Security guard *Andile has been paying R416 a month toward his pension for the last two years. But to date, his pension statement reflects a credit of only R2,584.
His employer Calvin and Family Security Services has denied impropriety, but a statement from Salt Employee Benefits, the administrator of the Private Security Sector Provident Fund, shows that the employer made only four contributions in the last 25 months.
Had the company been paying consistently, Andile’s pension would be well over R15,000, including interest, according to Sowetan’s calculations.
What has happened to the rest of the money?
Security companies have been in the spotlight recently over nonpayment of pension contributions. In September, the Financial Sector Conduct Authority revealed that the private security sector accounted for 59% (349,335) of the 592,000 members affected by arrear contributions nationally.
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*Not his real name.
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