Question:
I have a question, perhaps to add to your FAQ section. My life partner recently settled her divorce and was awarded a set amount from her ex-husband's government pension, which by law is supposed to be paid out in 60 days, but it's now been 5 months. Question: Is she entitled to any interest on that money? If so, at what rate, and starting from what date? And will the Pension Fund Administrators automatically add this interest or must she sue them for it?
Answer:
Tyler, Interest is paid if the allocated pension interest is not paid over within the statutorily prescribed time limits, but only from that date. The interest rate will be the "official interest rate" which is the SA repo rate plus 1% (ie at 6.5% pa at present).
The information and answers supplied in this section do not constitute advice as defined by the Financial Advisory and Intermediary Services Act, 37 of 2002.
