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Tag Archives | Contributions

two-potjies

Treasury publishes draft two-pot retirement system legislation

The two-pot retirement system will come into effect on 1 March next year, according to draft legislation published for public comment by National Treasury on 31 July. However, in an accompanying media release, Treasury said the proposed 2023 implementation date was optimistic, because retirement funds will have to change their rules and systems, and the […]

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healthcare-costs

How the top open medical schemes’ contribution increases compare to inflation

Bestmed, Fedhealth and Medshield have had the highest average annual contribution increases among the top open medical schemes over the past 15 years, according to Alexander Forbes Health’s 2021/22 Medical Aid Insights. Read: Medical schemes are robust with healthy reserves, Sustainability Index shows Alexander Forbes Health’s analysis found that the average contribution increases of the […]

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african-pots

Asisa recommends that tax regime be left as it is when two-pot system is introduced

The Association for Savings and Investment South Africa (Asisa) says the tax regime for retirement savings should not be changed when the two-pot retirement system is introduced, but any changes should only be carefully considered at a later stage if the South African Revenue Service (Sars) finds that members are using it to derive an […]

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retirement-jar

Budget proposes changes to the tax regime of retirement funds

The government proposes to address anomalies in the Income Tax Act to ensure that members of pension and provident funds are treated alike, according to proposals announced in the Budget Review. The anomalies are largely a result of the mandatory annuitisation of provident fund benefits from 1 March last year. The amendments will address the […]

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CMS approves Medipos settlement order

CMS approves Medipos settlement order

The Council for Medical Schemes (CMS) has approved the settlement order that forces the South African Post Office (SAPO) to pay the millions of rands in contributions it deducted from employees’ salaries over to Medipos Medical Scheme. “The court settlement and the approval by CMS will allow Medipos to pay all its members’ healthcare claims, […]

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The five medical schemes that pay brokers above the industry average

The five medical schemes that pay brokers above the industry average

Five medical schemes – including Discovery, the country’s biggest by number of beneficiaries – paid commissions to brokers above the industry average last year, according to the Council for Medical Schemes (CMS) annual report for 202/21. The industry average was R82.75 per average member per month (pampm) in 2020, compared with R78.53 in 2019, an […]

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corona

Retirement Fund Contributions during COVID-19 – IRFA reminds funds of options

The Institute of Retirement Funds Africa recently held and facilitated a Webinar on “Retirement Fund Contribution Options in the time of COVID-19,” and it is now freely available to employers, retirement funds and the general public. The Webinar features a panel of legal and subject matter experts and examines regulatory parameters in terms of options […]

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Retirement_

Non-payment of pension contributions – PFA’s ruling challenged

Section 13A of the Pension Funds Act (PFA) requires that employers pay contributions for a particular month within seven days after month-end. It also stipulates that they provide member schedules in respect of contribution payments to the fund and that compound interest is paid on late contributions. This was one of the legal aspects that […]

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Retirement funding gets a boost

The Taxation Laws Amendment Act No. 31 of 2013, published in Government Gazette No. 37158 on 12 December 2013, contains very important changes to the tax treatment of contributions to retirement funding. Hettie Joubert, Legal Adviser at Momentum Employee Benefits, kindly gave us permission to use information contained in legal updates she wrote. The information […]

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