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Tag Archives | Retirement Funds

increasing-premiums

Are we paying too much for group insurance?

In the desperate times of the cascading waves of Covid-19, South Africa’s life insurers, and especially group insurers of employee-based schemes, played a critical role in ensuring financial inclusivity by providing insurance cover to claimants. Group policies provided financial assistance to thousands of families who suffered the loss of their loved ones during the pandemic. […]

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infrastructure

Regulation 28: trustees ‘need to raise their infrastructure investment skills’

Retirement funds will have to invest in upskilling trustees to empower them to navigate the complex world of infrastructure investing opened up by the gazetting of the amendments to regulation 28 of the Pensions Fund Act, according to Andrew Davison, the chairperson of the Investments Committee of the Actuarial Society of South Africa. The new […]

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mine-workers

Unclaimed assets remain a major headache

The FSCA’s “Regulation Plan: 1 April 2022 to 31 March 2025”, which was released last week, highlighted certain high-priority areas that it aims to address in this period. Mark Bechard of Moonstone reports as follows: The FSCA said the treatment of lost accounts and unclaimed assets within the financial sector “remains a significant concern”. In […]

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retirement

FSCA wants information on paid-up retirement benefits

The FSCA has told retirement funds and fund administrators to submit information about their paid-up members, setting a deadline of 31 October for information relating to new paid-up members. In March, the FSCA published Information Request 2 of 2022 (RF), notifying funds that they must provide it with data on unclaimed or paid-up benefits every […]

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estate-planning

Estate planning should be a continuous process of managing your assets and liabilities

Estate planning involves structuring and managing your assets while you are alive and putting measures in place to ensure your wishes are carried out after you pass away. It also ensures that there are no unexpected surprises your family will have to deal with. Although estate planning is often perceived as the final stage of […]

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sugar-coffee

Adding sugar to the Cofi?

Business Day reported on an FSCA briefing for the select committee on finance on Tuesday on the current status of the Conduct of Financial Institutions (Cofi) Bill. “The Treasury is processing the bill. Treasury deputy director-general Ismail Momoniat, who is in charge of tax and financial sector policy, said on Tuesday that it should be […]

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liquidation

Jump in retirement fund liquidation applications in 2020

The number of retirement funds applying for liquidation increased by 21.5% between 2019 and 2020 because of financial distress as members’ contributions fell when employers cut salaries or laid-off staff and businesses closed during the lockdown, according to the FSCA’s 2022 Financial Sector Outlook Study. Liquidation applications by regulated retirement funds steadily decreased between 2015 […]

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high-court-Joburg

Adjudicator overstepped her authority in deciding that pension fund’s rule did not apply retrospectively

The Gauteng High Court has overturned a determination by the Pension Funds Adjudicator, ruling that she exceeded her jurisdiction and did not follow a fair procedure when deciding that a fund’s amended rule did not apply retrospectively to an accrued benefit. The court also condoned the late filing of the applicants’ appeal, saying leaving the […]

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withdrawn

FSCA withdraws request for retirement funds to provide information on paid-up members

The FSCA has withdrawn its request for retirement funds to provide it with information, every three months, about their paid-up members and unclaimed benefits. Read: Funds given until 6 May to submit information on paid-up members The FSCA published Information Request 2 of 2022 (RF) on 7 March. Last week, the Authority withdrew the information […]

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