Tag Archives | Retirement Fund

New Sars conditions on buying an annuity at retirement

New Sars conditions on buying an annuity at retirement

The SA Revenue Service (Sars) has issued Binding General Ruling 58, which sets out the approvals by the Sars Commissioner when purchasing an annuity at retirement. This follows the withdrawal of General Notice 18. BGR 58 provides that an annuity must be compulsory, non-commutable, payable for and based on the lifetime of the retiring member […]

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Default regulations for retirement funds – Applicable from 1 March 2019

The Minister of Finance issued the Default Regulations with effect from 1 September 2017. The Default Regulations prescribe conditions for default investment portfolios, default preservation and portability, and annuity strategies for funds. All new default arrangements that came into operation on or after 1 September 2017 must comply with the requirements set out in the Default Regulations. Existing default […]

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Retirement Funds Default Regulations

The latest ASISA Dispatches comments as follows: The final regulations were issued by the Minister of Finance on 25 August 2017. The effective date is 1 September 2017 with 18 months being afforded for existing default arrangements to comply. Unfortunately, the regulations failed to provide a lead-in period for existing funds that do not currently have default arrangements. ASISA raised […]

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Debarment Overturned

Retirement Fund Contribution Update

Some sweeping changes will take effect from 1 March 2016. The Taxation Laws Amendment Act No. 25 of 2015 that was published in Government Gazette No. 39588 on 8 January 2016 confirms the changes to the tax treatment of contributions and the alignment of the annuitisation requirements between retirement funds from 1 March 2016. Momentum’s Legal Update 3/2016 looks at the impact of […]

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