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Presentation by the Office of the Pension Funds Adjudicator. To the Standing Committee on Finance 27 October 2011. 1 1. Presentation Team. Abel Sithole : Chairman Financial Services Board (FSB) Elmarie de la Rey : Acting Pension Funds Adjudicator

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Presentation Transcript
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Presentation by the Office of the Pension Funds Adjudicator

To the Standing Committee on Finance 27 October 2011

11

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Presentation Team

  • Abel Sithole : Chairman Financial Services Board (FSB)
  • Elmarie de la Rey : Acting Pension Funds Adjudicator
  • Makhado Ramabulana: Senior Assistant Adjudicator
  • Muhammed Moga : Chief Financial Officer
  • Dube Tshidi : Executive Officer of the FSB
  • Dawood Seedat : Chief Financial Officer of the FSB

22

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Office of the Pension Funds Adjudicator (OPFA)

The mandate of the OPFA is to ensure a procedurally fair, economical and expeditious resolution of complaints in terms of the Pension Funds Act. ( page 1 of the annual report).

The OPFA is funded from levies raised from registered pension funds.

33

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Legislative and Regulatory Framework

The OPFA is regulated by the Pension Funds Act and the Public Finance Management Act.

44

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The OPFA’s Operational Review

Case management (page 5)

Human resources (page 6 and 7)

Improvements of conditions of service (page 6)

Skills development (page 6)

Performance against measurable objectives (page 44 – 49)

55

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Dispute resolution activities

  • Complaints statistics (page 8-9)
  • Determinations (page 10-18)
  • Some 6000 complaints received per annum
  • Complaints received by mail, email, fax and website
  • After registration each complaint is checked for completeness, jurisdiction, time-barring etc
  • Copy of complaint to respondents requesting response
  • Copy of response to complainant for reply
  • Decision to refer complaint for conciliation or formal determination
  • Conciliation
    • Pre-conciliation
    • Conciliation hearing
  • Determination
    • Further Investigation
    • Draft determination for consideration by Adjudicator
    • Formal determination by Adjudicator
    • Copy of determination sent to parties and original lodged with court
    • Possibility of determination taken on review to High Court

66

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Review of financial information for

the year ended 31 March 2011

Financial Performance (page 21- 43)

77

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The OPFA’s Financial Performance

  • The office received a qualified audit opinion (page 23)
  • Property, plant and equipment (page 36)
  • Irregular expenditure (page 42)
  • Fruitless and wasteful expenditure (page 42)

99

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Contact details

Tel/Reception: 087 942 2700 / 011 783 4134

Website: www.pfa.org.za

Email: enquiries@pfa.org.za

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Questions?

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2011.10.27