Regulatory Alerts2022-06-09
FSCA Communication 17 of 2022 on Arrear Contributions for Retirement Funds and Employers
The Financial Sector Conduct Authority has issued an alert requiring retirement funds and employers to address unpaid contributions, with plans to publicly publish the names of non-compliant entities. Under the Pension Funds Act, late payments constitute a criminal offence that may trigger personal director liability and currently affect approximately R7 billion in municipal and private sector funds. Funds must immediately disseminate this notice to participating employers while the Authority verifies and compiles the final arrears list for publication.
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