Big Business Insights: What to consider when moving staff from one group pension fund to another
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Big Business Insights
Everyone at the helm of a business, whether a large corporate or a small or medium-sized enterprise, wants to take the right decisions for their businesses to grow and their people to thrive. Join Old Mutual Corporate’s Malusi Ndlovu as he talks to different experts to answer some of the questions you may have and help you to take informed decisions.
S1 EP5: What to consider when moving staff from one group pension fund to another
When an employer decides to move their entire workforce to another group retirement fund, HR and fund trustees have to consider all the stakeholders. Leanne van Wyk, an expert on pension-fund regulations and Director of ICTS Legal Services, explains what the law says, which steps to follow and what rights employees – the fund members – have.
Everyone at the helm of a business, whether a large corporate or a small or medium-sized enterprise, wants to take the right decisions for their businesses to grow and their people to thrive. Join Old Mutual Corporate’s Malusi Ndlovu as he talks to different experts to answer some of the questions you may have and help you to take informed decisions.
S1 EP5: What to consider when moving staff from one group pension fund to another
When an employer decides to move their entire workforce to another group retirement fund, HR and fund trustees have to consider all the stakeholders. Leanne van Wyk, an expert on pension-fund regulations and Director of ICTS Legal Services, explains what the law says, which steps to follow and what rights employees – the fund members – have.
Chapters
- 00:26 Introduction to our guest speaker, Leanne Van Wyk
- 01:08 Leanne explains why pension fund regulations are her favourite area of law
- 02:06 Who decides which pension fund employees belong to?
- 03:05 What is the role of the member? And what are the employers’ powers in determining that members must transfer from one fund to another?
- 08:26 Who decides what benefits the employees are entitled to?
- 11:49 Where does the power to transfer members from one fund to another lie?
- 14:44 Where does right to freedom of association come in?
- 16:54 What influence do unions have over the board of a fund or transfers?
- 22:21 The minimum requirements that need to be met to transfer from one fund to another
- 26:33 Are there examples of where objections from members have actually been upheld by the FSCA?
- 27:53 How does comparison of benefits work? What is the litmus test for saying benefits are equitable from one fund to another?
- 29:21 The importance of all stakeholders coming together
