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Presentation by the Office of the Pension Funds Adjudicator

Presentation by the Office of the Pension Funds Adjudicator. To the Standing Committee on Finance 27 October 2011. 1 1. Presentation Team. Abel Sithole : Chairman Financial Services Board (FSB) Elmarie de la Rey : Acting Pension Funds Adjudicator

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Presentation by the Office of the Pension Funds Adjudicator

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  1. Presentation by the Office of the Pension Funds Adjudicator To the Standing Committee on Finance 27 October 2011 11

  2. Presentation Team • Abel Sithole : Chairman Financial Services Board (FSB) • Elmarie de la Rey : Acting Pension Funds Adjudicator • Makhado Ramabulana: Senior Assistant Adjudicator • Muhammed Moga : Chief Financial Officer • Dube Tshidi : Executive Officer of the FSB • Dawood Seedat : Chief Financial Officer of the FSB 22

  3. Office of the Pension Funds Adjudicator (OPFA) The mandate of the OPFA is to ensure a procedurally fair, economical and expeditious resolution of complaints in terms of the Pension Funds Act. ( page 1 of the annual report). The OPFA is funded from levies raised from registered pension funds. 33

  4. Legislative and Regulatory Framework The OPFA is regulated by the Pension Funds Act and the Public Finance Management Act. 44

  5. The OPFA’s Operational Review Case management (page 5) Human resources (page 6 and 7) Improvements of conditions of service (page 6) Skills development (page 6) Performance against measurable objectives (page 44 – 49) 55

  6. Dispute resolution activities • Complaints statistics (page 8-9) • Determinations (page 10-18) • Some 6000 complaints received per annum • Complaints received by mail, email, fax and website • After registration each complaint is checked for completeness, jurisdiction, time-barring etc • Copy of complaint to respondents requesting response • Copy of response to complainant for reply • Decision to refer complaint for conciliation or formal determination • Conciliation • Pre-conciliation • Conciliation hearing • Determination • Further Investigation • Draft determination for consideration by Adjudicator • Formal determination by Adjudicator • Copy of determination sent to parties and original lodged with court • Possibility of determination taken on review to High Court 66

  7. Review of financial information for the year ended 31 March 2011 Financial Performance (page 21- 43) 77

  8. Abridged statement of financial performance for the year ended 31 March 2011 88

  9. The OPFA’s Financial Performance • The office received a qualified audit opinion (page 23) • Property, plant and equipment (page 36) • Irregular expenditure (page 42) • Fruitless and wasteful expenditure (page 42) 99

  10. Abridged statement of financial performance for the period ended 30 September 2011 1010

  11. Contact details Tel/Reception: 087 942 2700 / 011 783 4134 Website: www.pfa.org.za Email: enquiries@pfa.org.za 1111

  12. Questions? 1212 2011.10.27

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