NPC report recommends reducing retirement funds’ offshore limit
The National Planning Commission recommends revising Regulation 28 to redirect at least 20% of retirement fund assets towards infrastructure and productive fixed assets.
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Treasury official to run GPAA amid probe into procurement transactions
National Treasury has opened a forensic investigation into procurement deals after irregularities in contracts totalling more than R1.2bn were reported.
Retirement pot withdrawals could undermine long-term savings
Danie van Zyl of Sanlam Corporate Investments warns that allowing access to retirement components in retrenchment cases might jeopardise long-term savings and place added pressure on trustees.
GEPF receives R10.6bn in two-pot withdrawal applications
More than 361 000 members of the GEPF have accessed their savings under the two-pot system, averaging R27 500 per claim.
R4.1 billion in withdrawals: surge in two-pot claims highlights financial planning challenges
The introduction of the two-pot retirement system has triggered a wave of withdrawal applications, prompting concerns over tax liabilities and the need for improved financial education.
Two pots: how withdrawals from DB funds will differ
Actuarial calculations may affect the costs and time for defined-benefit fund withdrawals, depending on the rules of the fund and the complexity involved.
Treasury addresses industry’s main concerns about Pension Funds Amendment Bill
An application clause will provide for the Pension Funds Act to prevail over the Divorce Act where the Acts’ provisions conflict.
Industry red-flags contradictions between Divorce Act and pension law amendments
The Association for Savings and Investment SA and the Institute of Retirement Funds Africa also call for amendments not related to the two-pot system to be held over.
Ransomware gang claims to have leaked government pension data
LockBit, the cybercriminal group allegedly responsible for the attack, was the subject of a take-down operation by global law enforcement agencies.
Two-pot legislation speed bump – the Amendment Bill must be amended to include public sector funds
The Pension Bill will prohibit members from making a withdrawal from the savings component if the withdrawal results in insufficient funds remaining to settle a court order.
Industry and organised labour respond to new proposed two-pot date
All stakeholders emphasise the need to finalise the amendments to the Income Tax Act and the Pension Funds Act.
Two pots: proposed implementation date is neither 1 March 2024 nor 1 March 2025
The Minister of Finance responds to the Standing Committee on Finance’s call for the implementation date to be moved to 1 March next year.
