Section 47A: Funding of pension liabilities
This section is inserted by Act No 18 of 2016, section 53.
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
47A. Funding of pension liabilities
(1) Where, following an actuarial valuation, the actuary
determines that the assets attributable to an employer are
insufficient to meet its pension liabilities, the Board shall, after
consultation with the actuary, require the employer to pay, within
such time as the Board may determine, such amounts as may be
necessary to enable the Fund to meet the pension liabilities of
that employer.
(2) Where an employer fails to make good any payment
under subsection (1), the Board shall be entitled to enforce the
privilege extended over all the property of the employer pursuant
to section 11(2).
Acts 2016 295
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Questions this section answers
- What happens if my employer's contributions aren't enough to cover its pension liabilities in the Sugar Industry Pension Fund?