The Financial Sector Conduct Authority (FSCA) has published a new list of 2,330 employers with arrears pension fund contributions after receiving reports from 51 pension funds that 7,770 employers are not paying over pension fund contributions amounting to R5.2 billion.
Although this amount is only 0.2% of the R3.15 trillion in pension fund assets under FSCA supervision, it affects 31,000 pension fund members who receive no benefit payments. The list includes 149, or 58%, of the 257 municipalities in South Africa.
The names of the pension funds and employers are contained in the FSCA Communication 41. Not paying over pension fund contributions is a contravention of Section 13a of the Pension Funds Act (PFA), which prescribes how contributions and other benefits should be paid to a retirement fund.
Keabetswe Tsuene, senior analyst for retirement funds conduct supervision at FSCA, said at a media round table yesterday FSCA received reports of a total of 7,770 employers that contravened Section 13a of the PFA by 31 December 2023 from retirement funds supervised by the authority:
This story is from the November 23, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the November 23, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Carlo, Pep head to lion's den
Look out for cash-boosted TAB soccer pools galore and several explosive matches this weekend, but before that there's great football on the menu and plenty of cash to be won on TAB soccer bets, including an enthralling clash between Liverpool and Spanish champions Real Madrid tonight.
Irwin on Team Valor's SA interests
USA-based Team Valor has had a close relationship with South African racing for many years now and recently bought four fillies who have run with much success in South Africa.
Roberts set for week of distinction
Trainer Michael Roberts is in the throes of a big week as five-year-old See It Again is aimed at the R6-million Betway Summer Cup at Turffontein on Saturday.
Golden Rise to shine at Happy Valley
Hong Kong racing continues at Happy Valley today with an exciting nine-race fixture and highly competitive action expected throughout the evening.
Cody set to storm home
CLASS: PETER-TRAINED RUNNER HAS BEEN RACING IN STRONGER COMPANY
Gateway to Omoda badge more affordable with C5 Street model
Having dropped the price tag of the C5 to below R400 000 with the introduction of the Style grade in June, Omoda has gone a step further by debuting another derivative priced even lower at R329 900.
Renault reveals 2025 models
Plans to reclaim its standing within the top five vehicle brands.
Picanto has come a long way
NEWVOLD: MORE POWER AND UPGRADED TECH MAKE KIA'S POPULAR HATCH MORE DESIRABLE
Mitsubishi's new Triton lands
CHALLENGE: 11-STRONG MODEL RANGE THROWS DOWN THE GAUNTLET TO MARKET STALWARTS
Top down simply the best
CLE CABRIOLET: LIVE THE FANTASY WITHOUT SUNBURN OR YOUR HAIR GETTING RUINED
