Fast little loans
The trustees of four umbrella retirement funds illegally deducted about R20 million from members’ savings to reconstruct the funds’ records after they were left in a shambles by the funds’ former administrator. Now, thanks to the deputy pension funds adjudicator, the 11 000 members will get their money back – although it’s unclear where the R20 million must come from. Personal Finance unpacks the saga and the implications of the adjudicator’s ruling for companies that administer your retirement savings.
Also in our weekend print edition:
* Withdrawal of guideline tariffs for doctors leaves medical scheme members vulnerable.
* Life assurance companies spout gobbledegook over unregulated commission payments.
* Financial advice ombud comes to consumers’ rescue.
Personal Finance is published every Saturday in the Pretoria News Weekend, the Saturday Star, The Independent on Saturday and the Weekend Argus.