07-05-2025
Daughter challenges stepfather after he inherits majority from her mother's R7. 9 million death benefit
An aggrieved chartered accountant took the Pension Fund Adjudicator and Allan Gray to the Financial Services Tribunal after her stepfather was allocated a major portion from her mother's death benefit.
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An aggrieved chartered accountant took the Pension Fund Adjudicator (PFA) and Allan Gray to the Financial Services Tribunal (FST) after her stepfather was allocated a major portion from her mother's death benefit.
Hayley Marie Ward who was 25 years when her mother died, was unhappy after Allan Gray Retirement Fund (AGRF) and Allan Gray Pension Preservation Fund (AGPE) nominated Waynne Millard, 63, to receive 58% from her mother's R7.9 million death benefit.
The deceased, Gail Pamela Millard, 58, died in August 2023. She was married to Waynne for 18 years.
In her first marriage, she had three daughters, Hayley, Andrea Lynne Ward and Michelle Robin Ward.
Gail had over R7.9 million in the AGPE and over R24,000 in the AGRF.
In the AGPE, she nominated Waynne to receive 10%, Hayley 30%, Michelle 28%, and Andrea was allocated 32%. In respect of the AGRF, her nominations were 20% each for three beneficiaries except for Michelle who was allocated 40%.
Before releasing the funds, Allan Gray conducted an investigation and determined that Wayne and the deceased's mother were factually her dependents. Even though daughters are legally her dependants, they were not dependent on their mother at the time of her death.
Based on information gathered after the investigation, Allan Gray re-allocated the death benefit as follows:
Allan Gray Retirement Fund (AGRF) and Allan Gray Pension Preservation Fund (AGPE) nominated Waynne Millard to receive 58% from her mother's R7.9 million death benefit.
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Disenchanted, Hayley lodged a complaint with the PFA in April 2024. The crux of the complaint was that Allan Gray used the incorrect life expectancy for Waynne hence an excessive portion of the death benefit had been re-allocated him. She argued that he was unjustly enriched, and this prejudiced her and her siblings.
She said had the correct facts and figures been used, Allan Gray ought to have allocated at most 19% of the total death benefit to Waynne and not 58%.
The PFA dismissed her complaint, and she sought relief at the FST.
Amongst other things, the FST looked at the evidence used by Allan Gray to allocate the funds.
