Court overturns Pension Funds Adjudicator ruling

A high court has dismissed and set aside a Pension Funds Adjudicator’s (PFA) determination that Bokamoso Retirement Fund should pay back money incorrectly deducted from a man’s pension payout.

The adjudicator, Muvhango Lukhaimane, had ordered Bokamoso – which is administered by the Akani Retirement Fund Administrators – to pay back an amount deducted from former Akani employee Ntokozo Maseko’s retirement fund withdrawal benefit in respect of a study loan, and further urged the Financial Sector Conduct Authority (FSCA) to investigate Akani for unlawful conduct.

However, in overturning the PFA decision, the court agreed with the fund’s calculations and approach to the matter.

The former employee had multiple study loans of which one was dollar-denominated.

When all the amounts owing were reconciled, the fund realized there was a miscalculation.

This was explained to the PFA and they agreed with the version offered by Akani and Bokamoso.

But they later changed in their final determination.

Managing director of Akani Zamani Letjane said: “We welcome the judgment of the high court for exonerating both Akani and Bokamoso and proving – without a shadow of a doubt – that the decisions the Bokamoso board took were in line with the rules of the fund.

“This is not the first time the PFA has been found wanting by the courts. Their contradictory determinations are a cause for concern.”

In other news – The real age of Cobra (Presley Chweneyagae) from The River leaves Mzansi speechless

Thuso Mokoena aka Cobra from the telenovela, The River, is one of our favourite actors who keep us glued to the small screens. Below is a brief profile of him.

Real Name, Age And Family – His real name is Presley Chweneyagae. He was born on October 19 1984 in the North West Province Mafikeng, South Africa. He is a South African actor of Tswana origin. Learn More