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ISR3702 ASSIGNMENT 1 SEMESTER 1 2023 (861940)

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ISR3702 ASSIGNMENT 1 SEMESTER 1 2023 () 100% TRUSTED workings, explanations and solutions. For assistance call or us on . Read the case study below and answer the questions that follow. Mokoena and Mphahlele are brothers, who grew up together in a child-headed family. Mokoena, through the suppor...

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  • 6 avril 2023
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ISR3702
Assignment 1 Semester 1 2023

,Read the case study below and answer the questions that follow.
Mokoena and Mphahlele are brothers, who grew up together in a
child-headed family. Mokoena, through the support of the government,
community members and relatives, studiedand qualified to be an
accountant. Mokoena discussed further studies with Mphahlele and
persuaded him to study towards a social work degree. Mphahlele, with
support fromMokoena, completed his studies successfully.

Tau is the child of Mokoena and Mamgcina and was born while
Mokoena was completing his studies. Mokoena decided to provide
financial support to two orphans until theycompleted their studies.
Lastly, he provides monthly financial support to the child of their
neighbour, who is struggling financially. Mokoena got married to John,
who is a medical doctor, and they were advised that, legally, their type
of marriage does not require an antenuptial contract. Their children
are Tshifularo and Sweetness .

In addition, Vhonani, the child of the deceased sister of John, is
staying with Mokoena and John, and he is still at secondary school.
Below are the life policies for Mokoena and John: Product Mokoena
John Death policy R3 million R5 million Retirement annuity
(accumulated amount) R209 070 R189 060 Preservation fund
(accumulated amount) R125 050 R100 230 Provident fund
(accumulated amount) R25 020 R250 090 Mokoena nominated Ludwe
(Mokoena’s maternal grandmother) as a beneficiary of the death
policy and preservation fund. Mokoena did not nominate beneficiaries
for other policies.John nominated Vhonani as a beneficiary of the
policies listed, except for the death policy. Mokoena committed suicide
ten years after all his policies were incepted.


Question

Mokoena’s dependants and nominees dispute the amount of the
retirement benefits received. Which one of the following industry
bodies could respond to their concerns? a. The managing body of the
funds b. Pension Funds Adjudicator c. Mokoena’s employer d. Life
Insurance Ombuds

, ANSWER


Mokoena's failure to nominate beneficiaries for some of his policies
means that the proceeds from those policies may be paid to his estate
and will form part of his assets. This could result in delays in the
distribution of the funds to his dependents and nominees, and the
funds could also be subject to estate duty and other related costs.

To resolve the dispute regarding the amount of retirement benefits
received, Mokoena's dependents and nominees could approach the
Pension Funds Adjudicator, which is an industry body that provides
dispute resolution services for pension funds and retirement annuity
funds. The Pension Funds Adjudicator can investigate complaints and
make binding decisions to ensure that the interests of the beneficiaries
are protected.



What was the relationship between Mokoena and Mphahlele?

Mokoena and Mphahlele are brothers who grew up together in a child-
headed family.



The correct answer is b. Pension Funds Adjudicator.

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