Worst pension funds

OFFENDERS: PRIVATE SECURITY AND TRANSPORT FIRMS TOP OF THE LIST

- Adriaan Kruger

The Financial Sector Conduct Authority (FSCA) again asked pension funds to furnish it with the names of employers that are not paying contributions to their employees' pension funds and published the names. Not all of the names, "just" the top 2 330 transgressors that are in arrears by R50 000 or are more than five months in arrears.

Pension funds actually reported 7 700 employers that are breaking the law by deducting pension fund contributions from workers' wages and not paying the workers' money to the respective pension funds.

The worst offenders are private security companies, with the Private Security Sector Retirement Fund reporting 56 companies to the FSCA, and the Transport Sector Retirement Fund, which says 442 transport companies are not complying with the provisions of the Pension Funds Act (PFA).

The Hairdressing, Beauty and Skincare Industry Pension Fund reported 129 errant employers.

It boggles the mind that politicians who promise every four years that they will look after the community and the municipal employees who are employed to actually do the work cannot even look out for themselves when it comes to their retirement.

The South African Local Authorities Pension Fund and the Municipal Councillors Pension Fund reported no fewer than 172 transgressors.