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(From Financial Mail)
Byline: Stafford Thomas
A new approach WHAT IT MEANS Radical change to the face of the industry R3bn fund to enhance policies affected Lize Lambrechts A landmark Statement of Intent says minimum values now apply when policyholders make contractual changes to RA, endowment and other policies In 2005 a series of rulings against life insurance companies by Pension Fund adjudicator Vuyani Ngalwana in favour of aggrieved members of retirement annuity (RA) funds threatened to do irreparable harm to the industry. At the heart of the confrontation were allegations that charges levied by insurers when RA fund members stopped paying or reduced …