THE Financial Sector Conduct Authority (FSCA) recently published a list of companies that apparently deducted pension fund contributions from employees but failed to pay the contributions over to the respective pension funds.
At stake is more than R6 billion, as well as the risk that employees are not covered by their pension funds for injuries or unexpected death.
In addition, pension fund members miss out on the (compounded) returns that would have been earned on this money – particularly as the list of offenders shows that some contributions are in arrears by as much as 10 and 20 years. moneyweb.co.za