South Africa. PFA decisions can now be appealed with the Financial Services Tribunal
Until recently PFA determinations could only be taken on appeal to the High Court – at great cost – within six weeks of the decision.
The Financial Sector Regulation Act, 9 of 2017 (“FSR Act”) considers the Pension Funds Adjudicator as a “decision-maker” and his/her decisions are “decisions” as respectively defined in paragraphs (e) and (d) of section 218 thereof.
This section came into effect on 1 April 2018 along with the FSR Act. Thus, the tribunal is now in a position to entertain appeals of determinations handed down by the Office of the Pension Funds Adjudicator (OPFA) with immediate effect.
Pension Funds Adjudicator, Muvhango Lukhaimane, welcomes the new move, saying anyone who is aggrieved with the outcome of a determination is entitled to lodge an application for the reconsideration of the determination within 30 days of the date of the determination to the Financial Services Tribunal.
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