PENSION FUNDS

The Financial Sector Conduct Authority (FSCA) says it has concluded an enforceable undertaking with the ANC Staff Provident Fund, a defined-contribution fund with about 535 members, to meet its obligations to its members. The ANC is R89 million in arrears in its contributions to the fund on behalf of its staff. The fund must enforce an agreement reached with the ANC to pay R10 million a month into the fund until the arrears are extinguished; confirm there are no additional deductions from members’ salaries; and report monthly on the status of the arrear contributions. FSCA Commissioner Unathi Kamlana said: “Employers and funds are reminded of the importance of treating their workers and members fairly by honouring their obligations as enshrined in various legislation”.