Companies EXPOSED by two-pot retirement system for not paying employee pensions

Lester Kiewit speaks with Pension Fund Adjudicator Muvhango Lukhaimane.

Listen below.

Thousands of South Africans have decided to draw from the savings portion of their two-pot retirement funds.

However, some are in for a nasty surprise as several companies have not been paying employee funds to administrators.

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Security firms, retailers, municipalities, a church and a renowned fashion designer have all come under fire for deducting pensions from employee salaries and not paying them over.

Lukhaimane says that in the past financial year, 82% of the complaints they finalised were about employers not paying over their contributions.

“It is really across all sectors.”

- Muvhango Lukhaimane, Pension Fund Adjudicator

She adds that members are supposed to receive a benefit statement at the end of every financial year.

If you do not receive it, she says it is a red flag and you must raise it.

Scroll up to the audio player to listen to the interview.