‘No Missing Millions’: Akani, MEPF Say Former Worker Withdrew His R1.6m Pension

Akani Retirement Fund Administrators and the Municipal Employees Pension Fund (MEPF) have dismissed claims that pension funds belonging to a former municipal employee, M Mahlangu , are missing.

The statement follows an IOL article about Mahlangu’s ‘missing’ R1.6 million pension claim, which was dismissed by the Financial Service Tribunal over an eight-year delay.

The Funds’ Response

In a joint statement, Akani and the MEPF insisted that all benefits due to Mahlangu were properly calculated and paid out in full following his resignation.

Mahlangu was employed by the Govan Mbeki Local Municipality and resigned in February 2017. At the time, he was a member of the Defined Benefit category of the MEPF.

The fund clarified that Mahlangu left through resignation, not retirement.

The Calculation

Mahlangu’s resignation benefit was calculated in line with Section 37(1) of the fund’s rules. Deductions were legally required before final payout:

• Tax deductions in accordance with applicable legislation

• Settlement of an outstanding housing loan

After these deductions, the remaining balance was over R626,000 and was paid directly to Mahlangu.

“No monies are due and owed to Mr. M Mahlangu. All benefits due to him were paid in full and there are no outstanding or ‘missing’ pension funds.”

The Tribunal Ruling

In the tribunal ruling, it was noted that when Mahlangu withdrew from the fund in February 2017, his pension benefit amounted to R2.28 million.

He withdrew over R626,000 and instructed the fund to transfer the remaining R1,644,856 to the Stanlib Preservation Fund.

For years, Mahlangu believed the transfer had been completed. He only discovered in April 2025 that the funds had not been moved.

The Prescription Issue

By law, Mahlangu should have brought the matter before August 2020. Under the Pension Funds Act, the adjudicator cannot investigate complaints relating to events that occurred more than three years before the complaint is submitted.

The adjudicator ruled in September 2025 that the complaint was time-barred.

His application for reconsideration at the tribunal was unsuccessful. The tribunal concluded that his belief that the transfer had been executed was not enough to interrupt prescription.

“The determination of the adjudicator cannot be faulted.”

The Bottom Line

Akani and MEPF say: he withdrew his money. The tribunal says: he waited too long.

Mahlangu believed R1.6 million was transferred. The funds say it was paid to him directly. The law says three years.

Eight years later, the case is closed.