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Tag Archives | National Treasury

Provident fund costs down, but pension funds and RAs more expensive, according to report

Provident fund costs down, but pension funds and RAs more expensive, according to report

Average administrative costs per retirement fund member increased from 2006 to 2018, but this overall increase conceals that average costs have fallen for particular fund types and classes and benefit structures. This is one of the findings contained in a report, published by the FSCA and National Treasury, on the economies of scale in the […]

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Regulation 28_ Treasury revises restrictions on infrastructure investments

Treasury revises restrictions on infrastructure investments

National Treasury’s second draft amendments to Regulation 28 of the Pension Funds Act have relaxed the restrictions on investments in infrastructure and will prevent funds from investing in crypto assets. Treasury said it received 39 submissions after it published the first draft in February this year, most of which welcomed the proposals concerning investments in […]

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Why the Actuarial Society believes Treasury’s two-bucket system is likely to triple pension incomes

Why the Actuarial Society believes Treasury’s two-bucket system is likely to triple pension incomes

The Actuarial Society of South Africa (ASSA) has released research suggesting that National Treasury’s “two-bucket” proposal, which will allow retirement fund members to access a portion of their retirement benefits for emergencies, will result in a significantly higher monthly income for pensioners. That the two-bucket system will result in a “better outcome” for retirees only […]

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Sasria pays out R5.8bn – will need more money from Treasury

Sasria pays out R5.8bn – will need more money from Treasury

The South African Special Risk Insurance Association (Sasria) has once again assured claimants that it has sufficient reserves, including through its reinsurers, to meet all valid claims arising from the unrest that rocked KwaZulu-Natal and parts of Gauteng in July. In a statement issued jointly with National Treasury, Sasria said it remained liquid and continued […]

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Draft regulations will empower FSCA to regulate benchmarks

Draft regulations will empower FSCA to regulate benchmarks

National Treasury has published draft regulations that will make the provision of a benchmark a financial service that will regulated and supervised by the FSCA. “The integrity of benchmarks is critical for the pricing of many financial instruments, and the management of financial risk. Doubts regarding the accuracy and integrity of benchmarks may undermine financial […]

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Update on Sasria claims

Update on Sasria claims

National Treasury has reiterated that the government will ensure that Sasria can meet its claims obligations. Treasury deputy director-general Ismail Momoniat told the Money Show on Tuesday: “Right from the start, the president himself came out with a statement to say that government will stand behind Sasria. As government, we mean what we’ve said; we […]

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Relief Measures for insured and uninsured

Relief Measures for insured and uninsured

Last year, the insurance industry staggered under the impact of Covid-19. Life assurers had to fork out billions in death claims, and non-life insurers were caught unawares when the courts ruled against them in terms of business interruption claims resulting from the pandemic. This year, the scale of the unexpected looting and violence was such […]

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Fintech

Fintech policies and regulatory frameworks – National Treasury programme update

“Financial Technology (FinTech) has become an increasingly popular phenomenon, with people familiarising themselves with crypto-currencies such as Bitcoin, SAFcoin and many others. The main issue with all these currencies is that they operate in a relatively unregulated environment; thus government is unable to either track or protect consumers from potential fraud that may be associated […]

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