Liberty’s admission that 130 pension and provident funds must be reinstated years after industry-wide cancellations of thousands of dormant funds could bolster a case before the Constitutional Court.
Speaking at Liberty’s interim results for the six months to June on Thursday, CEO David Munro said it had erred in deregistering 130 funds with about R100m in assets when it cancelled around 4,600 dormant funds about a decade ago.
It had successfully reinstated 25 of these through a high court process and had recommenced payments. Liberty would look for ways to reinstate the remaining 105 funds more expeditiously, Munro said.
“There’s a lot of noise around this matter and we want to be clear that we take it very seriously. We are prepared to go back and look at our actions, and where we’ve made mistakes, to rectify them,” Munro said.