Finance Minister Trevor Manuel plans to appoint a new Pension Funds Adjudicator by July 1, a spokesperson for the Department of Finance says.
John Murphy, who announced his resignation as Pension Funds Adjudicator three months ago, left office at the end of May.
In the interim, there is expected to be a delay in processing complaints submitted to the adjudicator's office, because the Pension Funds Act, in terms of which the office of adjudicator functions, makes no provision for the appointment of an acting or temporary adjudicator. This means that no rulings on complaints lodged may be handed down until a new adjudicator has been appointed.
Nevertheless, consumers who have complaints against their retirement funds are advised to lodge them so that processing of the complaint may take place. You should also bear in mind that, generally, if complaints are not lodged within three years of the act or omission that gave rise to the complaint, your right to complain to the adjudicator lapses.
Murphy resigned to take up a position with the United Nations. He became the first Pension Funds Adjudicator when the post was established six years ago.
During his term of office, Murphy repeatedly called for an overhaul of the Pension Funds Act, because of the difficulties he faced in making determinations.