Since 2020, most retirement funds have been faced with a situation where participating employers have failed to comply with section 13A of the Pension Funds Act, 1956 (PFA), by either underpaying employer or member contributions or not paying at all. The non-payment of contributions attracts late payment interest in terms of section 13(7) of the PFA.
It is against this background that the Financial Sector Conduct Authority (FSCA) repealed Regulation 33, which governed payment of pension fund contributions and … Read the rest