Pension payout misery

Overstating and recalculation of a pension fund has left a Soweto man bitter and devastated.

Overstating and recalculation of a pension fund has left a Soweto man bitter and devastated.

Bobby Munjezi, 61, who was employed by Edgars for 34 years, believes Liberty Life pocketed his R85124 when they paid out his pension in 2002.

The benefits statement he received from his employer differed from the one Liberty Life issued.

He immediately complained and Liberty Life promised to "fix it".

Fiona Hannig of Liberty Life said Munjezi's fund was not properly administered by Edgars' administrators. The fund, Investec Employee Benefits or Fedsure, was being terminated and transferred to Metropolitan when Liberty took over.

"There had been issues of overstated values which were corrected by Investec before Liberty took over their funds. It remained for Liberty to only produce accurate data for the transfer to Metropolitan," said Hannig.

She said the benefit statement reflecting R426679,15 was incorrect and a subsequent statement was issued with the corrected benefit of R341454,57.

She said Liberty had a number of meetings with Munjezi. He accepted the amount on the corrected benefit statement, which they paid in full and final settlement.

But Munjezi insists Liberty Life never gave him an explanation. "They only sent me a letter apologising for inconvenience caused by a delay in finalising my matter," said Munjezi.

Liberty is equally adamant: "There is no further money due to Munjezi," said Hannig.

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