What is Section 37D of the Pension Funds Act?
Section 37D (b) (ii) of the Pension Funds Act allows for compensation in respect of damage caused to the employer by reason of a member’s theft, dishonesty, fraud or misconduct to be deducted from the benefit payable to the member in terms of the rules of the retirement fund.
What happens to my pension fund when I divorce?
Pension interest as defined by Section 1 of the Divorce Act makes it clear that it applies to the spouse’s pension interest in a retirement fund as at the date of divorce. The annuitant cannot make a lump sum withdrawal from a living annuity and, as such, their spouse cannot claim a portion of the invested capital.
Is my wife entitled to my pension after divorce?
When a couple gets divorced their pensions are usually included in the financial settlement along with property and other assets. Without a ‘consent’ or court order confirming the settlement, both parties can make a claim on their former partner’s pension, regardless of how long they’ve been divorced.
How is pension split in divorce calculated?
Divide the service credit from date of marriage until date of separation by your total service credit. Multiply by your pension benefit. Multiply the total by 50%.
What is a Section 14 transfer?
A Section 14 transfer is the transfer of retirement fund benefits from one retirement fund to another in terms of Section 14 of the Pension Funds Act. Section 14 transfers will either follow the Section 14.1 or 14.8 process.
Do you get all your provident fund when you resign?
If you resign, or you are retrenched, you are allowed to withdraw from your employer-sponsored retirement fund (that is a pension or provident fund). The “benefit” you can claim is the balance in your retirement account. Once you have withdrawn, you have no other claim against that fund.
How long does divorce pension fund take?
In most cases the fund has 45 days, after receiving the divorce order, to request the non-member spouse to elect how the pension interest must be paid. The non-member spouse then has 120 days in which to make a decision.
Can I get my ex husband’s pension after divorce?
If you have not applied for retirement benefits, but can qualify for them, your ex-spouse can receive benefits on your record if you have been divorced for at least two continuous years. If your ex-spouse is eligible for retirement benefits on their own record, we will pay that amount first.
What is a pension sharing order divorce?
A pension sharing order is a court order used to separate two people’s pension assets. They are primarily used in the context of divorce, but also when a civil partnership is dissolved. Pension sharing is important, as retirement savings are often at least as valuable as other marital assets such as a house.
Can my husband take half my pension if we divorce?
Yes, but because of the way assets are divided in a divorce, you may not always receive part of your husband’s pension. On your divorce, or dissolution of your civil partnership, all of your assets and those of your ex-spouse or partner are taken into account.
What is a Section 14.8 Transfer?
A Section 14 transfer is the transfer of retirement fund benefits from one retirement fund to another in terms of Section 14 of the Pension Funds Act. For Section 14.1 transfers, we are required to submit the transfer documents to the Registrar of Pension Funds for approval.
What is a Section 13B administrator?
Section 13B(1) of the PFA requires investment administrators to apply for and obtain the approval of the registrar of pension funds (‘registrar’) and to comply with any conditions prescribed by the registrar, in order to provide investment administration services to funds regulated by the PFA.