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Momentum reinstating ISS provident fund following successful meeting with employer

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Momentum Corporate is reinstating ISS provident fund following a successful meeting with the employer.

This comes after SA Trucker broke the news that the finance institution had terminated the fund and started a liquidation process.
The uncertain state of the ISS provident fund came to light after a former employee tried to claim from the fund. Momentum had told the employee that the fund was terminated due to non-payment of contributions by the employer and they were in the process of liquidating the fund.

In response to questions by SA Trucker, ISS thanked this reporter for bringing up the issue and promised to investigate.

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“ISS’s own internal investigations, which we have shared with the financial institution, have shown that all our payments are up to date and that ISS is in fact, in a small credit,” read part of a statement by ISS.

The two parties met on Monday 25 April and mended their relationship leading to Momentum deciding to reinstate the fund.

Momentum Corporate did not give details of how the uncertainty arose only saying;

Momentum Corporate who is the Administrator of the FundsAtWork Umbrella Pension Scheme for Innovative Staffing Solutions (ISS), met with the employer and members’ representative on Monday 25 April 2022. The decision was made to re-instate the Fund. Members of the Fund will be informed directly of the outcome of the meeting.

Momentum Corporate, in their capacity as Administrator, will continue engaging with ISS to ensure the best interests of the Fund’s members are upheld. Our focus remains on delivering the best service for the employee members, the employer and the Fund as a whole.
Momentum Corporate

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The news of the reinstatement of the fund will bring relief to ISS employees who were left worried after learning of its uncertain state.

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