Regulatory Alerts2018-03-31
Information Circular 1 of 2016: Compliance and Enforcement of Section 13A of the Pension Funds Act
The Financial Services Board requires all registered pension funds to enforce Section 13A of the Pension Funds Act, 1956, to prevent member benefit reductions and financial instability caused by unpaid contributions. Funds must promptly inform the registrar of any designated compliance officer and send written notices to participating employers identifying directors or managers personally liable for contribution payments. If employers fail to respond, all governing directors or members face automatic personal liability, and funds must preserve delivery records while utilizing the provided correspondence template.
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