50% surge in employers in arrears with retirement contributions
Unpaid contributions rose to R7.29bn, and 62% of delinquent employers are in the motor and private security sectors, according to FSCA data.
#latepaymentinterest
Adjudicator aligns with High Court’s ruling on the in duplum rule
The OPFA confirms that penalty interest on late employer contributions may not exceed the original capital owing – in line with the Full Bench’s judgment in March.
FSCA confirms first-day calculation for late-payment interest
The revised interpretation, which reverses the Authority’s earlier guidance, aligns with the Office of the Pension Funds Adjudicator’s view.
Failure to act timeously over arrear contributions places members’ benefits at risk
Over half of the awards issued by the Pension Funds Adjudicator for complaints about unpaid contributions were affected because part of the claim had expired.
Arrear contributions: publishing employers’ names ‘is having an impact’
Deputy commissioner sets out the FSCA’s priorities for the supervision and regulation of the retirement industry.
