In a communication distributed on 9 June 2022 , the Financial Sector Conduct Authority (FSCA) announced plans to disclose the names of the retirement funds and employers who are in arrears.
The Authority is currently compiling the list and checking the accuracy of the value of arrear contributions. Retirement funds have been requested to share the FSCA’s communication with employers.
The Exception
FSCA confirmed that where the fund and employer have registered and applied rules which enable the suspension of contribution payments for a period, the employer will not be affected by the proposed plan of action. Therefore, where employers applied and were granted a temporary suspension of contributions by the Sanlam Umbrella Fund or Sanlam Unity Umbrella Fund, the employer will not be considered to be in arrears.
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