Non-payment of contributions now a criminal offence The Financial Services Laws General Amendment Act, 2013, signed into law on 16 January 2014, amends Section 37 of the Pensions Funds Act. From the effective date, yet to be announced, it will make a failure to pay retirement fund contributions a criminal offence, liable on conviction to a fine not exceeding R10 million and or to imprisonment of up to 10 years.
In addition to criminalising the non-payment of contributions, the revised Section 13A(8) seeks to attach personal liability to the person responsible for not paying the contributions.
The revised Act stipulates that