Pension funds adjudicator dies

Johannesburg - Finance Minister, Pravin Gordhan, has announced the death of Pension Funds Adjudicator (PFA) Charles Pillai.

" It is with a deep sense of sadness that I have learnt of the death of Mr Charles Pillai," Gordhan said.

Spokesperson for the National Treasury, Jabulani Sikhakhane, said Pillai died at age 55 after he was recently diagnosed with cancer.

Pillai was the fourth Pension Funds Adjudicator, he took office on April 1 after more than five years of service as the Financial Advisory and Intermediary Services (FAIS) Ombud. 

Appointed in terms of the Financial Advisory and Intermediary Services Act, Pillai set up the FAIS Ombud's office and ensured its proper governance, Gordhan said in a statement.

"He distinguished himself as FAIS Ombud and brought international recognition to the Ombud's office through many groundbreaking determinations which positively changed the face of financial advice and intermediary services in South Africa."

Gordhan said during the short time Pillai occupied the adjudicator's office he brought the same degree of commitment and dedication to his position as he had as FAIS Ombud.

"An experienced attorney with a strong constitutional and human rights background, Mr Pillai's commitment to watching out for the interests of the poor was best captured by his statement in the PFA's 2009/2010 annual report."

"Uppermost in my mind is that this office exists with a very important core mandate, and that is to ensure that the ordinary worker has a forum to turn to in the event of any perceived or real threat to his or her retirement savings," Pillai once wrote.

"On behalf of the South African government and the ministry of finance, I extend my heartfelt condolences to the Pillai family," Gordhan said.