Dear Sir/Madam The Board of Trustees of the Retirement Funds would like to bring the following important information to your attention: The Treasury recently gazetted new legislation effective from 28 February 2014 which provides for criminal and civil sanctions if Retirement Funding contributions are not paid to the Pension Fund. Every person who is “regularly involved in the management of the company’s overall financial affairs” will be th held personally liable if retirement fund contributions are not paid over by the seventh (7 ) of each month. It is incumbent on the employer to inform the retirement fund who such persons are. Should the employer fail to do so, the directors (if a company) or members (if close corporation) or “all the persons comprising the governing body of the employer” if not a company or close corporation, will be held criminally liable. The criminal liabilities consist of a fine of up to R10 million or 10 years in prison or both. Don’t forget that there is also personal liability involved for the amounts not paid over. In terms of the Building Industry Bargaining Council Collective Agreement all contributions must be paid over th (including the pension and provident fund contributions) to the BIBC by the 7 of the month following the month in respect of when the contributions became due. WHAT TO DO: 1. Notify the Fund of the relevant names of financial management (please complete below and return to the Council). 2. Ensure all controls are in place for the payment of the retirement fund contributions by the seventh of each month. This includes the necessary requisitions and payment. Yours faithfully Ronel Sheehan PRINCIPAL OFFICER PERSON RESPONSIBLE FOR PAYING OVER MONTHLY RETIREMENT FUND CONTRIBUTIONS
Full Name (in print) Signature Date Telephone Number
All correspondence to be addressed to the Secretary The BIBC House • 81 Voortrekker Road, Bellville 7530 • Private Bag X29, Bellville, 7535 • Tel: 021-950 7400 • Fax: 021-950 7405 Seven Oak Centre, Somerset West • Private Bag X29, Bellville, 7535 • Tel: 021-851 2160 • Fax: 021-950 7405 29 Lady Grey Street, Garlink Building, Paarl 7646 • PO Box 323, Paarl 7620 • Tel: 021-872 1505 • Fax: 021-872 2301 21A Mimosa Street, Hermanus 7200 • PO Box 1825, Hermanus 7200 • Tel: 028-312 2861 • Fax: 028 312 2866 Email:
[email protected] • Website: www.bibc.co.za Registered under the Labour Relations Act No. 66 of 1995
