1. How enhanced Audit Committee oversight can yield improvements on concerning trends from the Adjudicator’s Office

2. Page 2 Complaint trends

3. Page 3 5 th Annual Audit Committee Conference

4. Page 4 5 th Annual Audit Committee Conference

5. Page 5 5 th Annual Audit Committee Conference

6. Page 6 Common Pitfalls

7. Page 7  Conflate governance issues as administration leading to improper delegation  Lack of proper oversight and feedback  Infrequent liaison with Regulatory authorities 5 th Annual Audit Committee Conference

8. Page 8 Withdrawal benefits  Delay in payment or non-payment of benefit  Non-compliance with section 13A  Contribution unpaid or paid late – often only after complaint has been lodged  Unallocated contributions  Raising late payment interest in terms of Regulation 33  Proper disclosure of arrear contributions Death benefits  Beneficiaries properly identified  Extent of dependency (supporting documentation)  Mode of payment (proper investigation) 5 th Annual Audit Committee Conference

9. Page 9  Section 19(4) of the Act – prudential investments  Funds invested in Sharemax and like schemes  Section 18 schemes not coming to fruition  Investment switches  Was it in accordance with the instruction from member (documentation)  Was it implemented on time  Issuing of housing loans  Were the guarantees issued for the right purpose  Abuse – short term loans with exhorbitant fees and credit life insurance? 5 th Annual Audit Committee Conference

10. Page 10  Is the process in terms of the rules and the Act  Did payment / receipt occur within 60 days of approval  Documentation – Is there approval for each transfer 5 th Annual Audit Committee Conference

11. Page 11  Benefit statements  Defined benefits – simpler narration of benefits and access rules  Defined contribution – Opening & closing balance 5 th Annual Audit Committee Conference

12. Page 12 Questions / Discussion

13. Page 13