Why Section 13A is important to you – the employer?
New Requirements Related to the Payment of Pension Fund Contributions
Sabir Bacus, Head of Legal at GTC gave his perspective on the important aspects of the Conduct Standard.
When it comes to retirement funds, an employer has a number of legal responsibilities to perform. One such important duty is to pay contributions, due in terms of the registered rules, over to their retirement fund. This duty is considered so important that not only has it found its way into the Act, but it also carries a criminal sanction for non-compliance.
The Financial Sector Conduct Authority (FSCA) has issued a Conduct Standard which sets the standards and requirements in respect of the monthly member data and payment of contributions.
This Conduct Standard impacts employers directly. It may be that changes to internal processes are required, to incorporate the new requirements.
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