National Treasury proposes more changes to the two-pot retirement system
Delaying the implementation date and raising the seeding cap are among the announcements and clarifications.
A High Court hears details of an elaborate fraud in which scammers cleaned out a bank account and bought cryptocurrency from a part-time trader.
Read moreDelaying the implementation date and raising the seeding cap are among the announcements and clarifications.
Retirement industry bodies plead for a later implementation date, but Cosatu says 1 March next year is a ‘red line’.
Organisations representing the retirement industry call attention to the ‘problematic’ provisions in the draft legislation for the two-pot retirement system.
It’s also hoping for concessions on access to the retirement pot when members are retrenched or dismissed.
The updated legislation puts the retirement industry in a better position to be ready by 1 March 2024, it says.
Retirement fund members who are expecting a big pay-out will be disappointed.
A guide to the features of the three components: savings, retirement, and vested.
Plus: the proposals for defined-benefit funds, inter-fund transfers, section 37D deductions, and the taxation of contributions and growth.