Regulatory Alerts2022-08-19
FSCA Communication 23 of 2022 (RF): Conduct Standard on Pension Fund Contribution Payments
The Financial Sector Conduct Authority (FSCA) published Conduct Standard 1 of 2022 to replace Regulation 33 of the Pension Funds Act, establishing updated requirements for employer payment of pension fund contributions. The standard addresses identified shortcomings in the previous regulations by clarifying contribution payment timelines and obligations, with an effective date governed by specific transitional provisions. Accompanying the final standard are a Statement of Need and a Consultation Report, which detail the expected regulatory impact and operational framework for compliance.
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