South Africa

SOUTH AFRICA - Trustees have a duty to recover profits made by pension fund administrators that have not been disclosed to pension schemes, the pension funds adjudicator (PFA) has ruled.

SOUTH AFRICA - The Federation of Unions of South Africa (FEDUSA) has declared its support for a lawsuit against Investec Employee Benefits (IEB), in which the South African Equity Workers Association (SAEWU) is seeking R4bn (US$470m) over allegations...

SOUTH AFRICA -The South African Social Security Agency (SASSA) has processed 5,000 applications for pensions from men aged between 63 and 64 since the new Social Assistance Amendment Act came into effect on 14 July.

SOUTH AFRICA - Leading figures in the South African pensions industry have called for confidence to be restored in the country's pensions system, following a series of scandals.

SOUTH AFRICA - Watson Wyatt has completed its acquisition of a 20% stake in consulting firm Fifth Quadrant, as revealed exclusively by Global Pensions in December ( www.globalpensions.com , 3 December 2007).

SOUTH AFRICA - Asset managers in South Africa have been given more flexibility to invest overseas, as the offshore allowance for pension funds was raised to 20% in the 2008 Budget.

SOUTH AFRICA - South Africa's more than R1trn (US$130bn) institutional pension system suffers from service providers' conflicts of interest, inadequately educated pension fund trustees and an insufficient distinction between the financial interest of...

SOUTH AFRICA - Experts have warned the government has been "dragging its feet" on pension reform and the 2010 deadline will not be met.

Watson Wyatt has taken a initial 20% stake in South African consultancy, Fifth Quadrant, in its fourth major deal of the year.

SOUTH AFRICA - The national treasury is said to be expecting a backlash against legislation that has forced companies to refund pension fund surpluses which had been misused, according to reports.