Self-assessment
Pension Funds Act (Employer Contributions) Self-Assessment
6 yes/no questions on section 13A of the Pension Funds Act 24 of 1956 and the FSCA conduct standard on paying contributions. You get a score for each area and a list of gaps with what to do about each one.
1. Paying contributions on time
Reports say employers must pay employee deductions and employer contributions to the fund within seven days after the end of the month, and late payment is an offence.
1. Do you pay deductions and employer contributions to the fund within seven days after the end of each month?
(Pension Funds Act s13A(1))
2. Do you give the fund the monthly contribution schedule with the minimum membership information the conduct standard requires?
(Pension Funds Act s13A(2), FSCA conduct standard)
3. If a payment is late, is it escalated, paid with any interest the fund charges, and the cause fixed?
(Pension Funds Act s13A)
2. Directors and members
1. Do directors and managers involved in financial affairs know the Act can make them personally liable for unpaid contributions?
(Pension Funds Act s13A(8))
2. Are employees enrolled in line with their contract and the fund rules, and are deductions authorised and correctly recorded?
(Pension Funds Act, fund rules)
3. Do you log and answer notices from the fund, the FSCA or the Pension Funds Adjudicator?
(Pension Funds Act)
Sources
Turn these gaps into tracked tasks
Assign owners and due dates, keep the evidence, and show your progress to clients and auditors.