Mr Tamsanqa Max Maisela, who pioneered the formation of an independent company, NBC Holings, to help protect and best benefit the unique retirement needs of black employees in apartheid South Africa nearly three decades ago is the winner of the Johnnie Walker® Celebrating Strides Awards 2010 business category.

 

His business started in the early 80’s when many black employees were either excluded from membership of retirement funds completely or were members of employer-controlled funds that failed to meet their needs and aspirations.

 

To change the way things were done, he actively encouraged negotiation of the retirement benefits of employees and demanded legitimate representation on management structures for retirement funds to ensure that the fair expectations of members were being met.

 

Having started with SA workers’ interests at heart, he has now set his sights on NBC Holing becoming the Leader in People Benefits in Africa.

 

He was one of 12 nominees - in the four categories of Design, Business, Environment and the Arts - who have been chosen for the success they have achieved in their various fields. He has been hailed as a symbol of entrepreneurial flair, drive, creativity, initiative, substance, strength and leadership.

 

Mr Maisela received R125 000 as a winner in the business category. He committee his prize funs to train and better empower trustees to take charge of retirement fun savings for their members.   

 

An independent panel of judges scored all three nominees in each category. The category winner was the nominee whom the panel believes best fits the award criteria. The public also had a chance to register their votes via a dedicated website. Their say accounted for 30% of the final scores.

 

Mr Maisela, who is a firm believer in education, is a director at Monash University South Africa. He is also involved in a number of corporate social investment programmes aimed at developing opportunities for young graduates from previously disadvantaged communities – including the Student Sponsorship Programme (SSP), the NBC Learner Programme, Booksmart and the Association of South African Black Actuarial Professionals (ASABA). 

 

“Divorce Act” means the Divorce Act No. 79 of 1979.
 

“Member spouse” means the person who is a member in a retirement fund and against whom a divorce order is granted, entitling the non-member spouse to share in the pension interest of the member spouse
 

“Non-member spouse” means the person in whose favour a divorce order is granted, entitling them to share in the pension interest held in the retirement fund of their former member spouse.
 

“Pension Funds Act” means the Pension Funds Act No. 24 of 1956.
 

“Pension interest” means the benefit that the member spouse would have been entitled to be paid from their retirement fund, had they exited the fund on the date of the granting of the divorce order against them.
 

The Divorce Act provides that where a non-member spouse has been granted a divorce order that entitles them to share in the pension interest of the member spouse, the divorce order should be forwarded to the administrator of the member spouse’s retirement fund, so that the administrator can endorse or flag the records of the fund relating to the member spouse. This is done in order to reflect that the non-member spouse is entitled to be paid a specified portion of the pension interest of the member spouse and that the retirement fund is obliged to pay that specified portion to the non-member spouse when the latter instruct the retirement fund to pay them. Without a valid divorce order that incorporates provisions on the sharing of pension interest, the divorcing parties are not entitled to share in each other’s  pension interest . The divorce order will be made in terms of Section 7(8) of the Divorce Act.
 

Section 37D of the Pension Funds Act was amended in 2007, in order to provide that the portion that is allocated to the non-member spouse in terms of a valid divorce order is now regarded as an allowable deduction that can be made from the member spouse’s pension interest. The purpose of the amendment was to introduce the so-called “clean-break principle”, with the main effect being that the non-member spouse can be paid their benefits immediately without having to wait for the non-member spouse to exit their fund first.

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