Regulatory Alerts2020-07-09
FSCA Communication 41 of 2020 on Retirement Fund Compliance
The Financial Sector Conduct Authority reminds retirement fund boards of their fiduciary duties to comply with Regulations 38(1)(b)(ii) and 38(1)(e)(i) of the Pension Funds Act, 1956. Funds must issue paid-up membership certificates within two months of a member leaving an employer and request transferred retirement savings lists within four months of joining. Failure to adhere to these requirements exposes retirement funds to administrative penalties under the Financial Sector Regulation Act, 2017.
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