Register now for Fin24 Dashboard and get access to portfolios, watchlists, financial comparison tools, and a whole lot more to help you achieve your financial goals.

Data provided by McGregor BFA
All data is delayed
Loading...
Where am I? Home
 
Prices are delayed by 15min.
Join the Fin24.com conversation about JSE-listed stock by using every time you tweet.

Worst pension fund named

Sep 28 2009 22:15

Related Articles

Pension funds sue RBS for losses

Pension cash outcry

Employers keep pension payments

Too broke to retire?

'The labyrinth of long-term investing'

 

Top Stories

Jobs, economy loom large over Zuma speech

Feb 09 2012 16:47

Job creation and measures to boost a slowing economy are keenly awaited in President Jacob Zuma's State of the Nation address.

Greeks fail to strike deal

Feb 09 2012 12:24

Greek leaders have failed to agree on reforms and austerity measures, forcing the finance minister to go to the country's financial backers with an incomplete deal.

Higher iron ore prices lift Kumba

Feb 09 2012 09:09

Kumba Iron Ore has reported a rise in full-year profit, boosted by higher iron ore prices and said it expects export volumes to rise in the current financial year.

 
Share Share line Print

Johannesburg - The worst performing pension fund was named by the Pension Fund Adjudicator in Johannesburg on Monday.

Mamodupi Mohlala identified the Private Security Sector Provident fund, administered by NBC, as the worst performing pension fund.

"There is a clear indication that the funds are failing to meet the standard required of them," Mohlala said, noting that only two funds performed well in the assessment.

The best performing fund was the Lifestyle Retirement Annuity Fund, and the second best was the Professional Provident Society Retirement Annuity Fund.

Mohlala said these were the only two funds that obtained the 70% rating, deeming them acceptable by the office of the adjudicator.

The adjudicator deals with complaints regarding private sector pension funds.

"All the others failed to meet the pass mark of 70%," she said.

The need for the scorecard arose as the adjudicator's office received a staggering amount of complaints about pension funds.

At least 390 pension funds were assessed for the period from September 2008 to September 2009.

Of these 390 funds, the office had received one complaint each for about 207 of them.

It had received 345 complaints on the Private Security Sector Provident fund, and 157 complaints about the Central Retirement Annuity Fund.

Mohlala said the need for a scorecard was highlighted with the introduction of President Jacob Zuma's complaints hotline earlier this month.

"The first call that was taken by the president himself was a complaint about access to pension contributions... This points to the need for the scorecard," she said.

The ratings that pension funds received would be referred to the Financial Services Board.

- Sapa

 
 
Comment on this story
0 comments
Comments have been closed for this article.
Facebook still a closed book in China
Feb 08 2012 16:59

Mark Zuckerberg wants to ''friend'' China's massive market but how far is he prepared to go, and against what competition?

NicolaaSmith

General purpose financial reports are designed to show the value of a reporting entity The Conceptual Framework for Financial Reporting (2010), paragraph OB7 states: ‘General purpose financial reports are not designed to show the value of a reporting entity.’ A reporting entity´s value can be one o... Read their blog...

Recently updated
Podcasts
The Sishen saga

Legal expert Peter Leon on the increasingly complex legal wrangle over the Sishen Iron Ore mine. Time: 8:17 Listen Here...

Before you list

Is the clarion call of the JSE calling? Listen to Fin24’s expert panel discussion before you list your small business. Time: 17:29

Compare and Buy

Compare and apply for hundreds of financial products from many suppliers.

Credit cards Medical aid Current accounts Think Money

Money Clinic

Money Clinic Do you have a question about your finances? We'll get an expert opinion.
Click here...

Loading...