When an employer’s failure to upload an IRP5 brings SARS to a grinding halt
ONE OF my clients has recently retired—and like all retirees, they went through the whole rigmarole of completing the numerous forms required by their employer retirement fund so that the fund can calculate their lump sum entitlement and monthly pension.
Now one would think that given that a retirement fund exists solely for one purpose—that of receiving retirement contributions and investing them in order to provide retirement benefits—the administrative process would be part of a well-oiled machine, staffed by individuals who are so used to the procedures that they can do them blindfolded.
Apparently not. In my client’s particular case, it took the fund the best part of six months to calculate their benefits…
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