CATEGORIES
- (2)Account / Profile
- (499)Accounting
- (1)Accounting and Finance
- (6)Audit
- (138)Auditing and Assurance
- (1)Business
- (3)Business Rescue
- (74)CIPC
- (6)Compliance
- (7)Ethics and Professionalism
- (39)Financial Reporting
- (1)Government Funding Applications
- (3)Guides
- (1)Individuals Tax
- (2)Law
- (36)Legal and Compliance
- (2)Management
- (12)Money Laundering
- (1)Personal & Professional Development
- (1)Practice Management
- (1)Professional Ethics
- (3)Public Sector
- (103)Regulatory Compliance and Legislation
- (30)SARS Issues
- (13)Sustainability Reporting
- (22)Tax
- (1)Tax Update
- (1)Technology
- Show All
COIDA: Confirmation of Life
- 14 April 2023
- Accounting
- South African Accounting Academy
The submission of the confirmation of life documents will serve as a proof of verification of existence of pensioners, beneficiaries and recipients.
This notice affects all non-South African citizens residing in and outside of South Africa as well as all South African citizens residing outside South Africa. The individuals affected can either be the IOD/OD employees who receive a monthly pension from the Fund because of disability (in terms of Section 49 (4) of CODA), the dependents of deceased pensioners and the guardians receiving pension on behalf of dependents below the age of 18 years of age (in terms of section 54 (1) of COIDA).
Failure to submit the required and complete documents will result in the monthly pension payment being terminated with the assumption that the life status of the affected pensioners are deceased. No reinstatement of pension will be done for any pensioners after the termination of such pensions.
The following information should be submitted for confirmation of life:
- Duly completed Wac.22 form.
- Certified copy (not older than 3 months) of valid identification documents (applicable to the pensioner, spouses and the guardian).
- Certified copy of the death certificate of the deceased employee.
- Certified copy of marriage certificate (only applicable for Spouses receiving pension).
- Certified copy of birth certificate of dependent in the approved format (only children dependents receiving pension).
- Three-months bank statements reflecting recent three-month payments received from the Fund (3 months from date of submission).
- Recent proof of residence with the details (name and surname, contact details) of the pensioner/dependents/dependents under 18 years and as well as the guardian.
- Certified copy of a valid proof of guardianship documents (where applicable).
- NB: Where the guardian is a recipient, both the information of the recipient and the dependent/s should be submitted.
The above information should be submitted to the Fund via email to #[email protected] with the subject line on the email ‘Confirmation of life and claim number and or business partner number’.
Click here to download the Gazetted Notice:
https://www.gov.za/sites/default/files/gcis_document/202304/48356gon3251.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- The COID Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with. If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
- Pensioners, beneficiaries and recipients who receive a monthly pension from the Compensation Fund must submit confirmation of life by 31 May 2023.
- It affects all non-South African citizens residing in and outside of South Africa as well as all South African citizens residing outside South Africa.
- You also need to be aware of updates published by controlling bodies, such as the Compensation Fund and Compensation Commission as well as the Department of Labour.
Relevance to Your clients:
- Pensioners, beneficiaries and recipients who receive a monthly pension from the Compensation Fund must submit confirmation of life by 31 May 2023.
- It affects all non-South African citizens residing in and outside of South Africa as well as all South African citizens residing outside South Africa.
To stay current with all the latest changes and updates subscribe to our Monthly Compliance and Legislative Update series for R 250.00 per month. This gives you access to a monthly 2-hour webinar and monthly newsletter:
https://accountingacademy.co.za/profession/monthly-legislation-update
Get all your CPD online. SA Accounting Academy (SAAA) offers Subscription Plans, Live Webinars, Webinars On-Demand, Access to Experts, Courses, Articles and more:
https://cpd.accountingacademy.co.za.