South Africa pension complaints reach record high
By the AFREEQUE newsroom, based on TimesLIVE
South Africa’s Office of the Pension Funds Adjudicator received 13,041 complaints in the latest financial year, 26% more than a year earlier. The two-pot pension system sharply increased requests related to balances and emergency withdrawals, adjudicator Paul Mogashoa told TimesLIVE.
The South African Office of the Pension Funds Adjudicator received 13,041 new complaints during its latest financial year, a record since its establishment. The total was 26% higher than the 10,331 complaints recorded in the previous financial year and exceeded the previous record of 11,399 complaints set in 2018-2019, its adjudicator, Paul Mogashoa, said, according to TimesLIVE.
The increase was mainly linked to the ‘two-pot’ pension system, which allows withdrawals under certain conditions, as well as the office’s initiatives to better inform savers and economic difficulties. The office nevertheless closed 11,047 complaints, the highest number of cases finalised in a reporting period.
South African Finance Minister Enoch Godongwana said that 91% of cases had been resolved within six months. The Financial Services Tribunal received 104 applications to review decisions made by the office, of which 63 were rejected, according to Paul Mogashoa.
