Employers likely to default on retirement fund payments amid Covid-19
The regulator has prepared for rule amendments as the national Covid-19 lockdown adds to financial pressures
27 March 2020 - 17:24
The financial services regulator is preparing for a number of distressed employers to default on their contributions to retirement funds, urging affected funds to register necessary amendments to their rules to deal with this non-payment.
The Financial Services Conduct Authority (FSCA) issued a statement on Friday morning saying the financial challenges brought about by the Covid-19 pandemic, and the nationwide lockdown, mean certain employers and employees will be unable to pay their full or, in some cases, any contributions to their retirement funds...
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