The pension fund adjudicator is investigating printing and publishing
group Caxton’s pension fund after former staff complained that they
were paid only half their pension contributions when they resigned, writes Chantelle Benjamin in Business Day.

To add insult to injury, the members of Hortors Group Pension Fund were taxed on the full amount.

The office of the pension fund adjudicator in Johannesburg said yesterday that the investigation was continuing, despite Hortors having told the adjudicator last week that it would pay in full the affected members, namely those who had resigned this year.

The dispute between Hortors and its members is just the tip of the iceberg. The larger matter is a disagreement between trustees and actuaries of the fund on the one hand, and the Financial Services Board (FSB) on the other, over whether outstanding money in the fund in 2001was surplus money or investment returns.

Click here to read the full report, posted on Business Day's website.