HBSI RETIREMENT FUND CONTRIBUTIONS - NEW REQUIREMENTS
The Financial Sector Conduct Authority (FSCA) has issued new requirements for contributions, contribution statements and reporting around contributions. It is important for Employers to take note of their obligations in this regard. VERSO has issued a newsletter on the new requirements. Please see attached or click HERE.
Important Highlights:
• Contribution statements to be provided by the employer to the fund
• The initial contribution statement requirement
• Subsequent contribution statements requirements
• Employers' obligations and enforcement
• Employer's declaration
Important Reminders
PENSION FUND EXEMPTION APPLICATIONS – PLEASE NOTE!
1. Exemptions for the 2023 calendar year will be heard until 28 February 2023. If application applications are not received before that date, pension invoices will be raised as from March 2023. It is therefore important to apply as soon as possible. The Exemption application form can be accessed on our website HERE (hcsbc.co.za) or you can request a copy per email to exemption@hcsbc.co.za
2. When applying for exemption for multiple employees, only one application form needs to be completed.
3. For Pension Fund exemption applications, please ensure that Pages 12 to 14 of the Exemption Application Form (BROKER/INTERMEDIARY FORM) must be completed – No other documents will be accepted as sufficient and if not properly completed, this may result in a less favourable outcome.
4. The alternative Fund’s current, official membership list/schedule in respect of the employees of the establishment making the application, must be included.
5. Exemptions will only be granted in cases where the alternative pension funds are equal or better than the HBSI Fund.
6. An individual letter from each employee – as per the example given at the bottom of page 15 of the Exemption Application Form, must be provided.
7. Exemptions are valid for only one calendar year. Each year, an application for exemption must be submitted for all employees.
8. If an exemption is granted for a given year and a new employee joins thereafter, during that year, the original exemption application, together with the employee’s letter and an updated membership schedule showing that the new employee is on the alternative Fund, should be submitted
9. The Applicant must be compliant, this includes ensuring that the Applicant’s account is up to date and that all employees are registered with the Council.
EXTENSION OF THE PERIOD FOR THE COMPLETION OF THE CITY & GUILDS INDUSTRY QUALIFICATION FINAL PRACTICAL ASSESSMENTS (FPAs)
The period for the completion of the City & Guilds Industry Qualification Final Practical Assessments has been extended to June 2023 to ensure that City & Guilds centres can exit candidates who are registered against the City & Guilds Industry Qualification (3002- 72/3002-74).
Please kindly inform any affected individuals within your establishments of the extension of the end date for the FPAs. Furthermore, please kindly request that they submit their contact details with an indication of whether or not they intend to complete their FPAs to Zola@hcsbc.co.za.
Please consult the Council’s WEBSITE for the contact details of Agents in your area.
For more information, contact: www.hcsbc.co.za