Don’t be caught on the wrong side of the law – ensure contributions are paid over to the Fund timeously.
In accordance with Section 13A of the Pension Funds Act, all member and employer contribution payments must be paid to the Fund by the seventh day of the following month.
The Act also now imposes personal liability on employers in the event of non-payment of deducted member contributions to a Fund. Employers whose contributions are in arrears will be prosecuted and criminal action will be taken against the identified parties who are legally responsible and accountable for payment of the contributions.
Who can be held liable?
• Companies: any director who is regularly involved in the management of the company’s overall financial affairs.
• Close corporations: any member who controls or is regularly involved in the overall financial affairs.
• Other employers: any person who acts, controls or is regularly involved in the management of the employer’s financial affairs on behalf of the governing body or appropriate structure.
What is the implication to members?
Late or non-payment of the monthly contributions could have dire consequences for the member. Members will not have risk benefit cover for death, disability and funeral benefits. Also, should the member leave the Fund, no benefits will be finalised until the arrears contributions are received.
Required nomination of liable persons
Thacsa requires all employers to nominate the liable persons at their company. Please click to download the Personal Liability Form
Need more information?
Please do not hesitate to contact the Thacsa help desk on 0860 22 22 88 should you need any further information.