Speaker Company Topic GRAHAM DAMANT BOWMAN GILFILLAN INC WHAT HAPPENED TO EMPLOYER RIGHTS IN PENSION...
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Transcript of Speaker Company Topic GRAHAM DAMANT BOWMAN GILFILLAN INC WHAT HAPPENED TO EMPLOYER RIGHTS IN PENSION...
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Speaker
Company
Topic
GRAHAM DAMANT
BOWMAN GILFILLAN INC
WHAT HAPPENED TO EMPLOYER RIGHTS IN PENSION FUNDS?
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THE OVERSEAS EXPERIENCE
A. CLEAR DISTINCTION
- Employee Benefits Lawyers (Labour Law Department)
- Pension Lawyers
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EMPLOYEE BENEFIT LAWYERS
EMPLOYER
Pension Funds
Other Benefits- Loans- Transport etc
Share Options
Medical Schemes
Bonus Schemes
Post Retirement
Medical Aid
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PENSION LAWYERS
PENSION FUNDS
Administrator
Employer Investment Managers
Consultant
Members
Trustees
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EMPLOYEE BENEFITS LAWYERS PROVIDE ADVISE TO EMPLOYER ON
• Obligations and rights• Amending benefits• Employment contract wording• Tax structuring• Different Schemes• Improper use• Surplus rights• Legislative amendments• Conflicts of interest• Mergers and acquisitions
Dispute Handling:
• Unfair labour practice claims
• Discrimination claims
• Improper use claims
• Surplus issues
• Trustee conduct
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PENSION LAWYERS PROVIDE ADVISE TO
Trustees
• Fiduciary duties• Governance• Rule amendments• Amending benefits• Investment policy• Death benefit distribution• Divorces and maintenance• Deductions• Regulators powers• Surplus apportionment• Reportable irregularities• Contracts with administrator/others
• Insurance
• S14 transfers
• Tax
• Pension increase policy
Dispute Handling:
• Adjudicator complaints
• Appeals from Registrar
• High Court claims
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PENSION LAWYERS PROVIDE ADVISE TO
Administrators, Investment Managers, Consultants, Actuaries and Auditors
• Contracts• Liabilities• Duties• Errors and omissions• Regulators power
Dispute Handling:
• Breach of contract claims• Delictual claims• Adjudicator complaints• Regulator complaints
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PENSION LAWYERS PROVIDE ADVISE TO
Members
• Rights
Disputes:
• Adjudicator complaints• Investment choice• Discrimination• Rule amendments
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THE SOUTH AFRICAN EXPERIENCE
Pre 2000’s:
- The Industry
- The Law Firms:
- Labour Lawyers- Trust Lawyers- Litigation Lawyers
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KIND OF ADVICE
- Defined Benefits to Defined Contributions conversions
- Capping of Post Retirement Medical Aid
- Early Surplus Distribution
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EMPLOYEE BENEFIT LAWYERS DEVELOPING EMPLOYER RIGHTS
Employer Centric View:
- The Pension promise
- Deferred pay?
- Wide Discretion (limited review)
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THE 2000’s
- The defection
- The Hybrid employee benefit/pension lawyer
- Not sufficient work for specialists
- Labour lawyer do not see employee benefits as labour law
- No longer developing jurisprudence
- Jurisprudence worse off as a consequence
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WHAT ARE EMPLOYER ISSUE?
- Rights in future surplus distribution
- Rights in pension increase policy
- Right to change funds
- Right to amend benefits
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Thank you