Hortors Pension Fund v Financial Sector Conduct Authority and Another (54/2020) [2020] ZASCA 141 (2 November 2020)

Whether regulation promulgated by Minister, in terms of which a board
of a pension fund is obliged to place calculable enhancements due to former members who cannot be traced in a contingency reserve fund from which it cannot be released, except as payment to such members or as a result of crediting the Guardian’s Fund or some other fund, is beyond the Minister’s power and not in accordance with the Pension Funds Act 24 of 1956 – Minister arrogating power at odds with the
Act – against the principle of legality.