The stripping of surplus funds from a number of South Africa’s pension funds in the 1990’s started a storm that has taken up until now to sort out and has seen high profile businessmen receive suspended sentences and fines for their part in the surplus fund stripping.
Members of the following funds were victims of surplus fund stripping and will begin to see the rightful amounts being paid to members, starting with the Mitchell Cotts fund members and beneficiaries. There is a R730 million being distributed to the members over the next six month period. The balance of the funds will all start to see funds distributed in the foreseeable future.
How to claim surplus benefits from your pension fund
- Mitchell Cotts Pension Fund
- Datakor Pension fund
- Picbel Pension Fund
- Lucas SA Pension Fund
- Prestolite Pension Fund
- Power Pack pension Fund
- Sable Industries Pension fund
- Metal Industries Provident Fund (MIPF)
- Engineering Industries Pension Fund (EIPF)
- Metal Industries Group Pension Fund (MIGPF)
- Metal Industries Group Life and Provident Fund (MIGLPF)
The amount of legal fees and consulting services required to settle these cases are in the many hundreds of Millions, the case has taken over 6 years and needs to be a lesson to the Industry as a whole. The new broom of Edward Kieswetter swept clean for Alexander Forbes, many of whose senior management were implicated in the surplus stripping fiasco with Alexander Forbes making a plea bargian, paying a small fine and repaying an amount of stripped funds to members.
The last few years has seen some incredibly devious schemes hatched by financial advisors that have cost investors dearly, least of which are the PONZI schemes and property syndication schemes. The most important thing that the FSB can and is doing, is to police their members and affiliates, ensure that the public is aware of the requirements to act as a financial advisor and to hold those who contravene the regulations and rules accountable for their actions.
The financial services Industry has seen a lot of new regulations and requirements for financial advisors as a result of the many unsavory activities which have put the financial services industry in the spotlight over the last few years including the requirement to write exams by the end of 2011 in order to continue giving financial advice. There has been an outrcy from the financial advisors who believe they are all being atrred with the same brush as the fraudsters and are opposing the requirement. There are so many financial products available to investors that a good financial advisor needs the knowledge to be able to properly advise their clients, why the outcry?
Related posts:
Financial Advisers exams create an uproar
How to Claim your portion of unclaimed benefits from your pension fund
Surplus Retirement Fund Payments and the tax implications
Claiming your share of Surplus Pension Funds
Funds administrated Gallet Retirement Fund Administrators (PTY) LTD (ACQUIRED BY SYGNIA)
I work for FIRESTONE from 1992 till 2010. But no surplus I stay now in 73Grootboom STR ARCADIA PORT Elizabeth 6059 ph 0619221517 all so my father work here 27 years Ruiter fortuin
I have worked for Consani’s Engineering and SAR & Harbours from 18:01:66 to 30:12:80 still have my blue card.
I am a Pensioner and would like to know if their is any money available for me
I served SAPS from 1985 till I resigned in 2016. I hereby wish to know whether there is any surplus pension money due to me and how to claim it if available.
I am Wilfred Mayaba ID no 6502135444080, I worked for SAPS from 1985 until I resigned in 2016. I hereby wish to know whether there is any surplus pension due to me and if there is any how can I go about in claiming it.
I would like to claim my surplus funds
GOOD DAY
I have worked at Sasol in Secunda for years after that I worked at General Motors in Port Elizabeth for 14 years. I would like to know if there are any funds due to me, You can send an email with how to go about claiming funds and where can I go. My (ID NUMBER: 5210115018087). I am currently a pensioner now.
I have worked for Twins Pharma which was bought by Premier pharma until it was bought by Tiger Brand and Tiger Brand sold the company to Adcock Ingram Healthcare where I finally retired in 2018 .I would like to know if there are some funds that are due to me at list on the side of the Surplus,my ID Number is 5311135516082
Thanks
I worked at the SAPost Offoce for more tha 30years and just whant to know if their is any oustanding pensionfund money due to me
I worked for 13 years in the Post Office and would like to know if there is any Surplus money for me. Douglas van Rensburg. ID 721028 5161 08 7. Contact 078 543 8168
I WORKED FOR FIRESTONE TYRE FACTORY FOR OVER 25 YEARS AND IS STILL WAITING FOR MY SURPLUS, HOW DO I APPLY