Your pension fund is likely your biggest asset, but do you know your rights when things go wrong? In this episode of "Know Your Ombud," host Maya Fisher-French interviews Pension Funds Adjudicator Muvhango Lukhaimane..

If your pension fund or employer isn't treating you fairly, you can approach the Pension Funds Adjudicator at no cost – no lawyer needed. They'll even help if you haven't tried resolving issues with your fund first.

In this episode, Lukhaimane raises the importance of fund communication with many members having never even held a benefit statement. Funds are failing to share basic information about your benefits, growth, and entitlements. You should actively demand this information.

Two-pot taught harsh lessons about tax. One member expecting R15,000 from his savings pot received only R2,000 because SARS deducted outstanding taxes. Remember: all withdrawals require tax clearance, so keep your affairs in order.

Death benefits aren't automatic. Trustees have discretion based on actual financial dependency, not just legal relationships. In one case, trustees allocated 65% to minor children over adult children and spouse because the minors had greater dependency needs.

When funds place children's benefits in beneficiary funds, the default position favours competent parents managing the money. One mother successfully challenged this when the fund couldn't prove she was incapable.

But members aren't always right. One member demanded R1 million based on an incorrect statement. The ruling? You can't get what you're not legally entitled to under fund rules.

Bottom line: Stay informed, know your rights, and use free help when needed.

If you feel let down by a financial provider, contact one of these Ombud schemes:

- FAIS Ombud for financial advice disputes – faisombud.co.za

- Office of the Pension Funds Adjudicator (OPFA) for pension fund related disputes – pfa.org.za

- JSE Ombud: JSE-related issues – jse.co.za

- National Financial Ombud Scheme (NFO) for banking, credit, and insurance – nfosa.co.za

This series was created in partnership with The Ombud Council.