Alexander Forbes ordered to compensate father after delaying payout for his new twins

A PENSION fund member expecting twins has won partial compensation after delays in processing his withdrawal claim forced him to take out costly vehicle finance to buy a larger family car.

- SINENHLANHLA MASILELA

A PENSION fund member expecting twins has won partial compensation after delays by the Alexander Forbes Retirement Fund in processing his withdrawal claim forced him to take out costly vehicle finance to buy a larger family car. I SIMPHIWE MBOKAZI Independent Newspapers

In a recent ruling, the office of the Pension Funds Adjudicator (PFA) found that the Alexander Forbes Retirement Fund — Preserved Provident Section acted wrongfully and negligently by failing to pay the member’s withdrawal benefit within a reasonable time and by contributing to delays through poor communication and internal coordination.

The complainant initially contacted the fund on September 2, 2024, to request a partial withdrawal of his savings, intending to transfer the remaining amount to his Retirement Annuity (RA).