Tellumat (Pty) Ltd v Appeal Board of the Financial Services Board (221/2015) [2015] ZASCA 202 (2 December 2015) per Wallis JA (Mpati P, Leach and Mathopo JJA and Baartman AJA concurring)

The Supreme Court of Appeal allowed the appeal and set aside the Appeal Board’s decision concerning the apportionment of the surplus in a pension fund.

SCA summary:

Pension fund – apportionment of surplus in terms of s 15C of Pension Funds Act 24 of 1956 – apportionment by trustees undertaken as part of an overall scheme for the outsourcing of pensions and enhancement of pension benefits – implementation of distribution scheme involving transfer in terms of s 14 of the Pension Funds Act – scheme to be viewed as a whole and elements not to be treated as discrete from the whole – scheme approved by the Registrar of Pension Funds – appeal to the Appeal Board for the Financial Services Board – Appeal Board deciding appeal without regard for the scheme as a whole or the impact of its decision on the agreed apportionment of surplus – such a reviewable error in terms of s 6(2)(e)(iii) of PAJA – decision of Appeal Board set aside.