Your right to participate in the decisions taken by your pension fund was strongly highlighted at the Pension Lawyers' Association (PLA) conference in Somerset West this week.
PLA chairman Kobus Hanekom told Personal Finance this was one of the most encouraging aspects of this year's conference.
He said pension fund members may often be unaware of their right to joint participation and decision-making within their funds even though these rights are protected by the constitution and laid down in the Pension Funds Act.
"Employers may no longer fail to negotiate or consult their employees on future benefits of their pension fund. If they do, you can approach the Council for Conciliation Mediation and Arbitration (CCMA) or the Pension Funds Adjudicator at no cost to yourself."
He said there were clear indications from some pension lawyers that, in certain circumstances where you deal with unfair benefits, "you will be able to change the structure so that things will be fair from some future date".
Even claims for damages were possible in certain situations, he said. "If you feel strongly about something, you can take your case to court."
As far as pension fund surpluses were concerned, Hanekom said the conference acknowledged the state of flux.
"The way forward must be: If you as the employee want to know what the situation is with a surplus, then stand up for your rights. You can force your employer to take or negotiate a position which you can associate with."
As far as the past was concerned, he said the situation with surpluses remained unclear.
Hanekom said although the conference highlighted the good news to pension fund members, one sensed a nervousness among trustees and administrators as far as the rapidly changing pension fund environment was concerned.