A handy guide to the payment of retirement fund contributions for trustees
What you should know about reporting, calculating penalty interest, the in duplum rule, and the employer’s liability.
Contributions
‘Worrying trend’ in medical schemes’ membership profile
Alexforbes report also shows that contribution increases have outstripped CPI inflation over the past 22 years.
Here are the contributions Discovery members will pay in 2023
The scheme says members who belong to hospital and limited day-to-day plans will pay 7.9% more.
Reminder: conduct standard on retirement fund contributions is now in effect
Conduct Standard 1 of 2022 aims to help eradicate non-payment of retirement fund contributions by employers.
‘Bleak’ outlook for SA Post Office medical scheme
Financially threatened MediPos is placed under provisional curatorship
Sanlam has a plan for SMME employers who want to provide retirement and risk benefits
The minimum contribution depends on whether a member opts for a retirement benefit only or retirement and insured benefits.
Your child can receive a retirement income of R80 000 a month in today’s money, says asset manager
Coronation illustrates how you can use a tax-free investment to harness the power of compounding.
Pension Funds Adjudicator’s creation of a new complaint unfair to the applicant
The Adjudicator also failed to apply the Pension Fund’s Act prescription provision correctly, tribunal says.
Open medical schemes yet to regain beneficiaries lost during lockdown
Lives covered by open schemes declined in 2021 despite the increase in the number of principal members.
Treasury agrees to three of Cosatu’s responses to the proposed two-pot system
National Treasury has “loosened the lids” on the pots in the two-pot retirement system, agreeing to amend the draft legislation so that fund members will be able to access the savings they accumulated […]
Other concessions by Treasury on potentially ambiguous two-pot provisions
National Treasury has proposed amending the draft two-pot retirement legislation to clear up a number of grey areas identified by stakeholders. The proposed changes were announced on Tuesday, when Treasury addressed the National […]
Administrators, funds will need 18 months to prepare for two-pot system, says Asisa
The Association for Savings and Investment South Africa (Asisa) says retirement funds and administrators would like at least 18 months from the date on which the final legislation is gazetted in which to […]
A deeper look at the two-pot retirement system
Blessing Utete, the managing executive of Old Mutual Corporate Consultants, spoke to Mark Bechard, the managing editor of Moonstone publications, about National Treasury’s draft legislation for the two-pot retirement system. Read: Treasury publishes […]
Compliance checklist for employers that participate in umbrella funds
The past 30 years have seen a significant move away from employer-sponsored standalone retirement funds to employers participating in commercial umbrella funds. The trend has been driven by the regulator wanting fewer retirement […]
Limit 2023 contribution increases to 5.7%, says Council for Medical Schemes
The Council for Medical Schemes (CMS) has recommended that contribution increases for 2023 should be limited to 5.7%, in line with the South African Reserve Bank’s projected average inflation rate for next year. […]
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, […]
Contributing 15% of earnings to retirement savings will not be enough
According to the Oxford dictionary, a “rule of thumb” is “a broadly accurate guide or principle, based on practice rather than theory”. For many years, the retirement rule of thumb advised citizens diligently […]
