Audit exemptions for retirement funds set to be tightened
FSCA proposes consolidated prudential standard for financial reporting requirements.
Pension Funds Act
FSCA wants to update retirement funds’ reporting requirements urgently
The amendments to regulation 28 of the Pension Funds Act take effect on January 3.
Proposal to make it easier and cheaper to wind up retirement funds that decide to go into liquidation
The exemption does away with the R50 000 average-benefit-per-member threshold and caps the membership threshold at 100.
Akani challenges FSCA’s R2.6 million fine for late reports
The Financial Services Tribunal (FST) has told the FSCA to reconsider the penalty of R4 000 a day it imposed on Akani Retirement Fund Administrators in 2020 for not submitting reports timeously. The total […]
Regulators encourage ESG investments in the financial services industry
The FSCA is taking a number of steps to encourage retirement funds to invest in green and other ESG investments.
Bid to challenge the liquidation of transport provident fund fails
Whistleblower asserts that members’ money was stolen, although a forensic investigation found no evidence of this.
Fund was right, Adjudicator was wrong, in death benefit allocation decision, High Court finds
Adjudicator said the fund was ‘wrong’ to rely on the fact that the sons were not financial dependants.
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 […]
New deadline for two-pot retirement system is still a big ask, says Asisa
The Association for Savings and Investment South Africa (Asisa) has welcomed National Treasury’s decision to move out, by a year, the date for implementing the two-pot retirement system but still believes the new […]
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 […]
‘When free money is in the air, truth evaporates’
A decision by a pension fund was referred to the Pension Funds Adjudicator’s office, and subsequently to the Financial Services Tribunal by the disgruntled siblings of the deceased. Background After the death of […]
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 […]
Transport company can’t recover damages from negligent driver’s retirement withdrawal benefit
The Financial Services Tribunal (FST) has decided that a retirement fund was correct in refusing to deduct a judgment debt from the withdrawal benefit of a former employee whose negligent or reckless driving […]
Retirement fund’s justification for allocating 15% of a death benefit to a ‘customary wife’ was legally defective
The eJoburg Retirement Fund has been ordered to revise a death benefit allocation after the High Court found the deceased’s alleged customary marriage was unlawful and the fund’s justification for allocating 15% of […]
ANC must pay R10m a month to clear provident fund arrears
The FSCA has concluded an enforceable undertaking with the ANC Staff Provident Fund on how it is clear the reported R85 million in arrear contributions. The fund is a defined contribution fund with […]
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 […]
FSCA takes action against Private Security Sector Provident Fund trustees
The FSCA is taking regulatory action against past and present trustees of the Private Security Sector Provident Fund (PSSPF) after concluding its three-year investigation into the board. In a statement, the FSCA said […]
