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Tag Archives | Retirement Funds

FSCA withdraws proposed hedge fund conduct standard

FSCA withdraws proposed hedge fund conduct standard

The FSCA has withdrawn a proposed conduct standard for retirement fund investments in hedge funds, saying subsequent events have made the standard unnecessary. The draft standard was published by the erstwhile Financial Services Board for public comment in 2015. The FSCA published a revised draft in October 2020. The draft standard proposed that retirement funds […]

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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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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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SA doesn’t need more than 50 retirement funds, says Sanlam’s Gluckman

SA doesn’t need more than 50 retirement funds, says Sanlam’s Gluckman

David Gluckman, the chairperson of the Sanlam Umbrella Fund, the third-largest umbrella fund in South Africa, has backed calls by National Treasury and Finance Minister Enoch Godongwana for greater consolidation in the retirement-funding industry. Gluckman, who is also the head of special projects at Sanlam Corporate, told the Sanlam Umbrella Fund Symposium last week that […]

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rules-retirement-funds

Update on endorsement of rule amendments of retirement funds

In a recent communication, the Financial Sector Conduct Authority  (FSCA) informed  the retirement fund industry that it is in the process of finalising the endorsement of (urgent) amendments to rules of funds received during the course of 2020 brought about by Covid-19 pandemic and the related national lockdown. On 26 March 2020, the Authority issued […]

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divorce

Divorce and your retirement savings

Although the official statistics for South Africa’s divorce rate during COVID-19 are yet be released, StatsSA, in its 2019 Marriages and Divorces report, found that the divorce courts processed 23,710 divorces. Globally, the pandemic sent divorce rates soaring by up to 30% or more during 2020. According to DIY Legal, South Africa ranks in 83rd […]

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retirement-fund

Rebuilding the retirement savings – Employers play huge role

Last year, at the height of the pandemic, many businesses were forced to make remuneration cuts to salaries of employees, with the first casualty often having been occupational retirement savings vehicles. This resulted in many people having to pause their retirement contributions. Now, as 2021 kicks off, the trend is shifting, with many employers resuming […]

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Retirement_

Regulation in the time of COVID-19 and beyond – Trends impacting retirement funds

“The retirement funds sector in South Africa has seen significant change in the past few years – with the focus largely on stronger regulation to protect the interests of members. There can be little doubt that the global COVID-19 pandemic, which has posed both a health and economic crisis globally, has also had an impact […]

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assets

The prescription of assets – ASISA’s position

ASISA has recently added the following to their website: Their position on the prescription of assets; A PowerPoint presentation by Gill Raine, senior policy adviser at ASISA; and A column on the topic by Olano Makhubela, Divisional Executive: Retirement Funds Supervision at the Financial Sector Conduct Authority (FSCA). In ASISA’s positioning document it is stated […]

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