“The fund will sort it out”: Why that assumption keeps costing families their pensions
In more than three decades of consulting to retirement funds, I have sat across the table from more grieving families than I can count, and heard some version of the same sentence more times than I care to remember: “We assumed the fund would just pay out”.
Over the past three decades, retirement fund consultants have encountered numerous grieving families, with many expressing a common concern: "We assumed the fund would simply pay out." Unfortunately, this assumption is frequently incorrect and fraught with complications, as evidenced by the recent activities of the Office of the Pension Funds Adjudicator (OPFA).
While the majority of retirement funds operate diligently, the reality for a family experiencing a financial setback due to mismanagement is all too real. The OPFA's role becomes crucial when these families seek justice - often after months of waiting for their rightful death benefits.
Written by urgent.news from IOL's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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