The Council Chronicle October 2023: HBSI Pension Fund - Some Important Reminders
Membership of the HBSI is Compulsory
Employers are reminded that, subject to the Rules of the Fund, membership of the HBSI is compulsory for employees in the industry. In the absence of an exemption, establishments must ensure that the required contributions are made to the Fund.
A failure to pay contributions may result in enforcement proceedings. Furthermore, the Financial Services Conduct Authority (FSCA) is monitoring employers that contravene the law. Section 13A of the Pension Funds Act imposes a statutory obligation on participating employers to pay contributions to funds in accordance with their Rules.
Summary of Benefits
The summary of Benefits offered by the HBSI Pension Fund are available on the Council's website or click on the LINK.
Pension Fund App
Members of the Fund can access information by downloading the Verso InTouch App which can be accessed via the Verso website (https://verso.co.za/mobile-apps/). In order for a member to register, the Fund must have the member's mobile number. Members are asked to provide their contact details
to hbsipension@prevue.co.za. Please advise your employees accordingly.
Applications for Exemption
Exemptions apply for a calendar year or part-thereof. Establishments which were granted exemption in 2023 and wish to re-apply, and establishments which intend to apply for the first time for exemption for the 2024 calendar year must do so within the four-month period from September to December.*This period includes applications and appeals.
If you have not yet submitted your application for exemption for 2024, please do so as soon as possible. If exemption is not applied for or granted within the specified period, an establishment will be required to make contributions to the HBSI Fund for the 2024 calendar year.
Exemption hearings are scheduled for 31 October 2023, 24 November 2023 and 8 December 2023.
*Other exemptions applications (ie. not related to HBSI membership) will not be subject to this four-month period.
The Exemption Application Form is available to download from the website (Annexure http://hcsbc.co.za/downloads/ or you may request an application form via email exemption@hcsbc.co.za.
Please ensure that you submit your applications in time!
Returns
Establishments are reminded that they are required to inform the Council of any new staff employed and to provide the necessary registration forms. Any changes made in relation to an employee who is already registered must be submitted to the Council before the 7th of each month to amend@hcsbc.co.za. Establishments which previously elected to receive their Returns by post are requested to provide the Council with an email address to which their Returns can be sent. Please send to accounts@hcsbc.co.za. Please note that in the case of a change of ownership of an establishment it is important to advise the Council accordingly and to provide the Council with the relevant information and documentation.
Please consult the Council’s WEBSITE for the contact details of Agents in your area.
For more information, contact: www.hcsbc.co.za
