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CR297 Annuities -Quotations provided for joint life annuities

Annuities CR297 Quotations provided for joint life annuities – applications completed without details of second life assured – single life annuities issued – duty on insurer to compare applications with quotations. Background 1. The complainant’s financial adviser obtained two quotations for joint life annuities from the insurer, and provided them to the complainant. The first […]

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CR256 Annuity –– annual increases dependent on declared bonuses

CR256 Annuity –– annual increases dependent on declared bonuses – whether insurer used its discretion properly in declaring bonuses – applicability of Promotion of Access to Information Act, no 2 of 2000 – whether insurer may unilaterally change policy from one portfolio to another. BACKGROUND The complainant had been a member of a pension fund. […]

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CR212 Annuities – Complainant contending that his pension increase was inadequate.

CR212 Annuities – Complainant contending that his pension increase was inadequate. Background The complainant was a pensioner of an employer pension fund, and had been receiving a pension from the fund. In 1998 the fund offered all pensioners the option of purchasing “with profits” annuity policies in their own names from an insurer, and the […]

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CR211 Annuities – Complainants alleging that pension increases were inadequate.

CR211 Annuities – Complainants alleging that pension increases were inadequate. Background The complainants were pensioners who had formerly belonged to an employer pension fund. The fund outsourced its pension liabilities in 1997 by purchasing individual annuities from an insurer for its pensioners, with their agreement. The purchase rate applicable was 5%, a relatively high rate […]

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CR173 Annuity – purchased with no escalation option

CR173 Annuity – purchased with no escalation option – complainant queries non-escalation of monthly income – complainant alleges he was not a party to the agreement Background Mr A qualified for early retirement under a retirement annuity due to ill health. One third of the proceeds of the retirement annuity, R18 000, was taken as […]

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CR172 Annuity – time for determination of the amount : at time of death or claim? – procedure – rule 3.4.1

CR172 Annuity – time for determination of the amount : at time of death or claim? – procedure – rule 3.4.1 Background 1. The life assured had a living annuity (equity linked annuity) with the insurer. The complainant was the beneficiary on death of the annuitant. No claim was lodged with the insurer at the […]

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CR122 Annuity – complainant claiming annual increase in annuity payments

CR122 Annuity – complainant claiming annual increase in annuity payments Background The complainant had been a member of a retirement annuity fund. At his retirement age in 2003 he made a compulsory purchase of an annuity from an insurer, and had been receiving monthly payments since then. He did not receive any annual increase in […]

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CR118 Retirement annuity policy – surrender of policy on basis of incorrect quotation of surrender value

CR118 Retirement annuity policy – surrender of policy on basis of incorrect quotation of surrender value – reasonable reliance Background The complainant had a retirement annuity policy with insurer A but because he was unhappy with its performance he decided to transfer the proceeds to insurer B for purchasing an annuity on early retirement. Insurer […]

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CR54 Pensioner offered option to purchase an annuity

CR54 Pensioner offered option to purchase an annuity from insurance company – query concerning the commencement date. Background The complainant was the executor in the estate of the deceased pensioner. The deceased had been a member of a company pension fund and had retired in 1979. According to the rules of the pension fund his [...]

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CR53 Annuity – lump sum of some R400 000 invested

CR53 • Annuity – lump sum of some R400 000 invested – nil guarantee – annuity payable monthly in arrears for life – annuitant 57 years of age and in poor health at the time of its conclusion – annuitant dies soon thereafter – alleged misselling. Background Mrs A, a childless divorcee, had some R400 [...]

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