Regulatory Alerts2019-06-03
Section 13A and Regulation 33
The Financial Sector Conduct Authority mandates that employers pay pension fund contributions directly into designated bank accounts by the seventh of each month and submit corresponding contribution schedules by the fifteenth. This framework establishes personal liability for directors, close corporation members, and controlling persons who fail to remit contributions on time, while requiring boards and monitoring officers to track, report, and escalate non-compliance. Contraventions trigger administrative penalties of up to one million rand per day or criminal sanctions including fines and imprisonment, with the Authority empowered to notify tax authorities for further enforcement.
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