FSCA Communication 5 of 2023: Updated Document Formats for Pension Fund Contributions

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FSCA COMMUNICATION 5 OF 2023 (RF)
PUBLICATION OF DETERMINATION OF FORMAT OF DOCUMENTS IN RESPECT OF REQUIREMENTS RELATED TO THE PAYMENT OF PENSION FUND CONTRIBUTIONS

1. PURPOSE
   The purpose of this Communication is to inform stakeholders that today the Financial Sector Conduct Authority (FSCA) published FSCA RF Notice 8 of 2023: Determination of format of documents in respect of requirements related to the payment of pension fund contributions (Determination).
2. BACKGROUND
   2.1 On 19 August 2022, the FSCA published Conduct Standard 1 of 2022 (RF):
   Requirements related to the payment of pension fund contributions (Conduct Standard).
   2.2 The Conduct Standard empowers the FSCA to determine the format in respect of
   certain notifications and reports required in terms of the Conduct Standard. These include:

• Notification to and request from employer by pension fund (paragraph 2(2) of the
  Conduct Standard);
• Reporting of contraventions to the Financial Sector Conduct (paragraph 4(3)(c) of
  the Conduct Standard); and
• Reporting contraventions to the South African Police Services (paragraph 4(4)(a)
  of the Conduct Standard).
  2.3 On 30 September 2022, the FSCA published FSCA RF Notice 14 of 2022 (Notice 14
  of 2022), the purpose of which was to determine the formats for the abovementioned notifications and reports.
  2.4 It has subsequently come to the attention of the FSCA that the formats determined in
  terms of Notice 14 of 2022, specifically the format relating to paragraph 4(3)(c) of the Conduct Standard (Annexure B), is not conducive to the reporting of contraventions by funds with multiple participating employers.
  2.5 The FSCA has subsequently amended the wording of Annexure B to allow for the
  submission of bulk information, as well as electronic submission via the FSCA’s Pensions Online System.

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2.6 The purpose of the Determination is therefore to repeal Notice 14 of 2022 and to
determine the updated formats for the notifications and reports referred to in paragraph 2.2 above.
3. ENQUIRIES
3.1 The documents referred to in paragraph 1 is available on the FSCA’s website at
www.fsca.co.za.
3.2 For more information regarding the Determination and/or this Communication please
contact the FSCA’s Regulatory Framework Department at marianne.vanrooyen@fsca.co.za. UNATHI KAMLANA COMMISSIONER FINANCIAL SECTOR CONDUCT AUTHORITY Date of publication: 17 February 2023