Moneyweb reports that SA’s retirement fund trustees are under mounting pressure, with the Financial Sector Conduct Authority (FSCA) and the Pension Funds Adjudicator (PFA) warning that failure to complete training and honour fiduciary duties will not be tolerated.
At the recent Institute of Retirement Funds Africa (Irfa) conference, industry statistics, emerging trends, and new enforcement measures – not only for trustees but also for pension fund administrators and employers – were presented. The FSCA’s Zareena Camroodien said the regulator was concerned by the significant number of trustees who have yet to complete their compulsory training, which must be done within six months of appointment. The FSCA has identified 1,252 non-compliant trustees. Just over 450 of these applied for exemption and/or an extension, but the FSCA will soon take action against the remaining 798.
Both Camroodien and deputy PFA adjudicator Naheem Essop reiterated their concerns about employers who did not pay employees’ retirement contributions over to the fund. In January, more than R5 billion in contributions were outstanding, with an estimated 7,700 employers behind on payments to members’ retirement funds. Essop said it was the fiduciary duty of trustees to enforce the collection of retirement fund contributions from employers. A total of 82% of the adjudicator’s 10,331 complaints received during the 2025 financial year, related to non-payment of withdrawals or delayed withdrawals – often as a consequence of arrear contributions. Essop warned that trustees will be held accountable from now on, especially in cases where companies ceased to exist, leaving retirement fund members without their contributions.
- Read the full original of the report in the above regard by Liesl Peyper at Moneyweb
Get other news reports at the SA LabourNews home page