues at the Financial services board for irregularities relating to cancelled pension schemes. As we stand, there is R42 billion in benefits is owed to over…
Pension fund industry continues to profit from the R42-billion owed to the four million South Africans still waiting to be paid their pensions.
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…
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 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.
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,…
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,…
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.
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…
“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.…
Correspondence with the Financial Sector Conduct Authority Our letters to and from the Financial Sector Conduct Authority regarding cancelled pensions.
