South Africa: Amplats Pension Fund Battle Far From Over

analysis

The South Gauteng Court has found in favour of Anglo American Platinum in a long-running case. Now the unions are getting involved. And so the legislative lane to Bloemfontein is being tarred.

The South Gauteng High Court has found in favour of Anglo-American Platinum in a long-running dispute over the transfer of the company pension fund to an Old Mutual superfund in a landmark case that pits the interests of pension fund members against the need to reduce the cost of managing funds. But it's not over yet.

Employer representatives of the Anglo Platinum Pension Fund (AGPF) have been trying to transfer the funds in two retirement funds, Amplats Mines Retirement Fund (AMRF) and the Amplats Retirement Fund (ARF), into the Old Mutual superfund ever since 2013/14.

If successful, it will constitute the largest transfer of a corporate pension fund into a so-called "umbrella" fund in SA history.

But employee representatives have claimed in court papers that the previous principal officer (PO) of the two funds, Mark de Klerk, received kickbacks from Old Mutual in order to support the transfer. De Klerk vehemently denies the allegations.

The allegation forms part of the objection stipulated in the court papers, where the...

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