FSCA plans to launch a Know Your Rights campaign nationwide.
The Financial Sector Conduct Authority (FSCA) has announced that it is set to launch a nationwide Know Your Rights campaign aimed at educating Members and the Boards of Trustees of Retirement Funds, as well as the public, about their rights and responsibilities regarding retirement fund contributions and the two-pot retirement system (otherwise known as the two-component system).
According to the FSCA, this nationwide initiative follows its communications, which identified over 4 178 South African employers who are behind in making retirement fund contributions towards employee retirement funds, which ultimately form part of the employee remuneration package.
This means that these employers are withholding what is owed to their employees and are in violation of Section 13A of the Pension Funds Act (PFA), which regulates the payment of retirement fund contributions,' it said.
The FSCA said it encourages consumers who are members of retirement funds to check if their employer is on the list of non-payers by referring to FSCA Communication 10 of 2024.
