Push for Venda Pension Fund to pay beneficiaries

NATIONAL Treasury has said it was working on processes to pay beneficiaries of the former Venda Pension Fund,Picture: Gallo Images

NATIONAL Treasury has said it was working on processes to pay beneficiaries of the former Venda Pension Fund.

In August, the Ministry of Finance announced that Minister Malusi Gigaba intended to resolve the payment of the pensions by the end of November 2017.

In its update on Tuesday, Treasury said they were working together with the Government Pensions Administration Agency (GPAA) to address the remedial action contained in the report of the public protector regarding the matter.

The GPAA has embarked on a process of reviewing available data to ensure that the project is implemented accurately. The Treasury has also enlisted the services of an actuary in an attempt to establish a reliable database of potential beneficiaries.

“Due to the nature of the project and the time that has since passed, the establishment of a reliable database and the verification of records are most important and yet extremely complex aspects of the project. Records and other information of claimants had been provided to the appointed actuaries to evaluate whether there is any prejudice and/or loss,” the Treasury said.

“Given the complexity and the nature of the data quality, it became clear that the national Treasury needed more time to ensure that the action is implemented accurately and all affected parties are satisfied with the efforts and the outcome thereof. “We are cognisant that the project has taken long to conclude and, therefore, it is our obligation to avoid any margin of error as much as possible to ensure that all of the parties affected by this process are satisfied.”

Treasury said speaker of the National Assembly Baleka Mbete and the office of the public protector have been kept abreast of progress made in the matter. “The national Treasury has, accordingly, formally advised the public protector and the speaker of the National Assembly of the need to extend the period to complete the evaluation.

“The national Treasury remains committed to finalising the implementation of the remedial action where practically possible, within reason,” it said.

-REFILWE MAGASHULE|refilwem@thenewage.co.za