1 reviews | Active since Dec 2017
Lack of communication and unfairness
I received a call from Sue. Thank you. But unfortunately i am not happy with the out comes of that call. Out of frustration and desperation I have investigated the matter in more detail and found that my ex-employer has in fact committed a ******** offence and Momentum as the Fund Administrator and the Fundsatwork Umbrella Fund should have reported my ex-employer to the police and laid ******** chargers. I have found that the process that should have been followed was clearly not adhered and does this then mean that Momentum and the Fundsatwork Umbrella Fund are joint and equally liable as my ex-employer for this ******** contravention.
Below confirmation of the process which should have been followed and was clearly not followed: In terms of Section 13A of the Pension Funds Act, any contributions which, in terms of the Rules of the Fund, are to be deducted from the member's remuneration and for which the Employer is liable shall be forwarded directly to the fund no later than seve (7) days after the month for which payment was due.
Good Day
Your comments are noted, however in this instance the correct process has been followed and documented with the employer.
The liquidation is currently with the FSB and will be a full liquidation. A liquidator has been appointed.
Please be advised that all aspects are thoroughly investigated when there is a liquidation.
Kind Regards
Sue
Good Day
Your comments are noted, however in this instance the correct process has been followed and documented with the employer.
The liquidation is currently with the FSB and will be a full liquidation. A liquidator has been appointed.
Please be advised that all aspects are thoroughly investigated when there is a liquidation.
Kind Regards
Sue
Good Day Natalie
We re obliged to follow a legal process to terminate the fund should an employer fail to pay pension contributions. The approval of the Financial Services Board is required. The appointment of a liquidator is also required.
The information contained in your complaint regarding the fact that the liquidation was affected 1 January 2017 is incorrect. There was a process in between and should you require those details, I would suggest that you contact your previous employer.
Members may not be paid out until the liquidation has been approved by the FSB and as stated yesterday this can take some time.
Once the liquidator has investigated certain aspects he will be required to obtain the signatures of the members for the preliminary liquidation account.
You may then once this has been done approach the liquidator for a partial payment known as a hardship payment.
The liquidation is not at that point yet.
I understand your frustration, however this is now out of our hands.
Regards
Sue
Good Day Natalie
We re obliged to follow a legal process to terminate the fund should an employer fail to pay pension contributions. The approval of the Financial Services Board is required. The appointment of a liquidator is also required.
The information contained in your complaint regarding the fact that the liquidation was affected 1 January 2017 is incorrect. There was a process in between and should you require those details, I would suggest that you contact your previous employer.
Members may not be paid out until the liquidation has been approved by the FSB and as stated yesterday this can take some time.
Once the liquidator has investigated certain aspects he will be required to obtain the signatures of the members for the preliminary liquidation account.
You may then once this has been done approach the liquidator for a partial payment known as a hardship payment.
The liquidation is not at that point yet.
I understand your frustration, however this is now out of our hands.
Regards
Sue