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- COMPLAINTS & ENQUIRIES
WHAT ARE THE DUTIES OF THE ADMINISTRATOR?
The administrator administers the fund. It keeps the records of the members of the fund. It allocates the contributions received to the members’ accounts and pays out members’ benefits pursuant to the receipt of withdrawal claim forms and instructions received from the fund.
WHAT IS THE ROLE OF A TRUSTEE?
Trustees are required to manage the fund’s assets impartially in terms of the legislation and rules of the fund for the benefit of members.
HOW ARE ALL TRUSTEES ELECTED IN THE FUND?
In terms of Rule 12 of the Fund’s Rules, on or before every 5th anniversary of 31 July 2011 (that is on or before 31 July 2016 and 31 July 2021, and so forth), unions with the largest number of members, according to the most current verification exercise by the National Bargining Council in the Private Security Sector (NBCPSS), which are eligible to appoint the member trustees, must be notified by the Fund in writing that each such union must within 21 days of the date of such notification appoint a person to be a trustee. This must take place according to the processes set by the Fund.
An employer organisation qualifies to appoint an employer trustee if the number of employees that its members employ in the private security sector exceeds the required threshold set by the NBCPSS. As is the case with member trustees, on or before every 5th anniversary of 31 July 2011, the employer organisations must be notified by the Fund in writing that such employer organisations must within 21 days of the date of such notification, appoint persons to be employer trustees. This too must take place according to the processes set by the NBCPSS.
As is the case with member trustees, on or before every 5th anniversary of 31 July 2011, the employer organisations must be notified by the Fund in writing that such employer organisations must within 21 days of the date of such notification, appoint 6 persons to be employer trustees. This too must take place according to the processes set by the NBCPSS.
WHAT IS THE ROLE OF THE PRINCIPAL OFFICER?
The Principal Officer ensures that Board decisions and all legal requirements are carried out. As the person who implements Board decisions, he has to liase with all the appointed Service Providers.
Here are some of the duties of the principal officers:
- He must ensure that the fund complies with the Act and the regulations thereto.
- He must advise the Registrar of Pension Funds of any changes in the rules of the fund.
- If a fund consolidates its rules, the principal officer must forward a copy of the consolidated rules to the Registrar.
- Within six months after the end of the fund’s financial year, the principal officer must inform all members of the fund of all amendments that may have been effected to the rules during the particular financial year.
- The board of trustees and the principal officer must produce a certificate to accompany the valuation report. The certificate must confirm that such valuation report reflects the true position of the fund, and that a copy of the report has been sent to every participating employer.
- The principal officer must sign all documents, other than the rules and the annual accounts and statements, on the first page together with a trustee and the chairman of the board.
- The principal officer must submit the financial statements on behalf of the fund to the Registrar within six months of the end of the fund’s financial year.
The principal officer is the official representative or contact person of the fund with the Financial Services Board.
WHAT IS THE ROLE OF THE PENSION FUNDS ADJUDICATOR?
The main role of the Pension Funds Adjudicator is to dispose of pension related complaints that have been lodged with her office in a procedurally fair, economical and expeditious manner.