Bank records subpoenaed by the liquidation inquiry indicate that Richard Kawie used borrowed pension-fund money to fund a lavish lifestyle.
Enoch Godongwana has told a closed liquidation inquiry that he expected to earn an annual salary of R1.5-million when he chaired Canyon Springs.
Two officials may soon have to explain how they became involved in two struggling companies in which clothing workers’ pension money was invested.
Forensic investigators are concerned that the alleged key player in the missing pension funds may be planning to leave the country with his family.
Trade union pension and provident funds control billions of rands, the oversight of which is too often carried out by a small network.
Former Sactwu consultant, Richard Kawie, is alleged in court papers to have been paid R8-million for his work as a consultant.
The Financial Services Board is investigating the investment in 2007 of R420-million of pension funds belonging to Sactwu members.
What are beneficiary funds? Giselle Gould, business development director at Fairheads Benefit Services, explains.
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/ 25 October 2010
Can you claim a spouse’s pension fund benefits if you divorce?
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/ 15 October 2010
With monthly fees as high as 8% of contributions, is it worth having a company pension fund?
What to consider when moving from a defined contribution to a defined benefit retirement fund.
Inappropriate fees charged to pension funds could cost the funds as much as 0,2%, or R3-billion, a year, a pension fund expert has estimated.
Jason wants to know whether to opt for his company’s pension fund which includes group life or to invest in a retirement annuity.