n Personal Finance Newsletter - Locking in clients is anti-competitive : retirement annuities




Extracted from text ... Moneyweb's PERSONAL FINANCE November 2006 7 PENSION funds can no longer prevent clients from transferring funds as this is anti-competitive and not in the interests of consumers. Vuyani Ngalwana, the Pension Funds'Adjudicator, made this finding after hearing the case of a complainant who asked for his contributions to the South African Retirement Annuity Fund (SARAF) to be transferred in 2005. The transfer was asked for because of the poor performance of the fund, and because of the charges levied against the complainant by Old Mutual for first lowering his level of contribution RETIREMENT ANNUITIES Locking in clients is anti-competitive ..


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