![]() ![]() The trustees are then obliged to inform the Financial Services Board (FSB) and you, the member of the fund. They can be fined up to R10-million or imprisoned for up to 10 years.īut when Lukhaimane recently asked trustees and lawyers attending the Pension Lawyers Association conference if they were aware of any employers who had been prosecuted by the National Prosecuting Authority (NPA) for failing to pay up, no one was able to report a single case.Īdvocate Hannine Drake also told the conference she was not aware of any cases in which employers had been prosecuted.ĭrake said retirement funds were obliged by law to monitor the payment of contributions into the fund and to report to the trustees when contributions are not paid within seven days of the end of the month in which they are due. In 2014, the Pension Funds Act was amended, adding provisions that make controlling shareholders, members of close corporations, company managing directors, trustees and partners personally liable for an employer's failure to pay contributions. ![]() ![]() Premiums to cover your group life insurance for death and disability may also not be paid. If your contributions are not paid to your retirement fund, the fund may have to pay you a lower benefit when you withdraw or retire from the fund.
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