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The role of a board of trustees is inextricably linked to the exercise of discretion. The ability to review a decision is rarely considered by a board until a situation arises where a decision they have passed is challenged. The objects and duties of a trustee of a pension fund are contained in sections 7C and 7D of the Pension Funds Act 1956 (PFA). Importantly, the PFA stipulates that trustees have a fiduciary duty to…
If a right is vested in a child before 1 July 2007, the age of majority of the child is 21 years (not 18 years), including for prescription purposes. On 22 February 2017 the Pension Funds Adjudicator (PFA) made a determination in the matter of Maphoyisa v Municipal Gratuity Fund and Sanlam Life Insurance Limited (Maphoyisa case) which gave a very clear indication of the approach it adopts to prescription. The complainant, who was born…
An English court recently dealt with a case which brought marine war risk exclusions into the spotlight. In 2007 an underwater inspection of a vessel in Venezuela resulted in the discovery of 132kgs of cocaine strapped to its hull. The drugs were attached by unknown third parties. The vessel was immediately detained and eventually abandoned to a Venezuelan court in 2009. The owners claimed against the war risk insurers for constructive loss of the vessel…