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2017-11-2213.897518.408616.3518

Legal Requirements (Section 13A)

Section 13A of the Pension Funds Act defines the rights of the Fund and the responsibility of the Employer. Below are brief highlights from the act.

  •  The Employer must pay the contributions to the Fund by the 7th day after the end of the month in respect of which the contributions were payable.
  • The contribution payment must be paid directly into the Funds bank account and must reflect therein by the 7th day after the end of the month in respect of which the contributions were payable.
  • Penalty interest is payable on arrear contributions by the Employer at the prescribed rate.
  • The Employer must provide the Fund with a monthly reconciliation of its member data which agrees to the contribution payment made, by the 15th day after the end of the month in respect of which the contributions were payable.
  • The act defines the minimum information that the Employer must provide in the monthly returns
  • The act also provides a reporting procedure that the Funds are obliged to follow should the Employer not pay over contributions in the prescribed period.

 

In terms of Section 13A of the Pension Funds Act, the Fund is legally obliged to follow the reporting procedures, provided below: