presentation by the office of the pension funds adjudicator to the standing committee on finance 27...
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Presentation by the Office of the Pension Funds Adjudicator
To the Standing Committee on Finance 27 October 2011
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• 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
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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.
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Legislative and Regulatory Framework
The OPFA is regulated by the Pension Funds Act and the Public Finance Management Act.
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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)
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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
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Review of financial
information for
the year ended 31
March 2011
Financial Performance
(page 21- 43)
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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
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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)
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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
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Contact details
Tel/Reception: 087 942 2700 / 011 783 4134
Website: www.pfa.org.za
Email: [email protected]
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Questions?
2011.10.271212