Chemical Industries National Provident Fund probed for maladministration
Complainants accuse Chemical Industries National Provident Fund of not transferring fund benefits for members of the fund when they requested it. The probe by the Registrar of Pension Funds follows after LL Barlow from Port Elizabeth laid a complaint against the Chemical Industries National Provident Fund with the Office of the Pension Funds Adjudicator, for the fund's failure to transfer his fund benefits to the Aspen Provident Fund.
The procedures for the transfer never took place, and the procedures needed to carry out the transfer were never carried out.
After receiving a request for the transfer of fund benefits, the board of the fund must actively communicate with the members involved to ensure that the transfer is reasonable and equitable. The Chemical Industries National Provident was not able to make a decision regarding the transfer of Barlow's funds, as it has been stated that the board did not receiving the necessary documentation.
The Pension Funds Adjudicator Muvhango Lukhaimane, has said that once a request for transfer of fund benefits by a member to another fund, the two funds need to follow the required administrative processes, as well as ensure that the Registrar receive the relevant information to make a decision about the reasonableness of the transfer.
Lukhaimane said: "In light of the number of complaints received by this Tribunal in respect of the first respondent [the Chemical Industries National Provident Fund] relating to the transfers in terms of section 14 of the [Pension Funds] Act, this complaint will referred to the Registrar, requesting her urgent intervention as this conduct amounts to maladministration."
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