4 000 employers are sitting on pension fund contributions, says FSCA - as it releases list

Naming and shaming employers who have not paid retirement fund contributions over into the retirement fund set up for their employees has been a "good move" that made several employers pay attention to their debt, the Financial Sector Conduct Authority (FSCA) says.

Astrid Ludin, the deputy commissioner at the FSCA told last week’s Pension Lawyers Association conference in Cape Town that more funds are reporting unpaid contributions and more employers are responding when contacted about what amounts to some R7 billion in unpaid contributions.

In late March, the FSCA published its latest list of employers with outstanding contributions up to July last year. (To access the list, go to the  Industry Communication section on the FSCA website. Then click on "Retirement Funds", then "FSCA Communication" and download FSCA Communication 10 of 2024.)