Regulatory Alerts2011-01-01
Pension (Interest Rate for Outstanding Employer Contributions) Order 2011
Ken Edward Kandodo, Minister of Finance, issued this order under the Pension Act of 2011 to establish a standardized interest rate for unpaid employer pension contributions. The regulation requires employers to pay interest at the prevailing bank rate plus ten percent per annum on any outstanding contributions. This monthly calculation applies to each full or partial month that the funds remain unpaid by the employer.
| 26th August, 2011 | 141 |
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GOVERNMENT NOTICE NO. 33
PENSION ACT, 2011 (ACT NO. 6 OF 2011)
PENSION (INTEREST RATE FOR OUTSTANDING EMPLOYER CONTRIBUTIONS) ORDER, 2011
IN EXERCISE of the powers conferred by section 61 (5) of the Pension Act, 2011, I, KEN EDWARD KANDODO, Minister of Finance, make the following Order—
- This Order may be cited as the Pension (Interest Rate for Outstanding Employer Contributions) Order, 2011. | Citation --- | ---
- The rate of interest payable by an Employer to a trustee of a pension fund in respect of each month or part thereof during which any employer contributions, including interest, is outstanding, shall be the bank rate plus ten per cent per annum. | Interest rate for outstanding employer contributions
Made this 13th day of July, 2011.
(FILE NO. TII 614) | KEN E. KANDODO Minister of Finance