FSCA: Publication of names of pension funds and employers with arrear contributions

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FSCA: Publication of names of pension funds and employers with arrear contributions

• 15 October 2025
• Accounting
• South African Accounting Academy

Summary:
The Financial Sector Conduct Authority (FSCA) has published the names of pension funds and employers with arrear contributions in direct contravention of Section 13A(3)(a) of the Pension Funds Act (PFA), as at 31 March 2025. 

(Not all of the names, ‘just’ the top ±5 830 transgressors that are in arrears by R50 000 and/or are more than 5 months in arrears.)

Article:

The FSCA said its “naming and shaming” of delinquent employers is an important tool for holding them accountable to their employees and holding funds accountable to their members. 

As at 31 March 2025, the FSCA received reports of 15521 employers in contravention of Section 13A of the PFA, 1956. Of these, 5821 employers have been published due to the severity and duration of their arrears. 

This represents a 50% increase in non-compliant employers since the initial 31 December 2023 publication, primarily driven by the inclusion of two of the largest retirement funds in the industry – the Auto Workers Provident Fund and the Motor Industry Provident Fund. Together, these funds account for 3 353 (57.5%) of the 5 821 published employers. 

With the inclusion of the Auto Workers and Motor Industry Provident Funds, total arrears are now estimated at R7.23 billion, of which R2.98 billion is attributable to late payment interest. It is important to note that while some employers may settle outstanding contributions, they may not fully address the late payment interest levied.

The communication provides the names of 5830 employers that contravened section 13A of the Pension Funds Act, 1956 (PFA), which prescribes the manner in which the payment of contributions and other benefits should be made to a retirement fund. 

The publication reflects the following employers: 

• 5671 employers have outstanding contributions exceeding R50 000, which have been overdue for 5 months and more. 
• 80 employers have outstanding contributions exceeding R50 000, but the last contribution date has not been provided. 
• 79 employers owe less than R50 000 in contributions, but outstanding late payment interest (LPI) exceeds R50 000 and has been overdue for 5 months and more. 
• 17 employers who only have LPI outstanding. 

Access the press release at www.fsca.co.za/News%20Documents/FSCA%20Press%20Release%20-%20The%20FSCA%20publishes%20list%20of%20employers%20in%20arrears%20with%20Retirement%20Fund%20contributions.pdf 

Additional documents:

• Annexure A – List of participating employers in contravention of section 13A of the PFA 25 September 2025(298 pages)
• Annexure B – Action after previous publication 25 September 2025: List of employers that have paid, or made payment arrangements, since previous (27 pages)
• Annexure C – Erratum 25 September 2025: List of employers who were included in FSCA Communications 21 of 2025, 10 and 41 of 2024 (RF) erroneously (RF) (22 pages)

Refer to our Alert dated 20 December 2024 on the previous publication of a similar list 

The Authority intends to publish on a regular basis a list of non-compliant employers in a similar manner to the above Annexures. 

Pension funds must ensure that proper records of the reports relating to arrear contributions are kept as required in terms of the PFA, and that reports to the Authority in this regard are accurate and submitted in a timely manner. 

Click here to download the FSCA Communication 18 of 2025 (RF) and Annexures:

https://www.fsca.co.za/Regulatory%20Frameworks/Regulatory%20Frameworks%20Documents/FSCA%20Communication%2018%20of%202025%20(RF).zip 

Relevance to Auditors, Independent Reviewers & Accountants:

• The Pension Funds 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.
• Auditors, independent reviewers and accountants must ensure that they are aware of the latest news that is published by regulators, such as the FSCA.
• As an employer, you have an obligation to ensure that retirement fund contributions are paid over to the relevant authority, otherwise it could be construed as theft.

Relevance to Your clients:

• An employer has an obligation to ensure that retirement fund contributions are paid over to the relevant authority, otherwise it could be construed as theft, and the employer could be held liable.
• Relevant financial institutions must ensure that they are aware of the latest news that is published by regulators, such as the FSCA.

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