Section 47A: Funding of pension liabilities

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). [S. 47A inserted by s. 53 (g) of Act 18 of 2016 w.e.f. 7 September 2016.]