A former manufacturing director is locked in a tense legal fight with his past employer over his pension benefits, after being accused of financial misconduct linked to stock losses worth millions.
Philip Meyburgh, who worked at Parker Manufacturing for more than two decades, was dismissed in mid-2024 following allegations that he manipulated company records to cover up large stock shortfalls. Investigators claimed he had processed unauthorized journal entries, masking discrepancies with false adjustments.
After his dismissal, Meyburgh attempted to access his pension savings through the Sygnia Umbrella Retirement Fund (SURF). But Parker intervened, asking that his benefits be frozen while it pursued a damages claim. Initially pegged at just under R4 million, the company later raised its claim to R9 million after an external audit suggested greater losses.
Meyburgh rejected the accusations, insisting that the irregularities were caused by technical issues in a new accounting system, insufficient training, and the pressures of managing a demanding environment. He argued that management had long been aware of his adjustments and never objected. He also maintained there was no legal basis to withhold his pension, as Parker had not yet secured a civil judgment against him.
Despite his objections, SURF sided with the employer, saying there was a reasonable chance Parker could succeed in its claim. Meyburgh then took his case to the Pension Fund Adjudicator, arguing that the decision was unfair and based on unproven allegations. The complaint was dismissed, with the adjudicator ruling that SURF had acted lawfully.
Still determined, Meyburgh escalated the matter to the Financial Services Tribunal. There, the tribunal found that SURF had given him a fair opportunity to respond and was within its rights to wait for the outcome of the civil proceedings. His application for reconsideration was dismissed.
For now, Meyburgh’s pension remains out of reach, pending the conclusion of the ongoing legal battle with his former employer.