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Presentation by the Office of the Pension Funds Adjudicator
To the Standing Committee on Finance 27 October 2011
11
22
• Abel Sithole : Chairman Financial Services Board (FSB)
• Elmarie de la Rey : Acting Pension Funds Adjudicator
• Makhado Ramabulana: Senior Assistant Adjudicator
• Muhammed Moga : Chief Financial Officer
• Dube Tshidi : Executive Officer of the FSB
• Dawood Seedat : Chief Financial Officer of the FSB
Presentation Team
33
Office of the Pension Funds Adjudicator (OPFA)
The mandate of the OPFA is to ensure a procedurally fair, economical and expeditious resolution of complaints in terms of the Pension Funds Act. ( page 1 of the annual report).
The OPFA is funded from levies raised from registered pension
funds.
44
Legislative and Regulatory Framework
The OPFA is regulated by the Pension Funds Act and the Public Finance Management Act.
55
The OPFA’s Operational Review
Case management (page 5)Human resources (page 6 and 7)Improvements of conditions of service (page 6)Skills development (page 6)
Performance against measurable objectives (page 44 – 49)
66
Dispute resolution activities
• Complaints statistics (page 8-9)
• Determinations (page 10-18)
• Some 6000 complaints received per annum
• Complaints received by mail, email, fax and website
• After registration each complaint is checked for
completeness, jurisdiction, time-barring etc
• Copy of complaint to respondents requesting response
• Copy of response to complainant for reply
• Decision to refer complaint for conciliation or formal
determination
• Conciliation
• Pre-conciliation
• Conciliation hearing
• Determination
• Further Investigation
• Draft determination for consideration by Adjudicator
• Formal determination by Adjudicator
• Copy of determination sent to parties and original
lodged with court
• Possibility of determination taken on review to High
Court
77
Review of financial
information for
the year ended 31
March 2011
Financial Performance
(page 21- 43)
88
Abridged statement of financial performance for the year ended 31 March 2011
Audited Budget AuditedY-on-Y
VarR 000 R 000 R 000 % R 000 %
Income 35,314 35,314 0 0% 37,964 -7%
Operating expenditure 32,229 35,314 (3,085) -9% 34,899 -8%Staff expenses 20,693 22,827 (2,134) -9% 18,345 13%General expenses 11,536 12,487 (951) -8% 16,555 -30%
Operating surplus 3,085 0 3,085 3,064 1%Finance income 22 0 22 6 253%Net surplus for the year 3,108 0 3,108 3,070 1%
2011 2010Act vs Bud Variance
STATEMENT OF FINANCIAL PERFORMANCE
99
The OPFA’s Financial Performance
• The office received a qualified audit opinion (page 23)• Property, plant and equipment (page 36)• Irregular expenditure (page 42)• Fruitless and wasteful expenditure (page 42)
1010
Abridged statement of financial performance for the period ended 30 September 2011
15,174 18,290 (3,116) -17% 36,580 36,580 0 0%
16,230 19,815 (3,584) -18% 36,615 40,771 (4,156) -10%
Staff expenses 10,380 11,910 (1,530) -13% 22,683 26,066 (3,383) -13%
5,850 7,904 (2,054) -26% 13,932 14,705 (773) -5%
Operating (deficit)/surplus (1,057) (1,525) 468 -31% (35) (4,191) 4,157 -99%
105 78 27 34% 180 107 73 68%
Net (defict)/surplus for the period (952) (1,447) 495 -34% 145 (4,084) 4,230 -104%
STATEMENT OF FINANCIAL PERFORMANCE Year To Date 30 September 2011 Year Ended 31 March 2012Actual R 000
Budget R
Forecast R
Budget R
Operating expenditure
Income
Finance Income
Actual vs budget Variance %
Actual vs budget Variance %
General expenses
1111
Contact details
Tel/Reception: 087 942 2700 / 011 783 4134
Website: www.pfa.org.za
Email: [email protected]
Questions?
2011.10.271212