The best weekly financial read in SA. As a subscriber you get online access to the new edition on Thursday morning. Register online with your subscriber number.
  Search 
Issue  Archives
   


Cover Story
FM Fox
Money & Investing
Features
FM Life

REGULARS
Editor's Note
Editorials
Technology
Opinion
People
Letters
Did You Hear?
Another Week
Economic Indicators



Top Jobs


  • Gordon Institute of Business Science (PDF file)
  • Black Fund Managers (PDF file)
  • SA in 2010 is available with the print edition
  • AdFocus 2009
  • Top Companies 2009
  • Reserve Bank
    Ranking the Analysts 2009
  • The Little Black Book
  • SA in 2009



  • Ranking the Analysts 2009
  • Top Empowerment 2009

  • Top Empowerment Companies 2008
  • Budget 2009
  • Budget 2008
  • SA in 2009 annual




  • Rally to Read



    Winning Tenders
    Strategic Empowerment
  • Virtual Books





    Help
    Search
    Subscribe
    About FM
    New Web Users
    Log in
    Advertising Rates
    Advertise
    Online Adrates
    Online Advertising
    Contact Us - email
    Contact Us
    BDFM BEE credentials
    FM Essentials
    Career Junction

    Virtual Books

    Marketing in SA
    Business Finance
    HR Management
    Simply Successful Selling
    Intro to Company Law
    Management & Treasury Operations



    22 December 2006 Xerox. The OriginalXerox. The Original



    PFA does earn it



    Naleen Jeram, deputy pensions fund adjudicator


    Vuyani Ngalwana
    In the December 8
    edition of the FM, an anonymous letter-writer compares the pension funds adjudicator's office's "productivity" with that of the long-term insurance ombudsman (LTIO) and the UK's financial ombudsman (UKFO). The comparison was that of apples and pears.

    The author says we have "resolved" 726 merit cases over this past year, and that 844 cases were out of jurisdiction and so do not count.

    From this, the author concludes that each lawyer in the office handled 51,8 complaints in the past year, translating to less than one complaint a week, compared with the LTIO's 9,6 and the UKFO's 4,4.

    There are considerable differences between our office and the LTIO. The adjudicator makes judgments that have the effect of a high court or magistrate's court order. That means in preparing a judgment the adjudicator is subject to the same strict requirements to which judges and magistrates are subject.

    Perhaps more importantly, the adjudicator is the only person, according to the Pension Funds Act, who can issue a judgment. The act precludes the adjudicator from delegating this function. Neither the LTIO nor the UKFO is in that burdensome position.

    The author assumes that out-of-jurisdiction cases require no effort to close. We use the term "out of jurisdiction" ("OJs") purely for ease of categorisation. There are 17 types of OJs. Almost all of them require a reading of the complaint and responses together with some research in order to ascertain whether they are OJs or not and, if so, under which of the 17 classes they fall. Because we devised a policy on all 17 classes of OJs, closing such files has become quicker.

    Besides, we do more than just determine complaints. We do public awareness-cum-education programmes, research papers which are published in law journals, and give lectures at universities and practical legal training schools. These are all part of our performance contracts. I am not aware of either the LTIO or UKFO doing similar things.

    The office in the UK that does the sort of work we do is the office of the UK pensions ombudsman, not the financial ombudsman. The UK pensions ombudsman resolved 383 cases in the 2005/2006 year by determination. We resolved 1 673 by determination. His office resolved a total of 1 226 complaints in that period. We resolved 3 101. His office received 2 790 "inquiries" (not all of them written complaints ). We received 4 901 written complaints and more than 35 000 telephonic inquiries.

    He has a staff complement of 35 and a budget that is almost double ours. We are 27 including the adjudicator and administrative support.



    OTHER LETTERS


    The FM welcomes concise letters
    from readers.
    Click here to write to The Editor



    BDFM Publishers (Pty) Ltd disclaims all liability for any loss, damage, injury or expense however caused, arising from the use of, or reliance upon, in any manner, the information provided through this service and does not warrant the truth, accuracy or completeness of the information provided. The publisher's permission is required to reproduce the contents in any form including, capture into a database, website, intranet or extranet.
    © BDFM Publishers 2012


    Member of the Online Publishers Association