Section 13A of the Pension Funds Act: Payment of contributions and certain benefits to pension funds

On a regular basis we read in the media of people who are responsible for the payment of contributions and premiums on behalf of members of retirement funds failing to do so.

This is of great concern and the government, the Financial Services Board (FSB) and the Office of the Pension Funds Adjudicator (OPFA) have run out of patience with employers who deduct retirement fund contributions from their employees’ pay packages and fail to pay the money over to the funds or to the administrators.

You are encouraged to keep informed regarding the regulations outlined in Section 13A of the Pension Funds Act – download here.