Regulatory Alerts2025-04-07
FSCA Communication 6 of 2025 on Late Payment Interest Calculation for Pension Funds
The Financial Sector Conduct Authority (FSCA) has updated the calculation of late payment interest on pension fund contributions to commence from the first day following the end of the contribution month. This revised approach supersedes the previous eight-day start date and formally withdraws Communication 15 of 2023, ensuring consistent retrospective and prospective interest application. The FSCA has also requested National Treasury to amend statutory provisions to explicitly codify this one-day start date in legislation.
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