Benefits Processing Supervisor

24 hours ago
South Africa The Hiring House Full-time
Technical Competency Requirement
  • Working knowledge of Pension Fund Rules (including registered Rules, Rule amendments and Board/FSCA-approved interpretations)
  • Working knowledge of the Pension Funds Act 24 of 1956 (including Sections 14, 37A, 37C and 37D), Income Tax Act 58 of 1962 (taxation of retirement benefits and SARS tax directives) and Divorce Act 70 of 1979 (Section 7(7) and 7(8)); basic knowledge of Maintenance Act 99 of 1998 and Protection of Personal Information Act 4 of 2013 (POPIA)
  • Working knowledge of Benefit administration
  • Working knowledge of Section 37C of the Pension Funds Act: tracing of dependants and nominees and equitable allocation of death benefits (lump sums and dependants pensions)
  • Working knowledge of the Two-Pot Retirement System (vested, savings and retirement components and savings withdrawal benefits) and its application to the Fund Rules
  • Working knowledge of FSCA Conduct Standards, Pension Funds Circulars and Pension Funds Adjudicator determinations relevant to benefit payments and complaints
  • Working knowledge of tax processes,
  • Knowledge of Defined Benefit and Defined Contribution benefit structures.
  • Knowledge of FICA, fraud-prevention and member verification requirements (proof of life, bank account verification)
  • Proficiency in the Funds pension administration system and MS Excel, with the ability to interpret exception and reconciliation reports.

Required Qualification
  • Relevant NQF Level 7 Bachelors. Registered with professional bodies - where applicable. (e.g., Institute of Retirement Funds Africa (IRFA).
  • Relevant Industry Diploma NQF Level 6 qualification in retirement fund administration or benefits (e.g., IRFA or equivalent).
  • A supervisory or management development programme is advantageous.

Required Work Experience
  • At least 8 years retirement fund / pension benefit administration experience which should include at least 3 years experience in a supervisory or team-leader role.

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