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“It is most prudent that funds/administrators invest in training initiatives within their boards of management or organisations, to ensure that technical expertise or knowledge on how to deal with death benefit payments, is shared and maintained,” she said.
“The lack, thereof, is apparently clear from the issues that get misinterpreted, as these are often not complex at all nor do they raise novel issues,” said Lukhaimane.
More than 5 000 complaints were also carried over from the previous financial year, with 1 602 of those already over the six-month mark.
“This was partly due to some funds, with a high volume of complainants not submitting responses timeously and also due to a less-than-successful change management process in the last quarter of 2019/20, resulting in a slowdown…