Treasury to announce on Venda Pension Fund by month-end

Sunday, August 5, 2018

National Treasury says it is reviewing a report on the payment of pensions to beneficiaries of the former Venda Pension Fund in order to develop the next best course of action.

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

In December 2017 Treasury said it was working together with the Government Pensions Administration Agency (GPAA) to address the remedial action contained in a report by the Public Protector regarding the matter.

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

On Friday, Treasury said the actuarial firm appointed to verify potential beneficiaries has now handed over its final report.

“National Treasury is currently reviewing the report to develop recommendations on the next best course of action. Once this is done, Treasury is obliged to submit its recommendations and the report by the actuarial firm to the Public Protector and Speaker of the National Assembly.”

Treasury said it will provide an update on the matter before the end of August 2018. –