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PENSION FUNDS AMENDMENT ACT 2007

Are you entitled to a portion of your Ex-spouses pension fund in terms of a divorce order.

With effect from 13 September 2007 the Pension Fund Act was amended entitling the non-member spouse to payment of the benefits within 60 (sixty) days of the claim being made.

In a land mark decision the Pension Funds Adjudicator ruled that the amendments applied to divorces prior to the 13th of September 2007.

Far from being the last word on the matter it appears that the industry giants intend to challenge the ruling.

The National Treasury has indicated that the amendments should be applied retrospectively and if necessary the act will be amended to guarantee this provision.

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