SOUTH AFRICA - The national treasury is said to be expecting a backlash against legislation that has forced companies to refund pension fund surpluses which had been misused, according to reports.
The Pension Funds Amendment Bill is now expected to be challenged in the country's constitutional court.
The Bill would force companies to pay back surpluses that had been misused under the 2001 Pension Funds Second Amendment Act, including money spent on medical fund obligations and granting executives substantial retirement deals.
Treasury chief director, Joanne Ferreira, told the finance committee that there was a very good chance the bill would be challenged.
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