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Surplus fund stripping case finally over

Surplus fund stripping case finally over

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 theĀ foreseeableĀ 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
The Metals and Engineering Industry Funds
  • 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?

114 Responses to “Surplus fund stripping case finally over”

  1. Eddie says:

    I all like to know how can I apply for my late father surplus money

  2. Aslam says:

    I work at OK bazaars for 7years I would like to no how to claim for my surplus please

  3. wilem says:

    I worked at Iscor Pretoria and was given a package in 2001 in April
    i want to know if there are any surplus for me in the Iscor pension fund

  4. Hannes Grobler says:

    Goodday i worked for winkelhaak mines in evander and want to now if yhere is any surplus money or pension money available for me.

  5. Johan Odendaal says:

    i WORK FOR sANTAM bANK tHEN bANKKORP WHICG WAS INCORRPERATED INTO ABSA.
    i WORK 16 YEARS FOR THEM IN TOTAL AND LEFT IN 200O.
    i NEED TO KNOW IF THERE ARE SURPLUS FUNDS DUE TO ME AS I SEE ALOT OF COMMENTS ON THIS MONIES DUE TO EX EMPLOYEE,S.

  6. Relation Nobantu Mbowane says:

    Morning My mother used to work as a nursing assistance under Lifecare and would like to know if there are any surplus owed to her or where she is supposed to go to. The SANLAM Umbrella Fund have paid her the pension money last year. Her ID Number is 4309180343080 and the name is Sarah Lebogile Mazibi and my deceased father Israel Mazibi, ID no is 4211055518087 worked under the mines Randfontein Estates Gold Mine and the West rand Consolidated Mine and was retrenched in 1990.My husband also worked in the West Rand Consolidated Mine and the name is Solomon Velaphe Mbowane ID no is 6206235442081. Please respond to my gmail hereunder and my telephone no is 011 411 0416 EXT 0969/0607759572.

  7. MARTHA SUSANNA GRUNEWALD says:

    I worked in the Printing & Publishing Industries from 1975-1995.
    Last fund administrator payout I’ve got was Metropolitan. I am trying to find out of there is surplus pension for me.

    I.D 5305110046081

  8. Khotso Sello says:

    Afternoon I used to work for Old mutual and Alexander Forbes and would like to know if there are any surplus owed to me.

    ID:810918 5658 086

  9. I started working for Edgar’s in 1984 and started contributing to the Edgar’s Pension Fund on the 07.07.1989.
    My I’D 6107310038085.
    My employee no back then was- 053538
    I would like to know if I do qualify for the surplus please.

  10. Denise says:

    I worked for mines secretariat and left in 2004 but Lekhana which i belonged to what happened to the surplus? my id 5305150060083

  11. Derrick lake. I'd 6906035148081 says:

    Hi not sure was working in the plumbing industry for +- 10 years and the motor industry now 18 years

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