Compliance Report on Abacus Umbrella Pension Fund. Conducted by: Sunnyboy Masangu. Date of visit: 6 September Issued by: Sunnyboy Masangu
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1 Compliance Report on Abacus Umbrella Pension Fund Conducted by: Sunnyboy Masangu Date of visit: 6 September 2011 Issued by: Sunnyboy Masangu Date issued: 3 October 2011 Registration number: 12/8/37087 Compliance case number:
2 TABLE OF CONTENTS Contents Page no: 1. Summary of findings 2 2. Definitions 3 3. Introduction 3 4. Background 4 5. Methodology 4 6. Findings Conclusion 7 8. Recommendations 7 Compliance Report 1
3 1. Summary of findings 1.1. The Fund contravened section 15 of the Act in respect of financial statements for the periods ended 31 August 2007, 2008, 2009 and 2010 (Refer to paragraph 6.1) Participation of Metrofile in the Fund couldn t be established (Refer to paragraph 6.2.2) The Fund contravened section 16 of the Act (Refer paragraph 6.2.3) The Fund had cases pending the PFA s determination (Refer to paragraph 6.2.4) Litigations by and/or against the Fund were noted (Refer to paragraph 6.2.5). Compliance Report 2
4 2. Definitions Act : Pension Funds Act 24 of Administrator Board : Brefco (Pty) Ltd. : Board of Trustees established in terms of section 7A of the Act. Division Fund Registrar Regulations : Surveillance and Enforcement Division : Abacus Umbrella Pension Fund. : Registrar of Pension Funds. : The Regulations published by the Minister of Finance in terms of section 40C of the Act. Rules Trustees : Rules of the Fund in terms of Section 11 of the Act. : Board of Trustees established in terms of section 7A of the Act. PFA : Pension Funds Adjudicator appointed by the Minister of Finance in terms of section 30C of the Act 3. Introduction In terms of section 25 of the Act the Registrar requested the Surveillance and Enforcement Division to perform a themed compliance visit on the Fund, a privately administered fund administered by the Administrator, to determine the possible reasons why the annual financial statement submissions of the Fund were not up to date and if remedial steps have been put in place to address the matter. Compliance Report 3
5 4. Background 4.1. The Fund was established with effect from 1 September The Fund was registered in terms of section 4(7) of the Act on 19 November The Fund s reference number was 12/8/ Furthermore, the Fund was established by the Administrator for the benefit of different employers not associated to each other The object of the Fund was, in terms of the rules, to provide retirement and other benefits for employees and former employees of the Participating Employers and benefits upon the deaths or disability of such employees or former employees The Fund was administered and operated on a private administration and defined contribution basis. 5. Methodology The conclusions reached in this report are based on the information extracted from the Registrar s records and information furnished by the Fund and the Administrator. Furthermore, information was also gathered at the compliance meeting held with representatives of the Fund and the Administrator. 6. Findings The Fund was visited at its registered office address and we met with its representatives (see Annexure A) Financial Statements During our planning phase, we noted that financial statements were outstanding for the periods ended 31 August 2006, 2007, 2008, 2009 and We noted however that 2006 statements were submitted to the Registrar. When we enquired from the Trustees as to the reasons for the delay in furnishing financial Compliance Report 4
6 statements for 2006, 2007, 2008, 2009 and The Trustees confirmed that the delays in submitting financial statements were due to poor administration service by the Fund s previous administrators, consequently the Fund was unable to produce financial statements for the periods in question. The Fund appointed Brefco (Pty) Ltd with effect from 1 March Brefco was subsequently assigned with the duty of reconstructing the member records of the Fund. We were advised that the members were kept abreast with the rebuild process in the form of regular communications (see Annexure B for a copy of such communication). We noted that the communications provided to members did not provide set dates within which the rebuild process will be finalised. The Trustees informed us that they will be in a position to better estimate the completion of the rebuild process once the audit of the financial statements for 2007 is finalised. Subsequently the Principal Officer confirmed that the anticipated date for the rebuild completion is 2013 as it was taking the Fund three to four months a year to do the rebuild. In terms of costs associated with the rebuild, the Trustees confirmed that the Fund currently has a claim against Santam who were the insurers of Pioneer Employee Benefits (Pty) Ltd who, due to mismanagement of the Fund, were the primary cause for the need to rebuild the Fund. Furthermore we were advised that the Fund s claim includes all additional costs being incurred in order to rebuild the fund. The Trustees further informed us that the claim has proved to be extremely problematic for a number of reasons and they currently have a legal team working in an attempt to get the matter finalised Other Matters Board of Trustees At the date the compliance visit was conducted, it was noted that the Board of Trustees did not comply with the provisions of section 7A(1) and the Rules of the Fund. The Fund subsequently submitted an exemption application in terms of Compliance Report 5
7 section 7B(1)(b)(i) of the Act (see Annexure C). The exemption was granted on the 19 th of September 2011 (see Annexure C) Participating Employer The Trustees confirmed at the meeting that Metrofile was the only contributing participating employer in the Fund. However according to our records Metrofile was not on the list of participating employers in the Fund and there were various other participating employers in the Fund (see Annexure D) Valuation Report The Fund s statutory valuation reports as at 31 August 2007 and 2010 were outstanding. We were informed that valuation work as at 31 August 2007 will commence once the outstanding financial statements for 2007 are completed PFA Cases The Trustees informed us that the Fund had cases pending determination by the PFA. Details of the cases were furnished to us (see Annexure E). The Trustees were advised that though these matters are with the PFA, the Registrar has interest in monitoring the outcome of such for regulatory purposes. The Trustees undertook to advise the Registrar on the outcome of the cases Other Litigation The Trustees informed us of other litigation instituted against and/or by the Fund. Furthermore there were matters brought to the Registrar s attention which were not of litigation nature rather general complaints by the Fund (see Annexure E). The Trustees were advised that where necessary the Registrar will provide assistance in ensuring that such matters are resolved. Compliance Report 6
8 7. Conclusion From our interaction with the Trustees, it appeared that the Fund was administered in a reasonably sound financial and legal manner. Regarding the contraventions identified in this report, we can submit that actions were being taken by the Trustees to address them. Except for the penalty the Registrar may impose for the continued non submission of financial statements, it is our submission that no further action by the Registrar is necessary at this stage. 8. Recommendations We recommend that the Trustees be requested to: 8.1. Ensure that the Registrar s is furnished with a detailed project plan in as far as the rebuild is concerned which must include set dates for submission of outstanding financial statements Furnish the Registrar with proof of Metrofile s participation in the Fund and the status of other participating employers Ensure that the Registrar is furnished with set dates for submission of outstanding statutory valuation reports Provide the Registrar with regular updates on the cases that are pending the PFA s determination. Compliance Report 7
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